Fort Mill’s housing market remained a seller’s market in March 2020 evidenced by decreasing inventory of homes, lower months supply of housing, and fewer new listings coming on the market. Closed sales were down in March, no doubt due to lack of inventory. Average and median home sale prices were up year-over-year.
Fort Mill Real Estate Report: March 2020
Latest news on the Fort Mill real estate market and what it means for you…
Fort Mill real estate report and housing market snapshot for March 2020. The Fort Mill housing market (29715 and 29708 zip codes) remained a seller’s market in March 2020, characterized by decreasing inventory, fewer new listings and lower months supply of housing (1.9 months down from 2.8 months one year ago) compared with March 2019.
Pending sales increased 0.6% in March. Closed sales dropped 12.2% year-over-year in March, mostly likely due to the lack of inventory coupled with fewer new listings and not due to a lack of demand for Fort Mill homes.
New listings decreased 7.5% in Fort Mill year-over-year. Housing inventory dropped 26% year-over-year. New construction inventory was down 44.8% year-over-year; resale inventory down 13.6%.
Average days on market increased 3 days to 53 days versus the same month one year ago. Median days on market were 20, increasing 6 days versus the same month one year ago.
Sellers received 98.8% of list price, showing minimal negotiating room for Fort Mill homes.
Average home sale prices increased 15.8% in March 2020 versus March 2019, while median home sale prices increased 6%. Average sale price was $346,528 and median sale price was $307,450. Average and median sale prices also increased month-over-month. Home buyers are paying a premium for new construction homes — on average about $50,000. Price per square foot increased $11/square foot to $145.
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This Charlotte, North Carolina real estate monthly update for Fort Mill is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Fort Mill/York County specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Fort Mill area home buyers and sellers for 20+ years.
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