Indian Land, South Carolina housing market remained a seller’s market in March 2022. Home prices increased, days on market decreased. Inventory was critically low with less than one month of inventory. Closed and pending sales were both down.
Indian Land, SC Housing Market Snapshot: March 2022
Latest news on the Indian Land real estate market in April 2022 and what it means for you…
Lack of housing inventory remained an issue in Indian Land, South Carolina (29707 zip code), keeping its housing market a seller’s market in March with just 0.6months supply of inventory overall, down 25% from 0.8 months in March 2021 and down from 2.7 months in March 2020. Lack of inventory resulted in a drop in days on market and increase in home prices.
Housing inventory was down 43.8% in March, year-over-year. New listings decreased 7.7% year-over-year. New construction inventory, long a staple of Indian Land housing, was down 54.5% year-over-year.
Both average and median sale prices increased in March 2022 to $503,877 and $455,000 respectively. Average home sale prices increased 27.4% year-over-year. Compared with March 2020, average home prices were about $168,000 higher. Median sale prices increased 19.7% year-over-year. Compared with March 2020, median home prices were about $139,000 higher. Both average and median home sales prices also increased month-over-month.
Lack of inventory continued 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 March 2022, listed homes had 18 showings on average. This was an increase of 6.5% from 16.9 showings in March 2021, as well as an increase from 4.7 showings per listed home in March 2020. It’s very much a case of more buyers “chasing” fewer listings. And it’s important to recall that March 2020 was the first full month of the pandemic which effectively shut down home showings in March 2020.
Closed sales decreased in March by 5.1% year-over-year. Pending salesdecreased 12.4% versus March 2021. Lack of inventory impacted the level of closed and pending sales.
Price per square foot for Indian Land homes increased 22.7% to $189/square foot from $154/square foot one year ago.
Average days on market were 42.3% lower at 15 days (down 11 days year-over-year and down 32 days from March 2020). Median days on market were 50% lower at 2 days (down 4 days year-over-year and down 19 days versus March 2020). Again, it’s worth pointing out that March 2020 days on market would have been expected to be higher due to the pandemic shutdowns that month.
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 March 2022.
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