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