Indian Land, South Carolina real estate market remained a seller’s market in May 2022. Indian Land home prices set new records in May 2022 with average home prices up 30.7%. Inventory remained tight at 0.9 months supply. Home sellers received 102.8% of asking price in final sale price and sold in 9 days, on average.
Indian Land, SC Housing Market Snapshot: May 2022
Latest news on the Indian Land real estate market in May 2022 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in May with 0.9 months supply of inventory overall, down 10.0% from one month of inventory in May 2021 and down from 2.4 months in May 2020.
Housing inventory was down 19.3% in May, year-over-year. New listings increased 80.0% year-over-year thanks to a 76.2% increase in new construction inventory. Resale inventory dropped 44.4% year-over-year, however. Lack of inventory continued to drive home prices up.
Both average and median sale prices increased in May 2022 to $527,002 and $516,900 respectively with both setting new record highs for Indian Land home prices. Average home sale prices increased 30.7% year-over-year. Compared with May 2020, average home prices were about $171,000 higher this May. Median sale prices increased 36.0% year-over-year. Compared with May 2020, median home prices were about $167,000 higher. Both average and median home sales prices also increased month-over-month. Average home sale prices increased about $20,000 month-over-month. Median home sale prices increased approximately $31,000 month-over-month.
Closed sales decreased in May by 22.4% year-over-year. Pending sales increased 76.0% versus May 2021.
Price per square foot for Indian Land homes increased 28.9% to $205/square foot from $159/square foot one year ago. Per square foot prices remained at the record high set in April 2022.
Average days on market were 9 days, down 5 days year-over-year and down 15 days month-over-month. Median days on market were 2 days, down one day year-over-year.
With home sellers receiving a median 102.8% of asking price in sale price (up 2.5% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in May 2022. The list to sale price ratio was up 0.1% month-over-month.
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte area residential real estate experts and Indian Land specialists. We’ve been opening doors for Indian Land home buyers and sellers for 20+ years.
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