Fort Mill real estate in July 2022 (29715 and 29708 zip codes) remained a home seller’s market with higher home sale prices, months supply of inventory at 1.4 months and new listings down. Homes sold in 7 days, on average. Sellers received a median list to sale price of 101.4%.
Fort Mill Housing Market Snapshot: July 2022
Latest news on the Fort Mill real estate market in July 2022 and what it means for you…
Fort Mill real estate in July 2022 (29715 and 29708 zip codes) kept home sellers in the driver’s seat with the months supply of homes at 1.4 months, fewer days on market, higher home sale prices compared with the same month one year ago. Median home prices in Fort Mill set a record high in the month of July 2022.
Pending sales in Fort Mill decreased 27.0%. Closed salesdecreased 33.5% year-over-year in July. The recent increases in interest rates have many prospective home buyers pulling back from purchasing a home while reassessing their options as home affordability continues to diminish for many home buyers. Buyer foot traffic was down 43.2% in Fort Mill in July.
New listings decreased 27.1% in Fort Mill year-over-year for a second consecutive month. Housing inventory increased 22.5% year-over-year. The months supply of homes increased to 1.4months from 0.9 months in the same month one year ago and from 1.7 months in the same month two years ago. Fort Mill has been a home seller’s market for more than three years now and at 1.4 months of inventory remains a home seller’s market.
Average days on market decreased two days to seven days versus the same month one year ago and were five days lower than in June 2022. Median days on market were 3, flat year-over-year and month-over-month. However you look at it, Fort Mill homes sold quickly in July.
Sellers received a median 101.4% of list price, down 1.3% year-over-year. Month-over-month. the list to sale price ratio dropped 1.8%. Home buyers had minimal negotiating room for Fort Mill homes and clearly were still willing to pay a premium to purchase a home in Fort Mill in the month of July.
Average home sale prices increased 25.2% in July 2022 versus July 2021. Median home sale prices increased 22.6%, setting a new record high. Average sale price was $575,268. Median sale price was $520,000. Average home sale prices are now approximately $179,000 higher than they were July 2020, while median home prices are now approximately $150,000 higher. Fort Mill homeowners continued to sit on considerable equity.
Price per square foot increased to $221, up $38/square foot (+20.8%) year-over-year, setting a new price per square foot record for Fort Mill homes in July 2022.
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