Indian Land, SC Real Estate Highlights: October 2023
Indian Land real estate October 2023 saw home sales, home prices, and new listings decline. With inventory up to its highest level since November 2022 and the months supply of inventory at 4.69, Indian Land has turned the corner, becoming a balanced market between buyers and sellers. Days on market were just 21, 10 days lower than the 2023 year-to-date average in Indian Land. List to sale price ratio was just over 100%, indicating very little opportunity for home buyers to negotiate on price.
Indian Land Real Estate October 2023 Housing Market Highlights
NEW LISTINGS IN INDIAN LAND DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR
New listings in October 2023 were 62, declining 11.43% from 70 in September 2023. Compared with October 2022, new listings were down 17.33% from 75 listings. The September 2023 listings were at their lowest level compared with October 2022 (75 listings) and October 2021 (105 listings). This was the lowest number of new listings in Indian Land since February, when new listings stood at 53.
INDIAN LAND INVENTORY AT ITS HIGHEST LEVEL IN SINCE NOVEMBER 2022
Despite fewer new listings, the number of properties for sale in October 2023 was 225, increasing 1.81% from 221 in September. Compared with October 2022, the number of properties for sale declined 3.02% from 232 properties. Compared with October 2021, the number of properties for sale increased from 176. The October 2023 months supply of inventory of 4.69 months was at its highest level compared with October 2022 and 2021 and increasing from 3.49 months in September. At 4.69 months of inventory, Indian Land clearly turned the corner in October to become a balanced market between buyers and sellers.
INDIAN LAND HOME SALE PRICES DECLINED
Average home sale price in October 2023 was $545,605, down 2.65% from the average sale price of $560,443 in the previous month of September. October’s average sale price was 5.34% lower than one year ago in October when the average sale price was $576,404.
Median home sale price in October 2023 was $520,000, up 1.6% from September’s $511,7092. Median sale price declined 9.3% from $573,340 in October 2022.
Price per square foot for Indian Land homes in October 2023 remained unchanged month-over-month at $219 per square foot. Year-over-year, the October 2023 price per square foot was was 6.31% higher than in October 2022 when it was $206 per square foot.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
LIST TO SALE PRICE RATIO IN INDIAN LAND JUST OVER 100%
The list to sale price ratio in October 2023 increased to 100.41% over 99.69% in September. Compared with October 2022, the October 2023 list to sale price ratio was unchanged.
DAYS ON MARKET LOW AT 21 DAYS IN INDIAN LAND
Days on market for Indian Land properties were 21 days, up from 18 days in the previous month of September. October’s days on market were at their highest level compared with October 2022 (20 days on market) and October 2021 (11 days on market).
NUMBER OF PROPERTIES SOLD DECLINED
The number of properties sold was 48 in October 2023 declining 25% from 64 properties sold in September 2023. Sales were also 38.46% lower than in October 2022. The October 2023 sales were at their lowest compared with October 2022 (78 sales) and September 2021 (94 sales).
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander, Greater Charlotte area residential real estate expert and Indian Land specialist. I’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: