Indian Land, South Carolina housing market unquestionably remained a seller’s market in April 2021. Home prices increased, homes sold quickly with both average and median days on market significantly lower. The months supply of homes was critically low at 0.7 months, new listings were down, and housing inventory also dropped by over 72% year-over-year.
Indian Land, SC Housing Market Snapshot: April 2021
Latest news on the Indian Land real estate market in April 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in April with just 0.7 months supply of inventory overall, down 74.1% from 2 months in April 2020.
Housing inventory was down 72.4% in April year-over-year, coupled with a 30.6% decrease in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was also down 91.1% year-over-year. Resale home inventory dropped 76.4% year-over-year.
Both average and median sale prices increased in April to $387,190 and $380,000, respectively. Average home sale prices increased 9.2% year-over-year and median sale prices increased 15% year-over-year. Home sale prices also increased month-over-month. Lack of inventory continues to drive home prices up. With a 90+% drop in new construction inventory, average sale prices of new construction homes were more than $40,000 higher than for resale homes.
Closed sales increased in April by 58.8% year-over-year. Pending salesdecreased 27.6% versus April 2020. Lack of inventory impacted pending sales in April. No surprise that closed sales increased year-over-year. April 2020 was the month of lockdowns effectively putting real estate activity on pause. Historically low interest rates continue to fuel buyer demand in Indian Land although demand continues to outstrip supply of homes.
Average days on market were 20 days (down 30 days year-over-year). Median days on market were 3 days (down 11 days year-over-year). Because of buyer demand and razor thin inventory, Indian Land homes continued to sell in under three weeks, on average.
With home sellers receiving a median 100.1% of asking price in sale price (up 1.3% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in April 2021.
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Note: If you don’t see your subdivision or complex, or the data looks incomplete, it’s because there weren’t enough properties sold in a given year.
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