Fort Mill’s housing market (29715 and 29708 zip codes) unquestionably remained a home seller’s market in August 2021. Lower inventory and months supply of housing, fewer days on market, higher sale prices, higher list to sale price ratios all characterized the Fort Mill seller’s market in August. Inventory remains razor-thin and buyer demand has not abated.
Fort Mill Housing Market Snapshot: August 2021
Latest news on the Fort Mill real estate market in August 2021 and what it means for you…
Fort Mill’s housing market (29715 and 29708 zip codes) remained a seller’s market in August with significantly lower inventory, lower months supply of housing, fewer days on market, and higher average and median home sale prices.
Pending sales decreased 16.5%. Closed salesdropped 6.2% year-over-year in August. Lack of inventory limited the number of pending and closed sales in August.
New listings decreased 12.5% in Fort Mill year-over-year. Housing inventory dropped 45.2% year-over-year. The months supply of homes decreased 50.0% to 0.8 months from 1.6 months in the same month one year ago and from 2.3 months in the same month two years ago. Clearly, Fort Mill has been a seller’s market for at least three years now.
Average days on market decreased 25 days to 9 days versus the same month one year ago. Median days on market were 3, decreasing 5 days versus the same month one year ago and decreasing 25 days versus August 2019. Newly listed homes continue to sell as fast as they come on the market.
Pent-up demand for Fort Mill homes was also evident in the number of average showings per listing in August 2021. On average, listed homes had 13.7 showings, up 25.7% from 10.9 showings in August 2020. In August 2019 listed homes had an average of 8.4 showings. It’s a matter of more buyers “chasing” after fewer homes.
Sellers received a median 102.1% of list price, up 3.5% year-over-year. Home buyers had minimal negotiating room for Fort Mill homes.
Average home sale prices increased 25.8% in August 2021 versus August 2020. Median home sale prices increased 121.7%. Average sale price was $484,600 (almost $30,000 higher than in July 2021). Average home prices have increased about $128,000 in the two years since August 2019. Median sale price was $415,000. Median home sale prices have increased about $94,000 in the two years since August 2019. Greater demand for homes than supply of homes continues to drive home prices up. Price per square foot increased to $186, up $37/square foot one, year-over-year.
Want to know what this would mean for your family if you decide to buy or sell a Fort Mill home?
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