Fort Mill real estate in September 2022 (29715 and 29708 zip codes) saw higher home sale prices year-over-year, but down month-over-month. Still a low months supply of inventory at 1.5 months and lower days on market. New listings down for a fourth consecutive month.
Fort Mill Housing Market Snapshot: September 2022
Latest news on the Fort Mill real estate market in September 2022 and what it means for you…
Fort Mill real estate in September 2022 (29715 and 29708 zip codes) kept home sellers in the driver’s seat with the months supply of homes at 1.5 months, higher home sale prices, fewer average days on market, and a median list to sale price ratio of 100% compared with the same month one year ago. By the same token, it’s clear the Fort Mill market is softening with median days on market increasing, closed and pending sales down year-over-year, and home sale prices down month-over-month.
FORT MILL HOUSING MARKET HIGHLIGHTS:
September 2022 vs September 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN SEPTEMBER
Pending sales in Fort Mill decreased 12.7% year-over-year. Closed salesdecreased 19.9% year-over-year in September. Month-over-month, closed sales increased from August 2022 and pending sales were down by just two homes. The recent increases in interest rates have prospective home buyers pulling back from purchasing a home while reassessing their options as home affordability continues to diminish for many home buyers.
Buyer foot traffic through listed properties dropped to 7.7 showings per listing, on average, in September 2022 versus 16.2 showings in the same month one year ago. Showings dropped from 9.9 showings in August 2022.
NEW LISTINGS DOWN FOR FOURTH CONSECUTIVE MONTH IN SEPTEMBER
New listings decreased 23.2% in Fort Mill year-over-year for a fourth consecutive month in September. Housing inventory increased 9.9% year-over-year and at a lower level than in the previous three months.
The months supply of homes increased to 1.5months from 1.1 months in the same month one year ago, but was still lower than the 1.6 months in the same month two years ago. Month-over-month, the months supply of homes increased 0.1 months.
AVERAGE DAYS ON MARKET DECREASED IN SEPTEMBER, YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market decreased to 18 days from 20 days in the same month one year ago. Average days on market also increased month-over-month by two days.
Median days on market were 11, eight days higher year-over-year and four days higher month-over-month. This was the highest median days on market in Fort Mill in 2022 since March 2020.
FORT MILL HOMES SOLD AT A MEDIAN 100% OF LIST PRICE IN SEPTEMBER
Sellers received a median 100% of list price, down 0.6% year-over-year. Month-over-month. the list to sale price ratio was flat. Home buyers still had minimal negotiating room for Fort Mill homes in the month of September, especially in high-demand neighborhoods.
FORT MILL HOME HOME PRICES INCREASED YEAR-OVER-YEAR IN SEPTEMBER
Average home sale prices increased 18.5% in September 2022 versus September 2021. September’s average sale price of $522,647 was approximately $47,000 lower than in August 2022. Compared with September 2020, the average sale price for Fort Mill homes was approximately $114,000 higher in 2022.
Median home sale prices increased 11.5%, year-over-year. September’s average sale price of $459,990 was approximately $35,000 lower than in August 2022. Compared with September 2020, the median sale price for Fort Mill homes was approximately $112,000 higher in 2022.
Price per square foot increased to $213, up $30/square foot (+16.4%) year-over-year.
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