Tega Cay real estate December 2022 saw higher home prices year-over-year. At 0.9 months of housing inventory Tega Cay remained a seller’s market. Inventory and new listings decreased, as did pending and closed sales. At the same time, Tega Cay home buyers did have an opportunity to negotiate on home prices with a list to sell ratio of 96.9%.
Tega Cay, SC Housing Market Snapshot: December 2022
Latest news on the Tega Cay real estate market in December 2022 and what it means for you…
Tega Cay real estate home prices increased year-over-year, but pulled back month-over-month in December 2022. And while, days on market increased, inventory was down as were new listings. Months supply of inventory was flat year-over-year and down month-over-month. After doubling, year-over-year, in November, December closed homes sales dropped 32%. Lack of inventory and fewer new listings contributed to the lower home sales.
TEGA CAY HOUSING MARKET HIGHLIGHTS:
DECEMBER 2022 VERSUS DECEMBER 2021
HOUSING INVENTORY DOWN & NEW LISTINGS DOWN YEAR-OVER-YEAR IN DECEMBER 2022
Tega Cay’s months of housing inventory was 0.9 months, flat compared with one year ago, but lower by 0.1 months versus one month ago. Housing inventory decreased 20.6% year-over-year. New listings were down 61.8% year-over-year in December. This was the lowest level of new listings in Tega Cay since November 2019.
CLOSED & PENDING SALES DECREASED IN TEGA CAY IN DECEMBER 2022
Tega Cay’s closed sales fell 32% over December 2021. Pending sales were down 51.7%.
Buyer foot traffic was also down in December 2022 compared with one year ago. On average, listed homes had 5.8 showings in December 2022 versus 14.2 showings in December 2021. Foot traffic was slightly month-over-month at. In November 2022, listed homes had 7.6 showings, on average.
DAYS ON MARKET INCREASED IN DECEMBER 2022
On average, homes sold in 40 days, increasing 23 days compared with the same month one year ago. Month-over-month, average days on market increased 14 days. Median days on market were 25 days, increasing 22 days year-over-year. Month-over-month, median days on market increased 12 days. December 2022 saw the highest median days on market in Tega Cay since June 2020.
HOME SALE PRICES INCREASED IN DECEMBER 2022
Average price of sold homes increased 10.8% to $509,138 year-over-year. Month-over-month, average home prices decreased approximately $61,000. Part of this decrease is attributable to the price mix of homes sold in December and not necessarily to a decrease in market value.
Median sale price of Tega Cay homes increased 24.8% to $503,000 year-over-year. Median sale price decreased approximately $8,000 from November 2022.
Price per square foot was $212, up 9.3% per square foot from $194 year-over-year, but down $2/square foot over November 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOME SELLERS SOLD AT 96.9% OF LIST PRICE IN DECEMBER 2022
Sellers received a median 96.9% of listing price (down 4.2% year-over year and down 0.9% month-over-month) in final sale price. Tega Cay home buyers are seeing their first windows of opportunity to negotiate.
MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
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This Charlotte, North Carolina real estate monthly update for Tega Cay, SC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte region residential real estate experts and Tega Cay specialists. We’ve been opening doors for Tega Cay home buyers and sellers for 22+ years.
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