Fort Mill’s housing market (29715 and 29708 zip codes) remained a home seller’s market in April 2022, setting new records for home prices. Lower inventory and months supply of housing, higher sale prices, higher list to sale price ratios, fewer sales all characterized the Fort Mill seller’s market in April. Buyer demand for homes in Fort Mill has not abated despite the lack of inventory and increasing interest rates.
Fort Mill Housing Market Snapshot: April 2022
Latest news on the Fort Mill real estate market in April 2022 and what it means for you…
Fort Mill’s housing market (29715 and 29708 zip codes) remained a seller’s market in April with lower inventory, fewer months supply of housing, fewer days on market, and higher average and median home sale prices compared with the same month one year ago.
Pending sales in Fort Mill decreased 8.3%. Closed salesdecreased 15.3% year-over-year in April. Lack of inventory limited the number of closed and pending sales in April.
New listings decreased 1.2% in Fort Mill year-over-year. Housing inventory dropped 24.1% year-over-year. The months supply of homes decreased 14.3% to 0.6 months from 0.7 months in the same month one year ago and from 2.2 months in the same month two years ago. Fort Mill has been a home seller’s market for more than three years now.
Average days on market decreased 7 days to 25 days versus the same month one year ago and are 18 days lower than they were in April 2020 (when we felt the first impact of the pandemic shut-downs). Median days on market were 3, one day more than in the same month one year ago, and decreasing 9 days versus April 2020.
Pent-up demand for Fort Mill homes was also evident in the number of average showings per listing in April 2022. On average, listed homes had 22.6 showings, up 25.6% from 18 showings in April 2021.
Sellers received a median 104.5% of list price, up 4.3% year-over-year and up 2.3% month-over-month. Home buyers had minimal negotiating room for Fort Mill homes.
Average home sale prices set new record highs, increasing 23.9% in April 2022 versus April 2021. Median home sale prices increased 20%, also setting new record highs. Average sale price was $495,707. Median sale price was $450,000. Month-over-month, median home prices increased almost $25,000. Average home sale prices are now approximately $127,000 higher than they were April 2020, while median home prices are now approximately $105,000 higher. Greater demand for homes than supply of homes continues to drive home prices up.
Price per square foot increased to $215, up $48/square foot (+28.7%) year-over-year. The $215/per square foot sets a new record for Fort Mill.
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