Fort Mill and Tega Cay, South Carolina housing markets remained seller markets in August 2018, characterized by steadily increasing home prices due primarily to tight inventory.
Fort Mill & Tega Cay Housing Markets Remain Seller Markets
Fort Mill & Tega Cay, South Carolina Housing Market Report For: August 2018
August 2018 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region continued the trends we’ve seen throughout 2018 and since 2016 with steadily increasing home prices, as inventory remains tight and as “affordable” homes become increasingly harder to find.
The average sale price of Fort Mill area homes increased by 4.1% to just under $341,000 compared with August 2017, while average days on market for property listings were 42 days, down 12.5%, and median days on market were just 17 days. Price per square foot also increased by 6.3% to $135/square foot in August 2018 versus the same period in 2017.
In Tega Cay, home sale prices averaged just under $347,000 while average days on market were 46, down 35.2%, and median days on market were 25. Price per square foot in Tega Cay remained “steady” at $143/square foot in August 2018.
Closed sales of homes in Fort Mill during August 2018 increased by 9.3% compared with the same period last year. In Tega Cay, closed sales increased by 2.9% versus August 2017. Pending sales in August 2018 were also up by 2.1% in Fort Mill and up by 6.3% in Tega Cay versus August 2017.
The median percent of original list price that sellers received for their homes was 98% in Fort Mill and 97.2% in Tega Cay, showing relatively little negotiating room for both Fort Mill and Tega Cay homes.
The Fort Mill/Tega Cay area’s months supply of homes as compared with one year ago is 2.9 months (down 3.4%) and 4 months (down 179%) compared with one year ago, respectively–indicating predominantly a seller’s market in the Fort Mill/Tega Cay areas of South Carolina. New listings were up slightly by 1.1% in Fort Mill and down 27.8% in Tega Cay in August 2018.
As we finish out the summer selling season and anticipate the fall, it seems safe to assume that housing inventory in Fort Mill and Tega Cay will remain relatively tight and that housing will remain a seller’s market with home prices continuing a steady increase.
This Charlotte, North Carolina real estate monthly update for Fort Mill and Tega Cay, SC is provided by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and Fort Mill/Tega Cay specialists.
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