Indian Land, South Carolina housing market unquestionably remained a seller’s market in October 2020, despite the ongoing pandemic. Home prices increased, homes sold quickly with both average and median days on market lower. Despite an increase in new listings, the months supply of homes was low at 1.3 months and inventory also dropped by more than 45% year-over-year.
Indian Land, SC Housing Market Snapshot: October 2020
Latest news on the Indian Land real estate market in October 2020 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in October with just 1.3 months supply of inventory overall, down 56.7% from 3 months in October 2019. Housing inventory was down 45.4% in October year-over-year despite an 27.4% increase in new listings. New construction inventory, long a staple of Indian Land housing, was down 46.2% year-over-year.
Both average and median sale prices increased in October to $362,167 and $359,750, respectively. Average sale prices increased 9.3% year-over-year and median sale prices increased 7.6% year-over-year. New construction prices were about $46,000 higher, on average, than resale home prices, increasing 6.3% year-over-year.
Closed sales increased in October by 32.2% year-over-year. Pending sales increased 11.5% versus October 2019. Despite the ongoing pandemic, home buyers remained out in full force in the Indian Land area in October 2020. Historically low interest rates fueled buyer demand.
Average days on market were 25 days (down 18 days year-over-year). Median days on market were 7 days (down 10 days year-over-year). Because of buyer demand and low inventory, Indian Land homes continue to sell quickly.
With home sellers receiving a median 100% of asking price in sale price (up 1.9% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in October 2020.
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