Indian Land real estate November 2022 set new records for home prices, despite fewer sales. Months supply of homes remained low at 1.5 months, while overall inventory increased, as did days on market. New listings decreased 9.6%, despite a year-over-year 104.5% increase in new construction inventory and a 71.8% increase in resale home inventory.
Indian Land, SC Housing Market Snapshot: November 2022
Latest news on the Indian Land real estate market in November 2022 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market continued to see a low months supply of homes in November 2022 at 1.5 months and significant increases in both average and median home sale prices year-over-year, setting new records.
Year-over-year, both pending and closed sales dropped in November, while average days on market increased compared to one year ago but decreased from October 2022.
With a median list to sale price ratio of 100%, Indian Land home sellers remained in the “driver’s seat” in November 2022. The last time Indian Land home sellers saw less than a 100% or higher median list to sale price ratio was February 2021.
Indian Land Housing Market Highlights
November 2022 vs November 2021
NEW LISTINGS DECREASED IN NOVEMBER 2022, WHILE TOTAL INVENTORY INCREASED
Housing inventory increased 47.8% in November, year-over-year.
The months supply of inventory remained low in November at 1.5 months, despite a year-over-year increase of 0.5 months. Month-over-month, the months supply was flat.
New listings decreased 9.6% year-over-year, despite a 104.5% increase in new construction inventory and a 71.8% increase in resale home inventory over the same month in 2021.
AVERAGE & MEDIAN HOME SALE PRICES AT RECORD HIGHS IN NOVEMBER 2022
Average home sale prices increased year-over-year by 31.6% to $600,225, setting a new record. Month-over-month, the average sale price decreased by about $21,000. Compared with November 2020, average home sale prices were about $235,000 higher in November 2022. Average home prices were impacted by an almost 35% increase in new construction sale prices. (Resale home prices increased just 15%.)
Median sale prices increased 38.3% year-over-year. Month-over-month, median home prices were approximately $14,000 lower than in September 2022. Compared with November 2020, median home prices were about $273,000 higher in November 2022.
New construction home prices increased 34.8%, on average, year-over-year. Resale home prices increased 15%. In November 2022, prices for new construction homes averaged $689,000 about $166,000 higher than for resale homes, which averaged $522,457. Month-over-month, resale home prices also increased.
Price per square foot for Indian Land homes increased 9% to $206/square foot from $189/per square foot in the same month one year ago.
Clearly, Indian Land homeowners who purchased a home in the past several years are sitting on a lot of equity.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
CLOSED & PENDING HOME SALES DOWN IN NOVEMBER 2022
Closed sales decreased in November by 26.5% year-over-year. Pending salesdecreased 26.8% versus November 2021.
Buyer foot traffic also decreased, with listed homes seeing half the number of showings at 5.4 showings, on average, compared with 11 showings in November one year ago. Month-over-month, the number of showings per active listing decreased in November from 6.5 showings in October to 5.4 showings. The buying frenzy we saw in the Indian Land market last year and earlier in 2022 has clearly abated.
INDIAN LAND HOMES SAW HIGHER DAYS ON MARKET YEAR-OVER-YEAR IN NOVEMBER 2022
Average days on market were 35 days, increasing 13 days year-over-year, BUT decreasing 3 days month-over-month. Median days on market were 7 days, up 3 days year-over-year and up 2 days month-over-month.
INDIAN LAND HOME SELLERS SAW 100% OF LIST TO SALE PRICE IN NOVEMBER 2022
With home sellers receiving a median 100% of asking price in sale price, flat year-over-year and month-over-month, the negotiating opportunity for home buyers in Indian Land remained relatively low in November 2022.
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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