Fort Mill real estate in June 2022 (29715 and 29708 zip codes) remained a home seller’s market, setting new records for home prices. Months supply of inventory was just 1.2 months. Homes sold in 12 days, on average. Sellers received a median list to sale price of 103.2%.
Fort Mill Housing Market Snapshot: June 2022
Latest news on the Fort Mill real estate market in June 2022 and what it means for you…
Fort Mill real estate in June 2022 (29715 and 29708 zip codes) remained a home seller’s market with the months supply of homes at 1.2 months, fewer days on market, and record high average and median home sale prices compared with the same month one year ago. Home prices also increased from May 2022, while days on market dropped.
Pending sales in Fort Mill decreased 33.3%. Closed salesdecreased 36.4% year-over-year in June. Low inventory contributed to the drop in the number of closed and pending sales, as did the recent increases in interest rates which 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 almost 40% in Fort Mill in June.
New listings decreased 7.0% in Fort Mill year-over-year. Housing inventory increased 32% year-over-year. The months supply of homes increased to 1.2months from 0.8 months in the same month one year ago and from 1.9 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 just 1.2 months of inventory remains a home seller’s market.
Average days on market decreased 3 days to 12 days versus the same month one year ago and were one day lower than in May 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 June.
Sellers received a median 103.2% of list price, up 0.8% year-over-year. Home buyers had minimal negotiating room for Fort Mill homes and clearly were willing to pay a premium to purchase a home in Fort Mill in the month of June.
Average home sale prices set new record highs, increasing 35.5% in June 2022 versus June 2021. Median home sale prices increased 24.2%, also setting new record highs. Average sale price was $608,389. Median sale price was $488,250. Month-over-month, average home sale prices increased approximately $90,000. Median home prices increased approximately $27,000, month-over-month. Average home sale prices are now approximately $260,000 higher than they were June 2020, while median home prices are now approximately $163,000 higher. Greater demand for homes than supply of homes continued to drive home prices up and sellers continued to sit on increased equity.
Price per square foot increased to $217, up $36/square foot (+19.9%) year-over-year, setting a new record for Fort Mill homes.
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