Indian Land real estate July 2022 saw new sale price records for homes, increasing 26.9% year-over-year. Months supply of homes remained low at 1.3 months. New listings decreased 23.8%, despite an increase in new construction inventory. Closed and pending home sales both decreased in the month of July in Indian Land, South Carolina. Home sold quickly — in 11 days on average.
Indian Land, SC Housing Market Snapshot: July 2022
Latest news on the Indian Land real estate market in July 2022 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market continued to see a low months supply of homes in July 2022 at 1.3 months supply. Both pending and closed sales dropped in July. Average home sale prices reached record highs and with list to sale price ratios at 100.4%, home sellers remained in the “driver’s seat” in July 2022.
Housing inventory increased slightly at 5.8% in July, year-over-year. New listings decreased 23.8% year-over-year, despite a 108% increase in new construction inventory. Resale inventory was down 5.2% year-over-year, however. Tight inventory continued to drive home prices up.
Both average and median sale prices increased in July 2022 to $536,913 and $510,125, respectively, with average sale prices setting a new record high for Indian Land home prices. Average home sale prices increased 26.9% year-over-year. Compared with July 2020, average home prices were about $147,000 higher this July. Median sale prices increased 32.5% year-over-year. Compared with July 2020, median home prices were about $152,000 higher in July 2022. Average and median sales prices also increased month-over-month.
New construction home prices increased 37.5%, on average, year-over-year. Resale home prices increased 28.7%. In July 2022, prices for new construction homes averaged $597,280 about $56,000 higher than for resale homes.
Closed sales decreased in July by 10.1% year-over-year. Pending salesdecreased 19.3% versus July 2021. Foot traffic also decreased, with listed homes seeing 8.7 showings, on average, compared with 14.1 showing in July one year ago. Clearly, some of the frenzy we saw in the Indian Land market last summer has abated.
Price per square foot for Indian Land homes increased 15.0% to $199/square foot from $173/per square foot in the same month one year ago.
Average days on market were 11 days, up 3 days year-over-year, but down 3 days month-over-month. Median days on market were 3 days, flat year-over-year and month-over-month. However you look at it, Indian Land homes sold quickly in July 2022.
With home sellers receiving a median 100.4% of asking price in sale price (down 2.8% year-over-year and down 1.1% month-over-month), the negotiating opportunity for home buyers in Indian Land was negligible in July 2022.
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