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The real estate market has enjoyed several great years. For years, many markets across the United States have had high demand and insufficient supply. Lockdowns and other measures from COVID-19 added fuel to the flames, and today, many experts would agree we are experiencing a housing crisis.
Fort Mill in South Carolina is no exception. From April 2021 to April 2022, homes in the market experienced increases from 12% to over 30%. Several compounding factors may decrease demand, but so far, 2022 is shaping up to be another good year for sellers in the Fort Mill area.
With houses selling faster than ever and an increase in real estate prices that will likely continue, it’s no surprise that many homebuyers and investors are interested in buying now.
Several factors come together to predict what to expect in the future, so we’ve put together this real estate market update for the Fort Mill, SC market. Hopefully, it will help you navigate the sometimes-rocky world of real estate and new homes in Fort Mill.
*This information is not investment advice. Please talk with a real estate professional before selling or buying a new home.
Real Estate Market Update
Year Over Year Price Increases In Fort Mill, SC
Year over year (YoY) price increases note the steady rise (or fall) of housing prices in a specific area. It can help inform investors and homebuyers, reveal sudden spikes, and is one of many tools used to predict the stability of housing prices in a particular area or neighborhood.
Those worried about another real estate crash should check YoY data to help predict if housing prices are sustainable and view overall trends. Homebuyers can use this information to estimate if their new home will be a good investment down the line.
While the data is not the same across the board and varies based on area, home type, and other factors, from April 2021 to April 2022, homes in the Fort Mill area increased between 12 and 31.7%. During that same period, the median price of a home sold was $470,000, or $188 per square foot.
Supply Concerns In Fort Mill, SC
Unfortunately, the number of homes available in the Fort Mill area has barely increased, and home prices continue to grow.
As with many cities, Fort Mill still struggles with supply. Material and labor shortages continue, making it hard for home builders to alleviate shortages with new construction homes.
In April 2021, Rocket Homes’ data shows that Fort Mill homes were on the real estate market for 11 days; this year, it’s down 25.9% to 8 days. REDFIN statistics slightly differ, but it’s the same picture, with days on the market dropping to 14 from 25 last year.
With the market clearly in a seller’s favor, the rising concern for investors is a lack of opportunity. Many real estate agents have voiced concerns that while the pricing boom may last, the number of affordable homes on the market has dropped dramatically. This data is in stark contrast to 2019 when the average length a home stayed on the market could exceed three months. While this is useful for those looking to sell their homes, home buyers are more likely to find themselves in a bidding war and pay more for their homes than the asking price.
However, several efforts are underway to combat supply issues in the area, most notably new construction homes by local and national home builders. These homes offer home buyers a relatively safe investment, as they are newly built and up to code. New home builders are increasingly selling quick-move-in homes to help finish them quicker.
Even with new construction homes on the rise, the demand for housing and the increased cost of renting will likely keep the market securely in the seller’s hands until supply and demand level out, which means that the demand for housing is likely to push prices up in Fort Mill throughout 2022.
Expert Predictions For Fort Mill, SC In 22–23
Investment experts predict that housing prices in Fort Mill, SC, will continue to grow over the next year and increase across a 5-year window. Top real estate advisors and popular real estate aggregation services like Realtor, Zillow, RocketHomes, and more all predict that the price of housing will increase until there is a drop in demand.
These statistics mean that anyone looking to sell their home is in a prime position, and those purchasing property in the Fort Mill area early this year may enjoy price increases throughout the year.
Sellers can sell their houses quickly. Homebuyers have it under their advisement that their investment is likely to mature over the next year, meaning that moving into this area is essentially a risk-light decision. However, these factors depend primarily on the real estate market and individual housing specifications. It’s important to talk with a real estate professional about your unique situation.
While the Fort Mill real estate market has experienced a significant boom in the past few years, experts predict that the increase in market value will continue into 2023, with an ongoing deficit of new homes.
The increase in demand as the housing crisis in the United States continues. Even with tremendous efforts by home builders in Fort Mill and throughout the country, a rise in new construction houses in the Fort Mill area continues. This year, it is unlikely that the growing number of new homes will outstrip the demand for housing, leading to a continuation of the sellers’ market that we’ve seen from 2020 onward.