Tega Cay, SC Home Sales Update: December 2022. Market Has Softened.

By
Real Estate Agent with Coldwell Banker Realty 179530

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

What you need to know...

What it means for you...

 

Tega Cay real estate home prices increased year-over-year, but pulled back month-over-month in December 2022. And while, days on market increased, inventory was down as were new listings. Months supply of inventory was flat year-over-year and down month-over-month.   After doubling, year-over-year, in November, December closed homes sales dropped 32%. Lack of inventory and fewer new listings contributed to the lower home sales.

 

TEGA CAY HOUSING MARKET HIGHLIGHTS:

DECEMBER 2022 VERSUS DECEMBER 2021

 

Tega Cay, SC Home Sales Snapshot For December 2022

 

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

Tega Cay's months of  housing inventory was 0.9 months, flat compared with one year ago, but lower by 0.1 months versus one month ago. Housing inventory decreased 20.6% year-over-year. New listings were down 61.8% year-over-year in December. This was the lowest level of new listings in Tega Cay since November 2019.

 

CLOSED & PENDING SALES DECREASED IN TEGA CAY IN DECEMBER 2022

Tega Cay's closed sales fell 32% over December 2021. Pending sales were down 51.7%. 

 

Buyer foot traffic was also down in December 2022 compared with one year ago. On average, listed homes had 5.8 showings in December 2022 versus 14.2 showings in December 2021. Foot traffic was slightly month-over-month at. In November 2022, listed homes had 7.6 showings, on average.

 

DAYS ON MARKET INCREASED IN DECEMBER 2022

On average, homes sold in 40 days, increasing 23 days compared with the same month one year ago. Month-over-month, average days on market increased 14 days. Median days on market were 25 days, increasing 22 days year-over-year. Month-over-month, median days on market increased 12 days. December 2022 saw the highest median days on market in Tega Cay since June 2020.

 

HOME SALE PRICES INCREASED YEAR-OVER-YEAR IN DECEMBER 2022

Average price of sold homes increased 10.8% to $509,138 year-over-year. Month-over-month, average home prices decreased approximately $61,000. Part of this decrease is attributable to the price mix of homes sold in December and not necessarily to a decrease in market value.

 

Median sale price of Tega Cay homes increased 24.8% to $503,000 year-over-year. Median sale price decreased approximately $8,000 from November 2022. 

 

Price per square foot was $212, up 9.3% per square foot from $194 year-over-year, but down $2/square foot over November 2022.

 

MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

TEGA CAY HOME SELLERS SOLD AT 96.9% OF LIST PRICE IN DECEMBER 2022

Sellers received a median 96.9% of listing price (down 4.2% year-over year and down 0.9% month-over-month) in final sale price. Tega Cay home buyers are seeing their first windows of opportunity 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 (12)

Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- it seems like forever since I've read about Tega Cay. I always love seeing the video of the Tega Cay Trail and River Launch. 

Jan 18, 2023 10:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... in reality, your forever is about one month! Sometimes I have the same feeling... that something that happened a month ago feels like it happened a year ago.

Jan 18, 2023 10:12 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 was similar to our market for December, low inventory, but values in Denver did not increase that much.  Great report.

Jan 18, 2023 10:36 AM
Roy Kelley
Retired - Gaithersburg, MD

This is a good report to share with home buyers and home sellers.

Have a great day and a productive week.

Jan 18, 2023 10:43 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox Tega Cay is a very small penninsula on Lake Wylie. Last month, sales were up 126%. Never know what's going to happen there. Bet you're happy you're out of Denver right now.

Jan 18, 2023 11:03 AM
Joan Cox

Talked with Laura earlier, she said its a blizzard!

Jan 18, 2023 11:37 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Roy... trust you are having a good week. We've finally got some sunshine, but rain is coming again. Don't remember such a rainy winter in "forever."

Jan 18, 2023 11:04 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Selling the Main Line & Chester County

Love the addition of the videos, that helps buyers a lot so they can visualize life better.

Jan 18, 2023 01:52 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Nick Vandekar, 610-203-4543 thanks, Nick. Unless, of course, you're Nina Hollander. I never watch videos if I can help it.

Jan 18, 2023 02:09 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina do you think the softer market is going to start becoming a pattern.

Jan 18, 2023 03:32 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

George Souto I wish I knew, George. Zillow has just named Charlotte the hottest market for 2023... I could argue the case both ways. But if new listings keep decreasing, so will inventory.

Jan 19, 2023 04:03 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jan 20, 2023 01:15 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat hi Myrl... Tega Cay is one of those special little places in Charlotte that many people appreciate who want to live near or on water.

Jan 20, 2023 01:37 PM