Indian Land real estate June 2022 saw new sale price records for homes, increasing 22.6% year-over-year. Months supply of homes remained low at 1.2 months. New listings increased 40.6% thanks to a big increase in new construction inventory. Closed and pending home sales both increased in the month of June in Indian Land, South Carolina.
Indian Land, SC Housing Market Snapshot: June 2022
Latest news on the Indian Land real estate market in June 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 June 2022 at 1.2 months supply. Both pending and closed sales increased in June, most likely in response to a 40.6% increase in new listings. Average home sale prices set a new record and with list to sale price ratios at 101.5%, home sellers remained in the “driver’s seat” in June 2022.
Housing inventory increased 9% in June, year-over-year. New listings increased 40.6% year-over-year thanks to a 118.2% increase in new construction inventory. Resale inventory was flat year-over-year, however. Low inventory continued to drive home prices up.
Both average and median sale prices increased in June 2022 to $535,059 and $506,500 respectively with average sale prices setting a new record high for Indian Land home prices. Average home sale prices increased 22.6% year-over-year. Compared with June 2020, average home prices were about $166,000 higher this June. Median sale prices increased 20.4% year-over-year. Compared with June 2020, median home prices were about $139,000 higher. Average sales prices also increased month-over-month.
For a long time, new construction home prices in Indian Land were higher than resale home prices. As of June the price differential is just $1,000 (higher for new constructions homes).
Closed sales increased in June by 10.7% year-over-year. Pending salesincreased 40.6% versus June 2021.
Price per square foot for Indian Land homes increased 28.8% to $210/square foot, setting a new record for this Indian Land metric.
Average days on market were 14 days, down 1 day year-over-year, but up 5 days month-over-month. Median days on market were 3 days, flat year-over-year and up 1 day month-over-month. Nonetheless, however you look at it, Indian Land homes sold quickly in June 2022.
With home sellers receiving a median 101.5% of asking price in sale price (down 0.3% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in June 2022.
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