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Tega Cay Housing Market Update: June 2023. What You Need To Know Now.

By
Real Estate Agent with Coldwell Banker Realty 179530

Latest news on the Tega Cay, SC real estate market in June 2023...

What you need to know now...

What it means for you...

 

Key take-aways about the Tega Cay housing market in June 2023: 

  • Average and median home sale prices increased both year-over-year and month-over-month.

  • Inventory declined slightly both month-over-month and 33.33% year-over-year.

  • New listings declined year-over-year (down 34.9%) and month-over-month. 

  • Days on market declined five days to 25 days compared with the previous month of May. Days on market in June were seven days lower than the year-to-date average in Tega Cay.

  • Sold properties declined both month-over-month and year-over-year due to lack of inventory.

  • At a 99.84% list to sale price ratio, Tega Cay home buyers are not seeing a big opportunity to negotiate on price. With just 2.68 months of inventory, Tega Cay remained a seller's market in June 2023. June's months supply of inventory was 1.34 months lower than the year-to-date supply.

 

TEGA CAY HOUSING MARKET HIGHLIGHTS: JUNE 2023

Tega Cay, SC Housing Market Snapshot For June 2023

HOUSING INVENTORY DECREASED MONTH-OVER-MONTH AND YEAR-OVER-YEAR

Tega Cay's number of properties for sale in June 2023 decreased 5.06% to 75 from 79 properties for sale in May 2023. Compared with June 2022 (87 properties for sale) Tega Cay had 13.7% lower inventory in June 2023.  

 

NEW LISTINGS DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR

New listings in Tega Cay in June 2023 decreased 9.68% to 28 from 31 in the previous month of May. Compared with June 2022, new listings were down 34.88% from 43 and also down from 52 new listings in June 2021.

 

CLOSED SALES DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR

Tega Cay had 28 closed sales in June 2023, decreasing 3.45% from 29 homes sold in May 2023 and down 33.33% from 42 sales in June 2022. Compared with June 2021, closed sales were lower than the 53 sales two years ago. With fewer new listings and less inventory it's not surprising that closed sales did not increase.

 

DAYS ON MARKET INCREASED YEAR-OVER-YEAR | DECLINED MONTH-OVER-MONTH

On average, Tega Cay homes sold in 25 days, decreasing 5 days compared with May 2023. Days on market increased 18 days year-over-year from 7 days compared in June 2022 and increased 14 days from 11 days on market in June 2021.

 

HOME SALE PRICES UP MONTH-OVER-MONTH & YEAR-OVER-YEAR

Average price of sold homes in June 2023 increased 14.28% to $616,956 from $539,882 in May 2023. Compared with June 2022, average sale price was 20.11% higher than one year ago at $513,644. The June 2023 average sale price was at its highest level compared with June 2022 and June 2021.

 

Median sale price of Tega Cay homes increased 8.9% to $555,375 from $510,000 in the previous month. Median sale price increased 12.85% from $492,150 year-over-year. The median sale price in June 2023 was at its highest level compared with June 2022 and June 2021.

 

Price per square foot was $222, up 6.73% from $208 in May 2023 and was 7.77% higher than $206 per square foot in June 2022.

 

MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

TEGA CAY HOMES SOLD AT JUST UNDER 100% OF LIST PRICE

Sellers received 99.84% of listing price in June 2023, slightly lower than in May 2023. The ratio was down 3.27% year-over-year from 103.11% in June 2022.  Tega Cay home buyers are not seeing much of  an 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...

  • The #1 best place/suburb to raise a family in South Carolina?
  • The #2 best place/suburb to live in South Carolina?
  • The #6 best place/suburb to buy a house in South Carolina?

 

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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, 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: 

"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.

 

Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina-I love reading about Tega Cay and my favorite part is the Trail and River Launch Video!!!

Jul 28, 2023 10:58 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, you always say - you can't sell a home, if you don't have inventory!   Great report.

Jul 28, 2023 12:31 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... I have a feeling that if you moved to the Charlotte area you'd like Tega Cay.

Jul 28, 2023 01:44 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... and that really is the crux of the problem. Sales are low just because of high prices or interest rates. 

Jul 28, 2023 01:45 PM
Roy Kelley
Retired - Gaithersburg, MD

Good Friday evening, Nina.

I hope all is going well for you this week.

Jul 28, 2023 04:14 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina Hollander, Broker  loved your market report, you should do a post about how many agents have licenses in the area? then put it in perspective how many sales were done.... I know the answer many are looking to become unethical in trying to get clients and others leave the business....Endre

Jul 28, 2023 10:56 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. hi Endre... I actually ran those numbers some years ago... the results were scary!

Jul 29, 2023 05:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Roy, for popping by. I had a good, albeit a very busy week. It will now be a busy weekend. Wishing you a wonderful weekend.

Jul 29, 2023 05:22 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

From those numbers, it seems like the Tega Cay market is strong and anyone looking to sell should put their home on the market right away!

Jul 29, 2023 05:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... it's a very tiny little peninsula on Lake Wylie... anyone who wants to be on or close to the Lake and to Charlotte's Uptown will like Tega Cay.

Jul 29, 2023 07:11 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.

Aug 01, 2023 02:58 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good Wednesday morning, Myrl. Thanks as always for stopping by. Wishing you a lovely day.

Aug 02, 2023 04:20 AM