Indian Land real estate August 2022 saw new median sale price records for homes, increasing 11.1% year-over-year. Months supply of homes remained low at 1.4 months. New listings decreased 14.5%, despite a 70.4% increase in new construction inventory. Closed and pending home sales both decreased in the month of August in Indian Land, South Carolina. While average days on market increased, they were still relatively low at 17 days in August 2022.
Indian Land, SC Housing Market Snapshot: August 2022
Latest news on the Indian Land real estate market in August 2022 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market continued to see a low months supply of homes in August 2022 at 1.4 months supply. Both pending and closed sales dropped in August. Median home sale prices reached record highs. With a median list to sale price ratio of 100%, Indian Land home sellers remained in the “driver’s seat” in August 2022.
Housing inventory increased 17.7% in August, year-over-year. New listings decreased 14.5% year-over-year, despite a 70.4% increase in new construction inventory. Resale inventory increased 24% year-over-year, but still stood at less than one month of supply at 0.9 months.
Both average and median sale prices increased year-over-year in August 2022 to $562,611 and $527,500, respectively. Median sale prices saw record highs for Indian Land home prices. Average home sale prices increased 11% year-over-year. Compared with August 2020, average home prices were about $213,000 higher this August. Median sale prices increased 11.1% year-over-year. Compared with August 2020, median home prices were about $196,000 higher in August 2022. Month-over-month, average home prices were approximately $1,000 lower than in July 2022; median home prices were approximately $18,000 higher than in July 2022.
New construction home prices decreased 2.6%, on average, year-over-year. Resale home prices increased 7.1%. In August 2022, prices for new construction homes averaged $581,900 about $57,000 higher than for resale homes.
Closed sales decreased in August by 10.9% year-over-year. Pending salesdecreased 19.8% versus August 2021. Foot traffic also decreased, with listed homes seeing 7.6 showings, on average, compared with 10 showings in August one year ago. Clearly, some of the frenzy we saw in the Indian Land market last summer has abated.
Price per square foot for Indian Land homes increased 15.9% to $204/square foot from $176/per square foot in the same month one year ago.
Average days on market were 17 days, up 4 days year-over-year, and up 6 days month-over-month. Median days on market were 3 days, flat year-over-year and month-over-month. However you look at it, Indian Land homes sold quickly in August 2022. Compared with August 2020, average days on market were 23 less in August 2022 and median days on market were 9 days lower.
With home sellers receiving a median 100% of asking price in sale price (down 2.9% year-over-year and down 0.4% month-over-month), the negotiating opportunity for home buyers in Indian Land remained minimal in August 2022.
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