Indian Land, South Carolina housing market unquestionably remained a seller’s market in May 2021. 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, SC Housing Market Snapshot: May 2021
Latest news on the Indian Land real estate market in May 2021 and what it means for you…
The 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 salesdecreased 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.
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