Fort Mill Real Estate May 2023
Fort Mill real estate in May 2023 (29715 and 29708 zip codes) saw sales increase from April 2023. New listings were down almost 23% from one year ago and slightly higher compared with one month ago. Housing inventory was at its lowest level in 13 months. Average days on market declined 41+% from one month ago to just 20 days and were just four days higher than one year ago. Sale prices increased from last month and the list to sale price ratio increased to just under 100%. With just 2.59 months of inventory, Fort Mill was a seller’s market in May 2023.
Fort Mill Housing Market Snapshot: May 2023
SALES INCREASED 23+% FROM APRIL 2023
Sales in May 2023 were 106, increasing 23.26% from 86 in April 2023. Year-over-year sales declined 21.48% from 135 in May 2022. The May 2023 sales were at their lowest level compared with May 2022 (135 sales) and May 2021 (153 sales).
NEW LISTINGS DOWN YEAR-OVER-YEAR | UP SLIGHTLY MONTH-OVER-MONTH
New listings in Fort Mill were 134, up 3.88% compared with April 2023 when there were 129 new listings. New listings were 22.99% lower than the 174 new listings in May 2022. The May 2023 listings were at their lowest level compared with May 2022 (174 new listings) and May 2021 (190 new listings). May’s new listings were at their highest level since July 2022, when there were 141 new listings.
FORT MILL INVENTORY DECLINED YEAR-OVER-YEAR & MONTH-OVER-MONTH
The number of properties for sale in May 2023 was 275, down 8.03% from April 2023. Inventory declined 2.48% compared with May 2022, which saw 282 properties for sale. This was the lowest level of inventory in Fort Mill since April 2022, when there were 282 properties for sale.
AVERAGE DAYS ON MARKET IN MAY DECLINED 41+% FROM APRIL 2023
Average days on market in Fort Mill were 20 days, down 41.18% from 34 days in April 2023. Days on market increased 4 days compared with May 2022 and 6 days compared with May 2021. The May 2023 days on market were at their lowest level since August 2022 when average DOM were 17 days.
LIST TO SALE PRICE RATIO INCREASED TO JUST UNDER 100%
The May 2023 list to sale price ratio was 99.72%, essentially flat versus April 2023. The list to sale price ratio declined 4.36% from 104.08% in May 2022. It’s been some 10 months since Fort Mill’s list to sale price ratio was 100% or more. Nonetheless, Fort Mill home buyers are not enjoying big discounts on homes and May’s list to sale price ratio was at its highest level since September 2022.
FORT MILL HOME AVERAGE & MEDIAN SALE PRICES AT HIGHEST LEVELS SINCE JANUARY 2023
Average home sale price increased 6.25% in May to $508,147 month-over-month from $478,240. Year-over-year, the average home price decreased 1.68% from $516,819 in May 2022. This decline is less reflective of lower market values than of the price mix of homes listed and sold in May versus April.
Median home sale price increased 7.11% to $443,450 in May 2023 from $414,000 in the previous month of April. Year-over-year, the median sale price declined 3.6% from $460,000 in May 2022. This decline is less reflective of lower market values than of the price mix of homes listed and sold in May versus April.
Price per square foot was $215, increasing $1/square foot month-over-month. Year-over-year, average price per square foot was flat.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
MORE DETAILS ON THE FORT MILL HOUSING MARKET’S PERFORMANCE
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This Greater Charlotte, North Carolina real estate monthly update for Fort Mill, SC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Greater Charlotte area residential real estate experts and Fort Mill specialists. We’ve been opening doors for Fort Mill home buyers and sellers since 1999.
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