Fort Mill’s housing market (29715 and 29708 zip codes) remained a home seller’s market in March 2022. 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 March. Buyer demand for homes in Fort Mill has not abated despite the lack of inventory.
Fort Mill Housing Market Snapshot: March 2022
Latest news on the Fort Mill real estate market in March 2022 and what it means for you…
Fort Mill’s housing market (29715 and 29708 zip codes) remained a seller’s market in March 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 24.9%. Closed salesdecreased 15.4% year-over-year in March. Lack of inventory limited the number of closed and pending sales in March.
New listings decreased 30.3% in Fort Mill year-over-year. Housing inventory dropped 38.9% year-over-year. The months supply of homes decreased 28.6% to 0.5 months from 0.7 months in the same month one year ago and from 2.2 months in the same month two years ago. The months supply of homes also decreased from February 2022. Fort Mill has been a home seller’s market for over three years now.
Average days on market increased 3 days to 24 days versus the same month one year ago and are 18 days lower than they were in March 2020 (when we felt the first impact of the pandemic shut-downs). Median days on market were 3, flat versus the same month one year ago, and decreasing 16 days versus March 2020. Median days on market were also lower month-over-month.
Pent-up demand for Fort Mill homes was also evident in the number of average showings per listing in March 2022. On average, listed homes had 29.3 showings, up 35% from 21.7 showings in March 2021. In March 2020 listed homes had an average of 7.3 showings, not surprising as March 2020 was the first full month of pandemic shutdowns in 2020.
Sellers received a median 102.2% of list price, up 2.0% year-over-year and up 1.3% month-over-month. Home buyers had minimal negotiating room for Fort Mill homes.
Average home sale prices increased 22.6% in March 2022 versus March 2021. Median home sale prices increased 19.6%. Average sale price was $492,821. Average sale price increased month-over-month approximately $16,000. Median sale price was $424,600. Month-over-month, median home prices increased $17,000. Average home sale prices are now approximately $138,000 higher than they were March 2020, while median home prices are now approximately $111,000 higher. Greater demand for homes than supply of homes continues to drive home prices up.
Price per square foot increased to $204, up $37/square foot (+22.2%) year-over-year. The $204/per square foot set a new record for Fort Mill.
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