What Happened With Tega Cay Home Sales In October 2022?

By
Real Estate Agent with Coldwell Banker Realty 179530

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

What you need to know...

What it means for you...

 

Tega Cay real estate saw a small cooling in October, but nothing drastic. Inventory was up (equal to four additional homes on the market year-over-year), but new listings were down. The median list to sale ratio dropped year-over-year and month-over-month to just under 100%. Home prices were higher year-over-year, but lower month-over-month. By the same token, homes sold more quickly and average days on market dropped compared with October 2021 and September 2022. 

 

TEGA CAY HOUSING MARKET HIGHLIGHTS:

OCTOBER 2022 VERSUS OCTOBER 2021

 

Tega Cay, SC Housing Market Update For October 2022

 

HOUSING INVENTORY UP & NEW LISTINGS DOWN YEAR-OVER-YEAR IN OCTOBER 2022

Tega Cay's months of  housing inventory was 1.1 months, increasing from 0.8 months one year ago and from 0.9 months one month ago. Housing inventory increased 13.3% year-over-year, equal to just four additional listings. New listings were down 9.1% year-over-year in October. This was the lowest level of new listings in Tega Cay since November 2019.

 

SALES DECREASED IN TEGA CAY IN OCTOBER 2022

Pending sales decreased 27.3% in Tega Cay in October 2022 compared with one year ago. Tega Cay's closed sales were down substantially, dropping 51.1%, year-over-year. Higher interest rates no doubt impacted sales.

 

Buyer foot traffic was also down in October 2022 compared with one year ago. On average, listed homes had 8.3 showings in October 2022 versus 13.4 showings in October 2021. Foot traffic was slightly lower month-over-month. In September 2022, listed homes had 8.7 showings, on average.

 

DAYS ON MARKET DECREASED IN OCTOBER 2022

On average, homes sold in 16 days, decreasing four days compared with the same month one year ago. Month-over-month, average days on market decreased by 17 days. Median days on market were eight days, increasing two days year-over-year. However, month-over-month, median days on market decreased by two days.

 

HOME SALE PRICES INCREASED IN OCTOBER 2022

Average price of sold homes increased 11.7% to $469,887. Month-over-month, average home prices decreased approximately $36,000. 

 

Median sale price of Tega Cay homes increased 5.9% to $424,635 year-over-year. Median sale price dropped approximately $40,000 from September 2022. 

 

Price per square foot was $207, up 9.5% per square foot from $189 year-over-year and up $2/square foot over September 2022.

 

MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

TEGA CAY HOME SELLERS SOLD AT 99.2% OF LIST PRICE IN OCTOBER 2022

Sellers received a median 99.2% of listing price (down 2% year-over year and down 0.8% month-over-month) in final sale price. Tega Cay home buyers saw their first window of opportunity to negotiate on price in a long time.

 

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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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
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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 (10)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tega Cay is still hanging on strong Nina, and those days on market is really good still.

Nov 19, 2022 01:35 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... Tega Cay is a bit of an odd duck as it's a very small area on Lake Wylie. It's more of a spring and summer market for people who want to be close to the Lake.

Nov 19, 2022 02:26 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

I look at the drop on sales and say well sounds like my market. On a side note when people ask me how busy am I ... I smile and say I have 14 listings active and 4 in escrow but I feel like I am a Retired Realtor:)Endre

Nov 19, 2022 10:09 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. hi Endre... Tega Cay attracts people who want lake living... I expect sales to drop there at this time of year and to pick up in spring and summer.

Nov 20, 2022 04:48 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Thanks for the market update - you keep us so well informed on what is going on in Tega Cay - I hope that you see a strong spring and smmer market.

Nov 20, 2022 04:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lise Howe good morning, Lise... I'm keeping fingers crossed that more homeowners will decide to list come next year. Meantime, as of now, planning to come to DC for a sorority reunion in very early March when we celebrate the 118th anniversary of our chapter at GWU. I'll keep you apprised so we can hopefully get together.

Nov 20, 2022 04:58 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Nina Hollander, Broker - it would be wonderful to finally meet in person!  Please keep me in the loop! 

Nov 20, 2022 05:05 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lise Howe hi Lise... waiting on details from the organizers as to when and where. And now I have an excuse to come to DC.

Nov 20, 2022 05:13 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.

Nov 20, 2022 07:06 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... thanks for popping by. Wishing you a lovely week ahead.

Nov 21, 2022 03:51 AM