Tega Cay, SC Median Home Sale Prices At Record High In May 2022

By
Real Estate Agent with Coldwell Banker Realty

Latest news on the Tega Cay, SC real estate market in May 2022...

What you need to know...

What it means for you...

 

Tega Cay, South Carolina's median home prices reached record highs in May 2022. Home sellers enjoyed higher list to sale ratios, as well, at 104.1%, up 3.0% year-over-year. This, along with significantly less housing inventory and barely a two week supply of homes, kept Tega Cay a home seller's market in May 2022.

 

TEGA CAY HOUSING MARKET HIGHLIGHTS:

MAY 2022 VERSUS MAY 2021

 

Tega Cay, SC Homes Sales Update For May 2022

 

 

HOUSING INVENTORY REMAINED VERY LOW IN MAY

Tega Cay's months of  housing inventory was 0.6 months, down 45.5% year-over-year from 1.1 months in May 2021 and 2.7 months in May 2020. Housing inventory was down 48.8% year-over-year. New listings were flat year-over-year and sold quickly in just over two weeks, on average.

 

SALES DECREASED IN TEGA CAY IN MAY 2022

Pending sales decreased 2.7% (equal to one home) in May 2022 compared with one year ago. Tega Cay's closed sales decreased 57.1% year-over-year. At this point in time it's still hard to say what percentage of the decrease is due to low inventory and what percentage is due to a market correction. 

 

HOMES SOLD QUICKLY IN MAY, BUT NOT AS QUICKLY AS IN APRIL 2021 & APRIL 2022

On average, homes sold in 16 days, up four days compared with the same month one year ago. Month-over-month, average days on market increased 8 days. Median days on market were 6 days, up 1 day year-over and up 4 days month-over-month. 

 

HOME SALE PRICES CONTINUED TO INCREASE IN MAY

Average price of sold homes increased year-over-year 19.4% to $497,590, while the median sale price increased 23.0% to $502,000 compared with the same month one year ago. The median sale price of $502,000 is a record high for Tega Cay homes.

 

Price per square foot was $228, up 29.5% per square foot from $176 year-over-year. Per square foot price reached a record high in May 2022 after setting a new record in April 2022.

 

MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

TEGA CAY HOME SELLERS SOLD OVER 100% OF LIST PRICE IN SALE PRICE

Sellers received a median 104.1% of listing price (up 3.0% year-over year) in final sale price, showing virtually no opportunity for Tega Cay home buyers to negotiate on price..

 

MORE DETAILS ON THE TEGA CAY HOUSING MARKET'S PERFORMANCE

 

  Want to know what this would mean for your family if you decide to buy or sell a Tega Cay home?    

Curious about Tega Cay real estate? Call Nina Hollander

We can help.

Call us today at 704-779-0813 or contact us here.

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Did you know... 

Tega Cay has been ranked as the #2 best Charlotte suburb to live in and #2 in the Charlotte region as a best suburb to live in? 

 

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Tega Cay on Lake Wylie is All About Location, Location, Location and Lifestyle, Lifestyle, Lifestyle!

 

In Polynesian, "tega cay" means beautiful peninsula... which is exactly what Tega Cay, South Carolina is... a beautiful 1600 acre peninsula on Lake Wylie just 20 miles south of Charlotte, North Carolina. The Tega Cay community began developing in the 1970's and was originally modeled after a Polynesia resort. It includes the Tega Cay Golf Club, a 27-hole golf course, a marina, the Tega Cay Beach & Swim Center, tennis courts at the Tega Cay Tennis Club, walking trails, waterfront parks and ball fields, and so much more. The town also has its own Police Department, Fire Department and Emergency Services Squad.
 
 
TEGA CAY TENNIS & GOLF CLUB: VIDEO
 
 
 
Tega Cay's motto is "Bonae Vitae/The Good Life" and once you visit and take a look around, you know exactly why that's so.
 
