Indian Land Real Estate May 2021

Indian Land real estate May 2021 unquestionably remained a home seller’s market. Home prices increased, homes sold quickly with average days on market significantly lower. The months supply of homes was critically low at 0.7 months, new listings were down, and housing inventory also dropped by over 67% year-over-year. All this put downward pressure on pending sales in May 2021.

Indian Land Real Estate May 2021 Market Snapshot

 

Latest news on the Indian Land real estate market in May 2021 and what it means for you…

 

Indian Land (29707 Zip Code) Real Estate UpateThe Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in May with just 0.7 months supply of inventory overall, down 69.6% from 2.3 months in May 2020 and down from 3.5 months in May 2019. 

 

Housing inventory was down 67.5% in May year-over-year, coupled with a 14.4% decrease in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was down 63.8% year-over-year. Resale home inventory dropped 56.6% year-over-year.

 

Both average and median sale prices increased in May to $398,744 and $380,000, respectively. Average home sale prices increased 14.4% year-over-year and median sale prices increased 8.7% year-over-year.  Average home sale prices also increased month-over-month. Compared to May 2019, average home sale prices increased some $52,000, while median home sale prices increased some $64,000. Lack of inventory continues to drive home prices up. With a 63.8% drop in new construction inventory, average sale prices of new construction homes were about $34,000 higher than for resale homes.

 

Closed sales increased in May by 12.8% year-over-year. Pending sales decreased 26.9% versus May 2020. Lack of inventory impacted pending sales in May. With historically low interest rates continuing to fuel buyer demand in Indian Land and outstripping supply of homes, it’s no wonder that pending sales were down in May.

 

Average days on market were 13 days (down 48 days year-over-year and down 7 days month-over-month).  Median days on market were 3 days (down 8 days year-over-year). Because of buyer demand and razor thin inventory, Indian Land homes continued to sell in under two weeks, on average.

 

With home sellers receiving a median 100% of asking price in sale price (up 1.3% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in May 2021.

 

Want to know what this would mean for your family if you decide to buy or sell an Indian Land area home?

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 Indian Land Real Estate Highlights

May 2021 vs May 2020

 

Indian Land/29707 Zip Code Real Estate Report May 2021 

 

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WONDERING WHAT YOUR INDIAN LAND, SC AREA HOME IS WORTH?

If you’re thinking about selling your Indian Land area home, let’s get together and discuss the supply conditions in Indian Land neighborhoods and how we can assist you in gaining access to buyers who area ready, willing, and able to buy now.

 

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MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC

 

 

This Charlotte, North Carolina  real estate update for Indian Land, South Carolina is provided  by Nina Hollander, Coldwell Banker Realty, Greater Charlotte residential real estate expert and Indian Land specialist. I’ve been opening doors for Indian Land home buyers and sellers since 1999.

 

If you’re considering selling or purchasing a home in Indian Land or anywhere in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you how:

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