Indian Land, South Carolina housing market unquestionably remained a seller’s market in November 2021. Home prices increased and homes sold quickly with average days on market significantly lower year-over-year. The months supply of homes was critically low at 0.8 months. Inventory dropped 48.6% year-over-year. All this put downward pressure on closed and pending sales in November 2021.
Indian Land, SC Housing Market Snapshot: November 2021
Latest news on the Indian Land real estate market in November 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in November with just 0.8 months supply of inventory overall, down 33.3% from 1.2 months in November 2020 and down from 2.9 months in November 2019.
Housing inventory was down 48.6% in November year-over-year, while new listings decreased 7.9% year-over-year. New construction inventory, long a staple of Indian Land housing, was down 66.7% year-over-year.
Both average and median sale prices increased in November 2021 to $450,580 and $445,000, respectively. Average home sale prices increased 23.4% year-over-year. Median sale prices increased 29% year-over-year.
Lack of inventory continues 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 November 2021 listed homes had 11.4 showings on average. This was an increase of 56.2% from 7.3 showings in November 2020, as well as an increase from 4.9 showings per listed home in November 2019. It’s very much a case of more buyers “chasing” fewer listings.
Closed sales decreased in November by 27.8% year-over-year. Pending salesdecreased 33.3% versus November 2020. It was just a matter of time before the extreme lack of inventory impacted closed and pending sales in Indian Land. You can’t sell what you don’t have to sell!
Price per square foot for Indian Land homes increased 29.5% to $189/square foot from $146/square foot. This is a new record for price per square foot in Indian Land.
Average days on market were 47.6% lower at 22 days (down 20 days year-over-year and down 29 days from November 2019). Median days on market were 66.7% lower at 4 days (down 8 days year-over-year and down 31 days versus November 2019).
With home sellers receiving a median 100.9% of asking price in sale price (up 0.9% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in November 2021.
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Note: If you don’t see your subdivision or complex, or the data looks incomplete, it’s because there weren’t enough properties sold in a given year.
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