Indian Land real estate May 2023 saw closed sales at their highest level since November 2022. New listings and inventory declined year-over-year and month-over-month. Home sale prices held their own, with the median sale price at its highest level compared with May 2022 and May 2021. Days on market were just 33, 8 days lower than the 2023 year-to-date average. List to sale price ratio was just under 100%, indicating very little opportunity for buyers to negotiate on price.
Indian Land, SC Housing Market Highlights: May 2023
NEW LISTINGS DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR
New listings in May 2023 were 68, declining 16.05% from 81 in April 2023. Compared with May 2022, new listings were down 64.58% from 192 listings. The May 2023 listings were at their lowest level compared with May 2022 (192 listings) and May 2021 (107 listings).
TOTAL INVENTORY DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR
The number of properties for sale in May 2023 was 182, declining 6.67% from 195 properties for sale in April 2023. Compared with May 2022, the number of properties for sale declined 7.14% from 196 properties. The number of properties for sale in May 2023 were also lower than in May 2021, which had 177 properties for sale.
AVERAGE & MEDIAN HOME SALE PRICES A MIXED BAG IN MAY
Average home sale price in May 2023 was $523,971 equal to that of the average sale price in the previous month of April 2023. May’s average sale price was 1.77% lower than one year ago in May when the average sale price was $533,415.
Median home sale price in May 2023 was $520,000, equal to May 2022 and increasing 1.56% from $512,000 in April 2023. The May 2023 median sale price was at its highest level compared with May 2022 and May 2021.
Price per square foot for Indian Land homes in May 2023 increased 4.43% to $212 per square foot from $203 per square foot in April 2023. Year-over-year, the May 2023 price per square foot was was 3.41% higher than in May 2022 when it was $205 per square foot.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
INDIAN LAND SALES AT THEIR HIGHEST LEVEL SINCE DECEMBER 2022
Sales increased in May 2023 by 23.44% from April 2023, with 79 homes sold compared with 64 in the previous month. Year-over-year, sales declined 5.95% from 84 sales in May 2022. The May 2023 sales were at their lowest level compared with May 2022 (84 sales) and May 2022 (105 sales).
INDIAN LAND HOMES DAYS ON MARKET AT SECOND LOWEST LEVEL SINCE NOVEMBER 2022
Average days on market were 33 days in May 2023, increasing 26.92% from 26 days in April 2023. The May 2023 days on market were at their highest level compared with May 2022 (4 days) and May 2021 (15 days). April’s days on market were at their second lowest level since November 2022, when DOM were 23.
INDIAN LAND LIST TO SALE PRICE RATIO JUST UNDER 100%
Home sellers received a 99.59% of list to sale price, essentially equal to one month ago, when it was 99.19%. Year-over-year, the list to sale price ratio was 3.35% lower in May 2023 compared with May 2022 when it was 102.94%. This was the highest list to sale price ratio in Indian Land in some seven months.
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided byNina Hollander,Greater Charlotte area residential real estate expert and Indian Land specialist. We’ve been opening doors for Indian Land home buyers and sellers for 24+ years.
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 why experience matters and how: