Indian Land, South Carolina housing market unquestionably remained a seller’s market in July 2021. Home prices increased, homes sold quickly with average days on market significantly lower. The months supply of homes was critically low at 0.6 months. Inventory dropped 46.6% despite an increase in new listings. All this put downward pressure on closed and pending sales in July 2021.
Indian Land, SC Housing Market Snapshot: July 2021
Latest news on the Indian Land real estate market in July 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in July with just 0.6 months supply of inventory overall, down 53.8% from 1.3 months in July 2020 and down from 2.3 months in July 2019.
Housing inventory was down 46.6% in July year-over-year, despite a 25.3% increase in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was down 72.5% year-over-year. Resale home inventory dropped 46.6% year-over-year.
Both average and median sale prices increased in July 2021 to $424,203 and $382,500, respectively. Average home sale prices increased 15.2% year-over-year and median sale prices increased 9.3% year-over-year. Average home sale prices also increased by $56,000 since July 2020 and $119,000 since July 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 July 2021 listed homes had 16.9 showings on average. This was an increaser of 74.2% from 9.7 showings in July 2020, as well as an increase from 7.1 showings per listed home in July 2019.
Closed sales decreased in July by 19.3% year-over-year. Pending salesdecreased 4.1% versus July 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!
Average days on market were 86.3% lower at 7 days (down 44 days year-over-year and down 8 days month-over-month). Median days on market were 85% lower at 3 days (down 17 days year-over-year and down 18 days versus June 2019). Because of buyer demand and razor thin inventory, Indian Land homes sold in about one week, on average.
With home sellers receiving a median 104.1% of asking price in sale price (up 5.7% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in July 2021.
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