Indian Land, South Carolina housing market unquestionably remained a seller’s market in December 2021. Home prices increased and homes sold quickly with average days on market significantly lower year-over-year. The months supply of homes was critically low at 0.7 months. Inventory dropped 44.9% year-over-year. All this put downward pressure on closed and pending sales in December 2021.
Indian Land, SC Housing Market Snapshot: December 2021
Latest news on the Indian Land real estate market in December 2021 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 0.7 months supply of inventory overall, down 30% from 1.0 months in December 2020 and down from 2.6 months in December 2019.
Housing inventory was down 44.9% in December year-over-year, while new listings decreased 21.4% year-over-year. New construction inventory, long a staple of Indian Land housing, was down 66.7% year-over-year.
Both average and median sale prices increased in December 2021 to $476,270 $450,580 and $50,587 $445,000, respectively. Average home sale prices increased 30.6% year-over-year. Average home prices increase some $26,000 month-over-month. Average home prices in Indian Land in December 2021 were about $131,000 higher than two years ago in December 2019. Median sale prices increased 26% year-over-year. Median home prices in Indian Land in December 2021 were about $105,000 higher than two years ago in December 2019.
Lack of inventory continues to drive home prices up. One indicator of how much demand there is for Indian Land homes versus supply is the number of showings per listed home. In December 2021 listed homes had 12.8 showings on average. This was an increase of 88.2% from 6.8 showings in December 2020, as well as an increase from 5 showings per listed home in December 2019. It’s very much a case of more buyers “chasing” fewer listings.
Closed sales decreased in December by 2.1% year-over-year. Pending salesdecreased 35.6% versus December 2020. It was just a matter of time before the extreme lack of inventory impacted closed and pending sales in Indian Land. You can’t sell what you don’t have to sell!
Price per square foot for Indian Land homes increased 24.5% to $188/square foot from $151/square foot. This is the second highest price per square foot in Indian Land’s history.
Average days on market were 68.4% lower at 12 days (down 26 days year-over-year and down 64 days from December 2019). Median days on market were 66.7% lower at 3 days (down 6 days year-over-year and down 43 days versus December 2019).
With home sellers receiving a median 100% of asking price in sale price, the negotiating opportunity for home buyers in Indian Land was negligible in December 2021.
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