Fort Mill/Tega Cay, SC Housing Market Update & Videos: May 2018

By
Real Estate Agent with Coldwell Banker Realty

 

Fort Mill & Tega Cay, South Carolina Housing Market Update: May 2018

 

 

Homes for sale in Fort Mill, SCMay 2018 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region continued the trends we've seen in the first four months of the year and since 2016 with downward pressure on closed and pending sales, as inventory continued to decrease and as "affordable" homes become increasingly harder to find.

 

 

 

 

 

 

The average sale price of Fort Mill area homes increased by 3.7% to just under $329,000 compared with May 2017, while average days on market for property listings were 51 days. Price per square foot also increased by 4.8% to $130/square foot in May 2018 versus the same period in 2017.

 

Homes for sale in Tega Cay, SC

In Tega Cay, average home sale prices increased 2.7% to just over $343,000 versus May 2017, while days on market decreased by 10 days to 64 days, an 13.5% improvement. Price per square foot in Tega Cay increased by 6.3% to $134/square foot in May 2018.

 

Closed sales of homes in Fort Mill during May 2018 decreased by 8.0% compared with the same period last year. In Tega Cay, closed sales decreased by 11.8% versus May 2017. Pending sales in May 2018 were also down ~ 1.5% in Fort Mill and 8.5% in Tega Cay versus May 2017. To some degree this can be attributed to the decrease in overall inventory and to some degree to the increasing lack of  "affordable homes" priced under $300,000 and especially under $250,000.

 

The median percent of original list price that sellers received for their homes was 97.9% in Fort Mill and 97.0% in Tega Cay, showing relatively little negotiating room for both Fort Mill and Tega Cay homes.

 

The Fort Mill/Tega Cay area's months supply of homes as compared with one year ago is 2.9 months  and 3.9 months, respectively--indicating a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings increased by 2.7% in Fort Mill and decreased by 8.6% in Tega Cay in May 2018. 

 

As we enter the final month of the spring selling season, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight and that housing will remain a seller's market with home prices continuing a steady increase.

 

  

 

SEARCH ALL FORT MILL, SC AREA HOMES HERE

WONDERING WHAT YOUR FORT MILL AREA HOME IS WORTH?



 

free home listing alerts from greathomesincharlotte.com 

 

SEARCH ALL TEGA CAY, SC AREA HOMES HERE

WONDERING WHAT YOUR TEGA CAY AREA HOME IS WORTH?

 

 

instant home value report from greathomesincharlotte.com 

 

Previous Fort Mill/Tega Cay, SC Housing Market Updates:

Fort Mill/Tega Cay Housing Market Update: April 2018

Fort Mill/Tega Cay Housing Market Update: March 2018

Fort Mill/Tega Cay Husing Market Update: February 2018

Fort Mill/Tega Cay Housing Market Update: January 2018

Fort Mill/Tega Cay Housing Market Update: December 2017

Fort Mill/Tega Cay Housing Market Update: November 2017

Fort Mill/Tega Cay Housing Market Update: October 2017

Fort Mill/Tega Cay Housing Market Update: Sepetember 2017

Fort Mill/Tega Cay Housing Market Update: August 2017

Fort Mill/Tega Cay Housing Market Update: July 2017

Fort Mill/Tega Cay Housing Market Update: June 2017

Fort Mill/Tega Cay Housing Market Update: May 2017

   

This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay, SC is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and Fort Mill/Tega Cay specialists.

 

If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that

 "The Right Broker Makes All The Difference."

 

 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (10)

Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

That's interesting that closed sales are falling. We have limited inventory too in Sacramento but our sales have been climbing. I am waiting for the day the closed sales dip. That will mean fewer agents are making any money. Things could come to a screeching halt.

Jun 17, 2018 11:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents hi Elizabeth, with the lack of inventory priced under $300,000 there is a big segment of buyers who cannot buy... hence the drop in closed sales.

Jun 17, 2018 11:44 AM
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

Thank you for keeping us posted and up to date. Have a great rest of the weekend!

Jun 17, 2018 04:01 PM
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

What a great example of market update. Thank you, Nina. 

Jun 17, 2018 05:38 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeremy K. Frost good morning, Jeremy. Thanks so much for stopping by. Wishing you a wonderful week ahead.

Jun 18, 2018 03:07 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Evelina Tsigelnitskaya  good morning Evelina... thank you so much for the kind words and for popping by. Wishing you a lovely Monday.

Jun 18, 2018 03:08 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Nina.  Thanks for keeping us informed about the real estate market in Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC.

Jun 18, 2018 04:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gabe Sanders thanks, Gabe, for popping by. For some reason it took me "forever" to get my update done on Fort Mill and Tega Cay this month.

Jun 18, 2018 04:59 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing.

Jun 18, 2018 05:09 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gita Bantwal hi Gita... thanks, as always, for taking time to stop by and leave a comment. Wishing you a lovely week ahead.

Jun 18, 2018 05:15 AM