Fort Mill & Tega Cay, South Carolina Housing Market Update/Videos: September 2018
September 2018 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region begins the fall selling season continuing the trends we've seen throughout 2018 and since 2016 with steadily increasing home prices as inventory remains tight and as "affordable" homes become increasingly harder to find.
The average sale price of Fort Mill area homes increased by 4% to just under $331,000 compared with September 2017, while average days on market for property listings were 43 days, down 8.5% (4 days), and median days on market were just 14 days, down 26.3% (5 days) year-over-year. Price per square foot also increased by almost 1% to $128/square foot in September 2018 versus the same period in 2017.
In Tega Cay, home sale prices averaged just under $384,000 while average days on market increased to 70 and median days on market increased to 49. Price per square foot in Tega Cay increased 2.2% to $138/square foot in September 2018.
Closed sales of homes in Fort Mill during September 2018 decreased 34.8% compared with the same period last year. In Tega Cay, closed sales increased by 11.5% versus September 2017. Pending sales in September 2018 were also up by 10.2% in Fort Mill and down 12.5% in Tega Cay versus September 2017. Lack of new inventory,no doubt, contibuted to these swings in pending and closed sales.
The median percent of original list price that sellers received for their homes was 97.5% in Fort Mill and 95.7% in Tega Cay, showing relatively little negotiating room for both Fort Mill and Tega Cay homes, although the negotiating factor increased somewhat for Tega Cay homes in September.
The Fort Mill/Tega Cay area's months supply of homes as compared with one year ago is 2.7 months (down 12.9%) and 2.9 months (down 19.4%) compared with one year ago, respectively--indicating predominantly a seller's market in the Fort Mill/Tega Cay areas of South Carolina. New listings were down 18.1% in Fort Mill and down 48.9% in Tega Cay in September 2018.
As we anticipate entering the fall 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 to increase.
Previous Fort Mill/Tega Cay, SC Housing Market Updates:
This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay, SC is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts and Fort Mill/Tega Cay specialists. We've been opening doors for Fort Mill/Tega Cay home buyers and sellers for 20 years.
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