Indian Land, South Carolina housing market unquestionably remained a seller’s market in September 2020, despite the ongoing pandemic. Home prices increased, homes sold quickly with both average and median days on market lower. Months supply of homes was low at 1.3 months and inventory also dropped by more than 50% year-over-year.
Indian Land, SC Housing Market Snapshot: September 2020
Latest news on the Indian Land real estate market in September 2020 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in September with just 1.3 months supply of inventory overall, down 60.6% from 3.3 months in September 2019. Housing inventory was down 52% in September year-over-year despite an 18.3% increase in new listings. New construction inventory, long a staple of Indian Land housing, was down 61.7% year-over-year.
Both average and median sale prices increased in September to $365,077 and $357,000, respectively. Average sale prices increased 12.6% year-over-year and median sale prices increased 8.8% year-over-year. New construction prices were about $42,000 higher, on average, than resale home prices, increasing 7.5% year-over-year.
Closed sales increased in September by 12.7% year-over-year. Pending sales increased 32.4% versus September 2019. Despite the ongoing pandemic, home buyers remained out in full force in the Indian Land area in September 2020. Historically low interest rates fueled buyer demand.
Average days on market were 42 days (down 6 days year-over-year). Median days on market were 13 days (down 11 days year-over-year). Because of buyer demand and low inventory, Indian Land homes continue to sell quickly.
With home sellers receiving 99.8% of asking price in sale price (up 1.4% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in September 2020.
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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, your Charlotte metro 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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