Latest news on the Tega Cay, SC real estate market in August 2023...
What you need to know now...
What it means for you...
Housing Inventory Drops To 1.65 Months In August, Keeping Tega Cay A Home Seller's Market
Closed Sales Up 119.05% Over July
Key take-aways about the Tega Cay housing market in August 2023:
- Average and median home sale prices declined month-over-month and year-over-year.
- Inventory declined compared with July and with August one year ago. August's housing inventory was at its lowest in 2023 since April resulting in a decline in the months supply of inventory to just 1.65 months.
- New listings decreased from July (by two properties). New listings were down compared with August 2022.
- 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 more than doubled in August over July 2023. Sales were also up year-over-year.
- At a 99.88% list to sale price ratio, Tega Cay home buyers are still not seeing a big opportunity to negotiate on price. The list to sale price ratio increased 1.11% from July.
TEGA CAY HOUSING MARKET HIGHLIGHTS: AUGUST 2023
HOUSING INVENTORY DOWN MONTH-OVER-MONTH AND DOWN YEAR-OVER-YEAR
Tega Cay's number of properties for sale in August 2023 declined 6.17% to 76 from the previous month of July which saw 81 properties for sale. Compared with August 2022, Tega Cay had 13.64% less inventory (88 properties for sale) than in August 2023. August 2023 housing inventory was at its lowest level compared with August 2022 and August 2021. August's housing inventory was at its lowest in 2023 since April resulting in a decline in the months supply of inventory to just 1.65 months.
NEW LISTINGS DECLINED YEAR-OVER-YEAR AND MONTH-OVER-MONTH
New listings in Tega Cay decreased by two homes from 30 in the prior month of July to 28 in August 2023. Compared with August 2022, new listings were down 3.45% from 29 and also down from 43 new listings in August 2021. New listings in August 2023 were at their lowest level compared with August 2022 and August 2021.
SALES INCREASED MONTH-OVER-MONTH & YEAR-OVER-YEAR
Tega Cay had 46 closed sales in August 2023, increasing 119.05% from 21 homes sold in July 2023 and increased 2.22% from 45 sales in August 2022. August 2023 closed sales were down by one sale compared with August 2021. This was the highest level of sales in Tega Cay since November 2022, which had 53 sales
DAYS ON MARKET INCREASED
On average, Tega Cay homes sold in 28 days, increasing seven days from July 2023. Days on market increased seven days year-over-year from 21 days in August 2022 and increased 17 days from 11 days on market in August 2021.
HOME SALE PRICES DOWN
Average price of sold homes in August 2023 decreased 11.09% to $491,075 from $552,310 in July 2023. Compared with August 2022, average sale price was 9.12% lower than one year ago at $540,370.
Median sale price of Tega Cay homes of $423,762, down 24.33% from $560,000 in the previous month. Median sale price declined 10.57% from $473,839 year-over-year. The median sale price in August 2023 was at its highest level compared with August 2022 and August 2021.
Price per square foot was $214 in August, down 4.46% from $224 in August 2023 and equal to August 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOMES LIST TO SALE PRICE INCREASED
Sellers received 99.88% of listing price in August, up from 98.77% the prior month. The ratio was down from 101.54% in August 2022. Tega Cay home buyers saw a very small window of opportunity to negotiate on price in August 2023.
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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 expert and Tega Cay specialist. I'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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