Tega Cay, SC Record High Home Prices, Days On Market Down: August 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 seat in August 2022, evidenced by year-over-year key indicators such as less housing inventory, higher home sale prices with average home sale prices setting a new record, fewer days on market, fewer new listings in August 2022 compared with August 2021.

 

TEGA CAY HOUSING MARKET HIGHLIGHTS:

AUGUST 2022 VERSUS AUGUST 2021

 

Tega Cay SC Housing Market Snapshot August 2022

 

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

Tega Cay's months of  housing inventory was 1.1 months, flat year-over-year, but down 0.1 months from July 2021. Housing inventory was down 12.2% year-over-year. New listings were down 33.3% year-over-year in August.

 

SALES DECREASED IN TEGA CAY IN AUGUST 2022

Pending sales decreased 33.3% in Tega Cay in August 2022 compared with one year ago. Tega Cay's closed sales were down 6.4%. Lower inventory combined with higher interest rates no doubt impacted sales.

 

Buyer foot traffic was also down in August 2022 compared with one year ago. On average, listed homes had 8.9 showings in August 2022 versus 14.2 showings in August 2021. Foot traffic was also lower month-over-month. In July 2022, listed homes had 10.9 showings, on average.

 

HOMES SOLD MORE QUICKLY YEAR-OVER-YEAR IN AUGUST 2022

On average, homes sold in 15 days, down five days compared with the same month one year ago. Month-over-month, average days on market increased by five days.

 

Median days on market were seven days, down four days year-over-year. Month-over-month, median days on market increased by three days. Nonetheless, however you slice it, homes sold quickly in August. When you compare the average 35 days on market we saw in August 2020, the change in days on market over a two year period is significant.

 

HOME SALE PRICES CONTINUED TO INCREASE IN AUGUST 2022

Average price of sold homes increased 20.9% to $538,506, while the median sale price increased 10.7% to $472,849 compared with the same month one year ago. Month-over-month, average home prices increased approximately $31,000, while median days on market decreased approximately $22,000. Average home prices were $170,000 higher in August 2022 compared with August 2020. Median home prices were about $135,000 higher than in August 2020.

 

Price per square foot was $211, up 12.2% per square foot from $188 year-over-year and also up month-over-month.

 

MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

TEGA CAY HOME SELLERS SOLD AT 100% OF LIST PRICE IN AUGUST 2022

Sellers received a median 100% of listing price (down 2.2% year-over year and 2.5% 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

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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
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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 (26)

Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Nina Hollander, Broker - Who would have dreamed that the average price today would be a half million or more??? It's like that here and it still blows my mind. 

But then again, buying a home is still the best investment and beats the rent and frequent moving, setting up utilities, etc. when you choose to lease. 

Sep 19, 2022 05:37 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Patricia Feager, MBA, CRS, GRI,MRP home prices today totally boggle the mind, if you ask me... where ever you look.

Sep 19, 2022 05:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... lots of anomalies in today's real estate market... you really have to look at all sides of the equation.

Sep 19, 2022 05:42 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX hi Dorie... I'm seeing too many houses coming on market now that are being priced for a market of six or more months ago. That's what's causing them not to sell or to have to lower prices. Both sellers and agents have to totally readjust their thinking and add in the staging and marketing.

Sep 19, 2022 05:44 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Over 1/2 a million average price is pretty awesome.  Numbers are still looking great.  Thanks for sharing and have a fabulous day!

Sep 19, 2022 06:44 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Norma J. Elkins hi Norma... no wonder sales and pendings are down... people are finding it hard to afford homes, especially with the much higher interest rates.

Sep 19, 2022 06:54 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nina -  as the market becomes more balanced factors in Charlotte like growth will keep Charlotte a sellers market much longer.

Sep 19, 2022 07:54 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider no doubt, Grant... but for now, many portions of the Charlotte region are a ways away from balancing.

Sep 19, 2022 08:21 AM
Patricia Feager, MBA, CRS, GRI,MRP

Nina Hollander, Broker -  I agree completely! I would say the same for my market area too.   

Sep 19, 2022 01:29 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina your area continues to be a hot market, and I don't see any signs yet of that slowing down.

Sep 19, 2022 08:26 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- your report reminds us that real estate is local!  Everything is down but the average sales price in Tega Cay!

Sep 19, 2022 09:27 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

George Souto hi George... we certainly do have pockets in our area where our market is still very strong despite an overall softening.

Sep 19, 2022 11:11 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... as I like to say... real estate isn't local, it's hyper-local. And Tega Cay is totally proof of that.

Sep 19, 2022 11:11 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, Tega Cay is in a great place with all the stats in the right columns!  

Sep 19, 2022 11:12 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... I see numbers like this and my next thought is "okay, let's see what happens next month!"

Sep 19, 2022 11:14 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Sep 19, 2022 12:06 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Roy... trust you had a lovely weekend and that your Monday has been a good start to a new week.

Sep 19, 2022 01:25 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
St. George Utah Area Residential Sales Agent

The Tega Cay (fun to say) market is still looking very strong despite the shift in the market, Nina. Wish you the best in moving forward!

Sep 19, 2022 07:03 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wanda Kubat-Nerdin - Wanda Can! thank you and good morning, Wanda. I'm watching all my markets carefully as it seems things change from week to week.

Sep 20, 2022 03:55 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Sep 20, 2022 06:26 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat and thank you again this Wednesday morning, Myrl, for stopping by!

Sep 21, 2022 04:06 AM