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Tega Cay Homes' Days On Market At Lowest Level In 8 Months: July 2023

By
Real Estate Agent with Coldwell Banker Realty 179530

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

What you need to know now...

What it means for you...

 

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

  • Average and median home sale prices increased year-over-year. Month-over-month median home sale price was flat, average sale price decreased.

  • Inventory declined was flat compared with the previous month and down from July one year ago.

  • New listings declined year-over-year (down 28.6%) and barely increased from June by just two additional properties listed for sale.

  • Days on market were at their lowest level in eight months at 21 days, declining four days from the previous month of June. Days on market in July were nine 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 98.8% list to sale price ratio, Tega Cay home buyers are still not seeing a big opportunity to negotiate on price. 

 

TEGA CAY HOUSING MARKET HIGHLIGHTS: JULY 2023

Tega Cay, SC Housing Market Highlights July 2023

HOUSING INVENTORY FLAT MONTH-OVER-MONTH AND DOWN YEAR-OVER-YEAR

Tega Cay's number of properties for sale in July 2023 were flat compared with the previous month of June at 80. Compared with July 2022 (92 properties for sale) Tega Cay had 13.04% less inventory in July 2023.  

 

NEW LISTINGS DECLINED YEAR-OVER-YEAR | UP SLIGHTLY MONTH-OVER-MONTH

New listings in Tega Cay increased by two homes from 28 in the prior month of June to 30 in July 2023. Compared with July 2022, new listings were down 28.57% from 42 and also down from 51 new listings in July 2021.

 

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

Tega Cay had 21 closed sales in July 2023, decreasing 25% from 28 homes sold in June 2023 and down 44.74% from 38 sales in July 2022. Compared with July 2021, closed sales were lower than the 47 sales two years ago. With no substantive increase in inventory or new listings, it's not surprising that sales did not increase. The July 2023 sales were at their lowest level compared with July 2022 and July 2021.

 

DAYS ON MARKET AT THEIR LOWEST IN 8 MONTHS

On average, Tega Cay homes sold in 21 days, decreasing four days compared with June 2023. Days on market increased nine days year-over-year from 12 days compared in July 2022 and increased eight days from 13 days on market in July 2021.

 

HOME SALE PRICES A MIXED BAG

Average price of sold homes in July 2023 decreased 10.48% to $552,310 from $616,956 in June 2023. Compared with July 2022, average sale price was 11.03% higher than one year ago at $497,438. The July 2023 average sale price was at its highest level compared with July 2022 and July 2021.

 

Median sale price of Tega Cay homes of $560,000 was flat compared with June 2023 in July. Median sale price increased 13.3% from $494,250 year-over-year. The median sale price in July 2023 was at its highest level compared with July 2022 and July 2021.

 

Price per square foot was $224 in July, equal to that of June 2023 and 7.69% higher than $208 per square foot in July 2022.

 

MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

TEGA CAY HOMES LIST TO SALE PRICE RATIO DOWN

Sellers received 98.77% of listing price in July, down 1.07% from the prior month. The ratio was down 3.98% year-over-year from 102.75% in July 2022.  Tega Cay home buyers saw a small window of opportunity to negotiate on price in July 2023.

 

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...

  • 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
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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.

 

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. A word to sellers "want to sell your home in Tega Cay, call Nina today" and start packing. Enjoy your day.

Aug 20, 2023 05:41 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

This is a bit of a scary market, isn't it? The low inventory forces prices up, but the affordability index is getting crazy.

Aug 20, 2023 05:59 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The key takeaways that you provide really tell the story and Tega Cay definitely seems like it would be a great place to call home!

Aug 20, 2023 06:19 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

At least the market prices are starting to stabilize.  It doesn't help home affordability much when the interest rates are above 7 - 

Aug 20, 2023 06:23 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

Such low inventory numbers are pushing the prices up. With interest rates above 7% many buyers don't or can't venture into making a purchase.

Aug 20, 2023 06:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin hi Wayne... have been hearing from Fort Mill and Indian Land sellers, from Tega Cay not so much (yet).

Aug 20, 2023 07:30 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty good morning, Jeff... a true conundrum and a vicious cycle right now. And no end in sight.

Aug 20, 2023 07:31 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

 Good morning, Brian, anyone who wants to be close to water and golf, close to all of Charlotte's amenities, close to top schools, and live in a small town feel will like Tega Cay.

Brian England 

Aug 20, 2023 07:32 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lise Howe hi Lise, price increases are moderating but not everywhere in the Charlotte region... and I don't see prices dropping just because interest rates have risen. We need much more inventory for that to happen.

Aug 20, 2023 07:34 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX good morning, Dorie... as I just commented to Jeffrey DiMuria 321.223.6253 Waves Realty, we are in a vicious cycle right now without much end to this in sight.

Aug 20, 2023 07:34 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, The scarcity of available properties at Tega Cay is driving prices higher, but with interest rates now, numerous potential buyers are either hesitant or unable to engage in the purchasing process.

Aug 20, 2023 07:36 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... to some degree, Tega Cay is a seasonal market because it's a peninsula on Lake Wylie... interest in living in Tega Cay rises in spring by people who boat and want to have as long a boating season as possible.

Aug 20, 2023 07:44 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Aug 20, 2023 09:47 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thank you, Roy, as always for stopping by. Trust that you and Dolores have been enjoying a lovely Sunday.

Aug 20, 2023 10:45 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, looks like Tega Cay is doing very well with only 21 days on market and slim inventory.

Aug 20, 2023 10:48 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... Tega Cay is such a small place... there's always demand for homes there and inventory is generally pretty tight because there not much of it in general.

Aug 20, 2023 10:54 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- could we chalk it up to summer doldrums?  I guess not. If there is a homeowner even  considering making a move, they need to call you!

Aug 20, 2023 11:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... no summer doldrums at this end, I'm afraid! I will be interested to see what August ends up doing.

Aug 20, 2023 12:05 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina lack of inventory is all due to the Fed raising the rates, I am not a fan of blaming it on the Summer Doldrums, Endre

Aug 20, 2023 10:13 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. I agree, Endre... I haven't seen true summer doldrums in years... people want to buy... they have nothing to buy. Meantime, trust you got through the crazy storms in CA okay.

Aug 21, 2023 05:14 AM