An upscale, lake-side community, Tega Cay provides a high quality of life, reasonable cost of living, and top-rated public schools. Its small-town feeling provides security and comfort, and sitting on Lake Wylie, it also provides virtually year-round recreation, including boating, golf, tennis, and more. Tega Cay's Park and Recreation Department is home to more than 4,500 participants annually and features youth baseball, flag football, soccer and softball. But adults are not left out with adult softball, kickball and senior games. And where else would you find both youth and adult croquet games?
 
 
TEGA CAY TRAIL & RIVER LAUNCH: VIDEO

 

This Charlotte region real estate monthly update for  Tega Cay, SC is provided by  Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte area residential real estate experts and Tega Cay specialists. We've been opening doors for Tega Cay home buyers and sellers for 20+ years.  

 

If you're considering selling or purchasing a home in the Tega Cay area or anywhere in the Greater Charlotte region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how: 

"The Right Broker Makes All The Difference."

 

 

 

Read the original post at www.GreatHomesInCharlotte.com

 

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
Blog: News You Can Use From The Greater Charlotte Area
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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 (18)

Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your outstanding local real estate reports.

Jun 27, 2022 04:58 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. The markets you serve, the prices the homes bring, and the high demand continue to be amazing. What a cycle. Enjoy it while it lasts!

Jun 27, 2022 04:59 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

Great report on Tega Cay SC home prices! Your picto graph is full of the information buyers and sellers are looking for and can capture the essence at a glance! Average List price is up, List to sell ratio is up and Months of inventory down. You are still in that sellers market!

Jun 27, 2022 05:03 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin good morning, Wayne... I don't expect our prices to drop going forward, but perhaps to increase at a slower pace... that would be a good thing for buyers.

Jun 27, 2022 05:05 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX good morning, Dorie... I don't expect Tega Cay to be anything but a seller's market for the rest of this year. It might slow a bit in terms of price appreciation, but I don't see huge increases in inventory.

Jun 27, 2022 05:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good Monday morning, Roy... thanks for popping by... wishing you a great new week ahead.

Jun 27, 2022 05:07 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, Tega Cay is another area seeing record high prices. Your neighborhoods do not seem to be softening like some other places across the Country!

Jun 27, 2022 05:13 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... our market is "softening" in that we are seeing less foot traffic through homes and not seeing as many bidding wars or sales in just a day or two, but we still have more demand than supply so prices continue to edge upwards.

Jun 27, 2022 05:36 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Good Morning. You got a lot of comments on your blog. That is great. 

Jun 27, 2022 05:50 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Nina Hollander, Broker I am beginning to think that the whole world is moving to the Charlotte NC area. I know I'd like to 😍.

Jun 27, 2022 05:53 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, interesting to see flat new listings, keeping the interest!   Great report for Tega Cay.

Jun 27, 2022 06:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Eric Bouler hi Eric... nice to know that someone is reading my posts. Otherwise, I would need to stop writing them! :)

Jun 27, 2022 06:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob "RealMan" Timm good morning, Bob... those of us who live in Charlotte have felt for 20 years like the world is moving here! It's one reason we have such a housing shortage.

Jun 27, 2022 06:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... while we are seeing some additional homes come on the market, it's still not any where near enough to meet demand.

Jun 27, 2022 06:48 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nina - still a strong sellers market is seen in those stats.  But as you mention, the foot traffic may be showing a slight shift.  But yours is certainly one of the unique markets.

Jun 27, 2022 06:54 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... while foot traffic is not as insane as it was even six months ago, there's still plenty of it... so homes continue to sell and prices continue to go up as we are still short on inventory.

Jun 27, 2022 06:55 AM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Nina- buyers are still looking for homes in Tega Cay, SC . You've provided excellent information  for buyers and what they can expect. 

Jun 27, 2022 10:33 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... Tega Cay is a tiny community so somehow we are always short on homes in Tega Cay.

Jun 27, 2022 10:37 AM