Indian Land, SC Housing Market Highlights: August 2023
Indian Land real estate August 2023 saw home sales and days on market decline. Housing inventory was at its highest level since January, but still limited. Home prices increased from July 2023. Days on market were just 15, 18 days lower than the 2023 year-to-date average. List to sale price ratio was just over 100%, indicating very little opportunity for buyers to negotiate on price. Indian Land remained a seller’s market with just 3.09 months supply of inventory.
Indian Land Real Estate August 2023 Housing Market Highlights
NEW LISTINGS UP FROM JULY, BUT DOWN FROM ONE YEAR AGO
New listings in August 2023 were 86, increasing 19.44% from 72 in July 2023. Compared with August 2022, new listings were down 5.49% from 91 listings. The August 2023 listings were at their lowest level compared with August 2022 (91 listings) and August 2021 (106 listings). This was the highest number of new listings Indian Land saw in one year.
INVENTORY AT ITS HIGHEST LEVEL IN SINCE JANUARY
The number of properties for sale in August 2023 was 198, increasing 8.2% from 182 in July. Compared with August 2022, the number of properties for sale declined 16.1% from 236 properties. August inventory was at its highest level since January 2023 when inventory stood at 212 properties. With 3.09 months of inventory in August, Indian Land remained a home seller’s market.
HOME SALE PRICES AT THEIR HIGHEST LEVELS IN 2023
Average home sale price in August 2023 was $561,787, 7.31% higher than the average sale price of $523,517 in the previous month of July. August’s average sale price was 3.17% higher than one year ago in August when the average sale price was $554,540. The August 2023 average sale prices was at its highest level compared with August 2022 and August 2021.
Median home sale price in August 2023 was $522,295, increasing 7.65% from July’s $485,000. Median sale price declined 1.45% from $530,000 in August 2022.
Price per square foot for Indian Land homes in August 2023 increased 7.66% to $225 per square foot from $209 per square foot in July 2023. Year-over-year, the August 2023 price per square foot was was 10.84% higher than in August 2022 when it was $203 per square foot.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
LIST TO SALE PRICE RATIO JUST OVER 100%
The list to sale price ratio in August 2023 was 100.15%, slightly higher than in the previous month of July when it was 100.23%. Compared with August 2022, the list to sale price ratio was flat.
DAYS ON MARKET DECLINE TO THEIR LOWEST LEVEL SINCE OCTOBER 2022
Days on market for Indian Land properties was 15 days, down 16.67% from 18 days in the previous month of July. August’s days on market were at their highest level compared with August 2022 (14 days on market) and August 2021 (7 days on market). Nonetheless, the 15 days on market in August were at their lowest level in 10 months underscoring high buyer demand and low inventory.
NUMBER OF PROPERTIES SOLD AT THEIR LOWEST LEVEL SINCE MAY 2023
The number of properties sold was 64 in August 2023 declining 12.33% from 73 properties sold in July 2023. Sales were also 39.05% lower than in August 2022. The August 2023 sales were at their lowest compared with August 2022 (105 sales) and August 2021 (113 sales).
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander, Greater Charlotte area residential real estate expert and Indian Land specialist. I’ve been opening doors for Indian Land home buyers and sellers for 24+ years.
If you’re considering selling or purchasing a home in Indian Land or anywhere in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how: