Tega Cay, SC Home Prices Up, New Listings, Inventory Down: July 2022

By
Real Estate Agent with Coldwell Banker Realty

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

What you need to know...

What it means for you...

 

Tega Cay real estate kept home sellers in the driver's eat in July 2022, evidenced by key indicators such as less housing inventory, higher home sale prices, fewer days on market, fewer new listings in July 2022 compared with July 2021.

 

TEGA CAY HOUSING MARKET HIGHLIGHTS:

JULY 2022 VERSUS JULY 2021

 

Tega Cay, SC Real Estate Update For July 2022

 

 

HOUSING INVENTORY & NEW LISTINGS DOWN YEAR-OVER-YEAR IN JULY 2022

Tega Cay's months of  housing inventory was 1.2 months, up 0.1 month year-over-year, but down 0.1 months from June 2021. Housing inventory was down 7.1% year-over-year. New listings were down 19.2% year-over-year in July.

 

SALES DECREASED IN TEGA CAY IN JULY 2022

Pending sales decreased 15.9% in Tega Cay in July 2022 compared with one year ago. Tega Cay's closed sales were down 32%. Lower inventory combined with higher interest rates clearly impacted sales.

 

Buyer foot traffic was also down in July 2022 compared with one year ago. On average, listed homes had 10.8 showings in July 2022 versus 14.8 showings in July 2021.

 

HOMES SOLD MORE QUICKLY YEAR-OVER-YEAR & MONTH-OVER-MONTH IN JULY 2022

On average, homes sold in 10 days, down two days compared with the same month one year ago. Month-over-month, average days on market decreased by four days. Median days on market were four days, up two days year-over-year.  However you slice it, homes sold quickly in July. When you compare the average 49 days on market we saw in July 2020, the change over a two year period is significant.

 

HOME SALE PRICES CONTINUED TO INCREASE IN JULY 2022

Average price of sold homes increased 11.2% to $508,387, while the median sale price increased 40.5% to $494,559 compared with the same month one year ago. Month-over-month, home prices also increased. Average home prices increased about $21,000, while median home prices increased approximately $45,000. Median home prices were about $165,000 higher than in July 2020.

 

Price per square foot was $209, up 12.4% per square foot from $186 year-over-year.

 

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 102.5% of listing price (down 0.3% year-over year, but up 2.2% month-over-month) in final sale price, showing minimal opportunity for Tega Cay home buyers to negotiate.

 

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 (22)

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

Yes we are seeing low inventory here too, so I'm not surprised that Tega Cay is in the same position. Sellers are you reading this...LIST WITH NINA NOW!

Aug 12, 2022 04:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... Tega Cay is just over 3 square miles in size. And being on Lake Wylie it's always in demand by people who want to live close to water and in a top school district.

Aug 12, 2022 04:31 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England good morning again, Brian... I'll be watching the Tega Cay market very carefully in the months to come.

Aug 12, 2022 04:32 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... that's exactly it... although inventory is increasing on the whole, (a) we have pockets of areas where it is not and (b) still often not enough to satisfy demand.

Aug 12, 2022 04:32 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. With 6 months of inventory the barometer for a balanced market, steers still rule and buyers have limited choices at 1.2 months of inventory. Time for an experienced agent either way. Enjoy your day.

Aug 12, 2022 04:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin hi Wayne... although inventory increased one tenth of a month year over year, it actually dropped one tenth of a month since June. Tega Cay isn't anywhere near being a balanced market.

Aug 12, 2022 04:37 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Aug 12, 2022 05:39 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

This is an excellent post with great information. Thanks for sharing it. 

Have a super fantastic weekend! Bill Salvatore with AEP

Aug 12, 2022 06:06 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

I can see why Tega Cay is in demand with just over 3 square miles in size. Being on Lake Wylie will attract many people who want to live close to water and be in a top school district.

Aug 12, 2022 06:19 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, boy, Tega Cay isn't experiencing any slowdown either, great report!

Aug 12, 2022 10:01 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Roy, for popping by. Trust you've been enjoying your Friday and are looking forward to a lovely weekend.

Aug 12, 2022 10:03 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley thanks, Bill, for stopping by today. Wishing you a lovely weekend ahead, as well.

Aug 12, 2022 10:03 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX hi Dorie... plus the commute from Tega Cay to Uptown Charlotte and Ballantyne is an easy one.

Aug 12, 2022 10:04 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox good morning, Joan... keeping fingers crossed that the good trends continue through August. 

Aug 12, 2022 10:05 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina-- it looks as if all areas are seeing a bit of slowing down but if you're looking at Tega Cay, buyers should call you. 

Aug 12, 2022 10:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... we are seeing a bit of a cool down, but not much of one in July in Tega Cay.

Aug 12, 2022 10:54 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina,

Buyers and sellers would be lucky to have you represent them.  You know your Tega Cay market.  I still think the key to pricing pressure is the inventory. Less inventory generally leads to sellers in the driver's seat.

Aug 12, 2022 01:52 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® hi Sheri... no doubt about that... there is a direct correlation between sale price and supply of inventory and then to the list to sale price ratio.

Aug 12, 2022 02:47 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Tega Cay home buyers and sellers are sure to value your real estate market report, Nina.

Aug 13, 2022 02:07 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Myrl... thanks for stopping by... trust you've been enjoying your Saturday... we've had glorious weather here in Charlotte today... blue skies, sun, and virtually no humidity, and a light wind.

Aug 13, 2022 02:18 PM