Indian Land, South Carolina housing market remained a seller’s market in January 2022. Home prices increased and homes sold quickly with average and median days on market lower year-over-year. The months supply of homes was critically low at 0.8 months. Inventory dropped 35.5% year-over-year. Closed sales were down year-over-year.
Indian Land, SC Housing Market Snapshot: January 2022
Latest news on the Indian Land real estate market in January 2022 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in January with just 0.8 months supply of inventory overall, down 11.1% from 0.9 months in January 2021 and down from 2.3 months in January 2020.
Housing inventory was down 35.5% in January year-over-year. New listings increased substantially by 55.7% year-over-year, most of the new listings coming from new construction. New construction inventory, however, long a staple of Indian Land housing, was down 40% year-over-year.
Both average and median sale prices increased in January 2022 to $480,243 and $451,324 respectively. Average home sale prices increased 24.1% year-over-year. Median sale prices increased 20.4% year-over-year.
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 January 2022 listed homes had 15.2 showings on average. This was an increase of 39.4% from 10.9 showings in January 2021, as well as an increase from 5.9 showings per listed home in January 2020. It’s very much a case of more buyers “chasing” fewer listings.
Closed sales decreased in January by 29.4% year-over-year. Pending salesincreased 50% versus January 2021, no doubt due at least in part to the increase in new listings in January 2022.
Price per square foot for Indian Land homes increased 24.4% to $194/square foot from $156/square foot. This is the highest price per square foot in Indian Land’s history.
Average days on market were 26.7% lower at 33 days (down 12 days year-over-year and down 37 days from January 2020). Median days on market were 63.4% lower at 4 days (down 7 days year-over-year and down 38 days versus January 2020).
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 January 2022.
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