Indian Land real estate October 2022 saw new average sale price records for homes. Months supply of homes remained low at 1.5 months, while overall inventory increased, as did days on market. New listings decreased 18.1%, despite a 104.8% increase in new construction inventory. Closed and pending home sales decreased in the month of October in Indian Land, South Carolina.
Indian Land, SC Housing Market Snapshot: October 2022
Latest news on the Indian Land real estate market in October 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 October 2022 at 1.5 months and significant increases in both average and median home sale prices year-over-year.
Year-over-year, both pending and closed sales dropped in October, while days on market increased compared to one year ago and one month ago.
With a median list to sale price ratio of 100%, Indian Land home sellers remained in the “driver’s seat” in October 2022.
Indian Land Housing Market Highlights
October 2022 vs October 2021
NEW LISTINGS DECREASED IN OCTOBER 2022, WHILE TOTAL INVENTORY INCREASED
Housing inventory increased 35.7% in October, year-over-year.
The months supply of inventory remained low in October at 1.5 months, despite a year-over-year increase of 0.5 months. Month-over-month, the increase was flat.
New listings decreased 18.1% year-over-year, despite a 104.8% increase in new construction inventory over the same month in 2021.
AVERAGE & MEDIAN HOME SALE PRICES AT RECORD HIGHS IN OCTOBER 2022
Average home sale prices increased year-over-year by 26.6% to $578,558, setting a new record. Month-over-month, the average sale price increased by just over $2,000. Compared with October 2020, average home sale prices were about $205,000 higher in October 2022. Average home prices were impacted by an almost 50% increase in new construction sale prices.
Median sale prices increased 30.6% year-over-year. Month-over-month, median home prices were approximately $14,000 lower than in September 2022. Compared with October 2020, median home prices were about $215,000 higher in October 2022.
New construction home prices increased 49.4%, on average, year-over-year. Resale home prices increased 7.5%. In October 2022, prices for new construction homes averaged $670,692 about $167,000 higher than for resale homes, which averaged $502,154. Month-over-month, resale home prices did increase, however.
Price per square foot for Indian Land homes increased 16.3% to $207/square foot from $178/per square foot in the same month one year ago. Price per square foot also increased month-over-month from $206/square foot.
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 OCTOBER 2022
Closed sales decreased in October by 21.9% year-over-year. Pending salesdecreased 38.2% versus October 2021.
Foot traffic also decreased, with listed homes seeing half the number of showings at 6.5 showings, on average, compared with 13 showings in October one year ago. Month-over-month, the number of showings per active listing decreased in October from 8.1 months in September. 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
Average days on market were 38 days, increasing 19 days year-over-year, and increasing 23 days month-over-month. Median days on market were five days, up one day year-over-year and up one day month-over-month.
INDIAN LAND HOME SELLERS SAW 100% OF LIST TO SALE PRICE IN OCTOBER 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 minimal in October 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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