Fort Mill and Tega Cay housing markets remain seller markets characterized by steadily increasing home prices which are putting pressure on closed sales as inventory remains tight.
Fort Mill & Tega Cay Housing Markets Remain Seller Markets
July 2018 home sales in the Fort Mill/Tega Cay, South Carolina areas of the Charlotte, NC metro region continued the trends we’ve seen since 2016 and all through 2018 with downward pressure on closed and pending sales, as inventory remained tight and as “affordable” homes become increasingly harder to find.
- The average sale price of Fort Mill area homes increased by 3.8% to just over $331,000 compared with July 2017, while average days on market for property listings were 50 days. Price per square foot also increased by 4.0% to $130/square foot in July 2018 versus the same period in 2017.
- In Tega Cay, average home sale prices increased 0.9% to just under $345,000 versus July 2017, while days on market were 63. Price per square foot in Tega Cay increased by 7.9% to $137/square foot in July 2018.
- Closed sales of homes in Fort Mill during July 2018 decreased by 6.7% compared with the same period last year. In Tega Cay, closed sales decreased by 8.4% versus July 2017.
- Pending sales in July 2018 were also down 2.1% in Fort Mill and were flat in Tega Cay versus July 2017. To some degree this can be attributed to the decrease in overall inventory and to some degree to the increasing lack of “affordable homes” priced under $300,000 and especially under $250,000.
- The median percent of original list price that sellers received for their homes was 97.7% in Fort Mill and 97.0% 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 and 4 months (down 7% versus one year ago), respectively–indicating predominantly a seller’s market in the Fort Mill/Tega Cay areas of South Carolina.
- New listings were flat in Fort Mill and up 5.9% in Tega Cay in July 2018.
As we look to finishing 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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