Latest news on the Tega Cay, SC real estate market in April 2023...
What you need to know now...
What it means for you...
Key take-aways about the Tega Cay housing market in April 2023:
- Median home prices increased year-over-year and month-over-month.
- Inventory dropped from March 2023, up slightly over April 2022. This was the lowest level of inventory Tega Cay has seen since April 2022.
- New listings down year-over-year and unchanged month-over-month.
- Days on market dropped to 23 days in April, declining 18 days from March. Lack of inventory and new listings is helping homes sell more quickly.
- Sold properties at their lowest level in more than three years. Again, lack of inventory and new listings is having an impact on sales.
- At 99.41% list to sale price ratio Tega Cay home buyers are not seeing a big opportunity to negotiate on price.
TEGA CAY HOUSING MARKET HIGHLIGHTS: APRIL 2023
HOUSING INVENTORY UP SLIGHTLY YEAR-OVER-YEAR & DOWN MONTH-OVER-MONTH
Tega Cay's number of properties for sale (68) in April 2023 declined 8.11% from 74 properties for sale in March 2023. Compared with April 2022 (64 properties for sale) Tega Cay had 6.25% higher inventory in April 2023. This was the lowest level of inventory Tega Cay has seen since April 2022, when inventory stood at 64 homes.
NEW LISTINGS DOWN YEAR-OVER-YEAR | UNCHANGED MONTH-OVER-MONTH
New listings in Tega Cay in April 2023 were equal to the previous month of March. Compared with April 2022, new listings are down 35% from 40 and also down from 41 new listings in April 2021.
CLOSED SALES DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR
Tega Cay had 12 closed sales in April 2023, declining from 17 homes sold in March 2023 and down from 22 sales in April 2022 and down from 33 sales in April 2021. This was the lowest level of closed sales in Tega Cay in more than three years.
DAYS ON MARKET INCREASED YEAR-OVER-YEAR | DOWN MONTH-OVER-MONTH
On average, homes sold in 23 days, declining 18 days compared with March 2023. Days on market increased year-over-year from 7 days in April 2022 and 9 days April 2021. April's days on market were at their lowest level since October 2022, when days on market stood at 17 days.
HOME SALE PRICES INCREASED YEAR-OVER-YEAR
Average price of sold homes increased 1.05% to $535,821 year-over-year from $530,234. Month-over-month, average home prices decreased 6.03% from $570,200 in the previous month of March. The April 2023 average sale price was at its highest level compared with April 2022 and April 2021.
Median sale price of Tega Cay homes increased 5.05% to $520,000 year-over-year, from $495,000. Median sale price increased 4.02% from $499,900 in March 2023.
Price per square foot was $215, down 2.27% from $220 in March 2023 and 4.37% higher than $206 per square foot in April 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOMES SOLD AT JUST UNDER 100% OF LIST TO SALE PRICE
Sellers received 99.41% of listing price in April 2023, equal to the previous month of March. The ratio was down 5.51% year-over-year from 104.92% in April 2022. Tega Cay home buyers are not seeing much of an opportunity to negotiate.
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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, 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 24+ 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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