Fort Mill’s housing market (29715 and 29708 zip codes) remained a home seller’s market in May 2022, setting new records for home prices. Lower inventory, fewer days on market, higher sale prices, higher list to sale price ratios, fewer sales all characterized the Fort Mill seller’s market in May.
Fort Mill Housing Market Snapshot: May 2022
Latest news on the Fort Mill real estate market in May 2022 and what it means for you…
Fort Mill’s housing market (29715 and 29708 zip codes) remained a seller’s market in May with lower inventory, fewer days on market, and record high average and median home sale prices compared with the same month one year ago.
Pending sales in Fort Mill decreased 19.8%. Closed salesdecreased 12.4% year-over-year in May. Lack of inventory limited the number of closed and pending sales.
New listings decreased 10.8% in Fort Mill year-over-year. Housing inventory dropped 3.9% year-over-year. The months supply of homes increased slightly to 0.7 months from 0.6 months in the same month one year ago and from 2.0 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 13 days versus the same month one year ago and are 18 days lower than they were in May 2020 (when we felt the first impact of the pandemic shut-downs). Month-over-month, average days on market dropped 12 days. Median days on market were 3, one day more than in the same month one year ago, and decreasing 6 days versus May 2020.
Sellers received a median 104.2% of list price, up 1.4% year-over-year. Home buyers had minimal negotiating room for Fort Mill homes.
Average home sale prices set new record highs, increasing 12.1% in May 2022 versus May 2021. Median home sale prices increased 9.7%, also setting new record highs. Average sale price was $518,529. Median sale price was $460,750. Month-over-month, average home sale prices increased approximately $23,000. Median home prices increased almost $10,000, month-over-month. Average home sale prices are now approximately $142,000 higher than they were May 2020, while median home prices are now approximately $136,000 higher. Greater demand for homes than supply of homes continues to drive home prices up.
Price per square foot increased to $213, up $37/square foot (+21.0%) year-over-year.
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