Indian Land, South Carolina housing market unquestionably remained a seller’s market in November 2020, despite the ongoing pandemic. Home prices increased, homes sold quickly with both average and median days on market lower. The months supply of homes was critically low at 1.1 months and housing inventory also dropped by more than 55% year-over-year.
Indian Land, SC Housing Market Snapshot: November 2020
Latest news on the Indian Land real estate market in November 2020 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 1.1 months supply of inventory overall, down 62.1% from 2.9 months in November 2019. The months supply of resale homes in Indian Land was 0.7 months down from 2 months one year ago.
Housing inventory was down 55.1% in November year-over-year. New listings dropped 15.3% year-over-year. New construction inventory, long a staple of Indian Land housing, was also down year-over-year.
Both average and median sale prices increased in November to $361,692 and $340,170, respectively. Average sale prices increased 3.9% year-over-year and median sale prices increased 0.9% year-over-year. New construction prices were about $38,000 higher, on average, than resale home prices.
Closed sales increased in November by 10.8% year-over-year. Pending sales increased 30% versus November 2019. Despite the ongoing pandemic, home buyers were out in full force in the Indian Land area in November 2020. Historically low interest rates fueled buyer demand.
Average days on market were 36 days (down 15 days year-over-year). Median days on market were 11 days (down 24 days year-over-year). The average days on market for resale homes was just 10 days, down 9 days from the same month one year ago. Because of buyer demand and razor thin inventory, Indian Land homes continue to sell quickly.
With home sellers receiving a median 100% of asking price in sale price (up 2.7% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in November 2020.
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