Indian Land, South Carolina housing market unquestionably remained a seller’s market in December 2020, despite the ongoing pandemic. 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 0.8 months and housing inventory also dropped by more than 60% year-over-year.
Indian Land, SC Housing Market Snapshot: December 2020
Latest news on the Indian Land real estate market in December 2020 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in December with just 0.8 months supply of inventory overall, down 69.2% from 2.6 months in December 2019. The months supply of resale homes in Indian Land was 0.4 months down from 1.7 months one year ago.
Housing inventory was down 60.2% in December year-over-year, despite a 22.8% increase in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was also down 68.4% year-over-year. The months supply of new inventory homes were just 0.7 months, down from 3.2 months in the same month one year ago. Resale home inventory dropped 72.8% year-over-year.
Both average and median sale prices increased in December to $361,655 and $356,000, respectively. Average sale prices increased 4.8% year-over-year and median sale prices increased 3% year-over-year. New construction prices were about $70,000 higher, on average, than resale home prices.
Closed sales decreased in December by 22.6% year-over-year (mostly due to lack of inventory). Pending sales increased 30% versus December 2019. Despite the ongoing pandemic, home buyers were out in full force in the Indian Land area in December 2020. Historically low interest rates fueled buyer demand.
Average days on market were 29 days (down 47 days year-over-year). Median days on market were 7 days (down 39 days year-over-year). Because of buyer demand and razor thin inventory, Indian Land homes continued to sell quickly.
With home sellers receiving a median 100% of asking price in sale price (up 2.6% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in December 2020.
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