Tega Cay real estate February 2023 saw lower home prices year-over-year. Inventory and new listings down year-over-year and month-over-month. Days on market were up substantially. Sold properties down year-over-year, but up month-over-month.
Tega Cay, SC Housing Market Highlights: February 2023
HOUSING INVENTORY SLIGHTLY HIGHER YEAR-OVER-YEAR | NEW LISTINGS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH
Tega Cay’s number of properties for sale (69) in February 2023 decreased 5.5% from 73 properties for sale in January 2023. Compared with both February 2022 and February 2021 when inventory stood at 67 homes, Tega Cay housing inventory was 2.99% higher (equal to two properties). This was the lowest level of inventory Tega Cay has seen since April 2022, when inventory stood at 64 homes.
New listings in Tega Cay decreased to 17 in February 2023 from 23 in January 2023. Compared with February 2022, new listings are down 59.5% from 42 and also down from 22 new listings in January 2021. With the exception of December 2022, which had just 13 new listings, the number of new listings in February 2023 were the lowest in three years.
CLOSED SALES INCREASED MONTH-OVER-MONTH IN TEGA CAY IN FEBRUARY 2023
Tega Cay had 20 closed sales in February 2023, up from 16 homes sold in January 2023 and down from 22 sales in February 2022 and down from 28 sales in February 2021. February 2023 sales were at their lowest compared with February 2022 and 2021.
DAYS ON MARKET INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
On average, homes sold in 38 days, increasing 5 days compared with January 2023 and increasing significantly year-over-year from 15 days in both February 2022 and February 2021. With the exception of December 2022 when days on market were 41, February 2023 days on market were the highest Tega Cay has seen since November 2020.
HOME SALE PRICES IN FEBRUARY 2023
Average price of sold homes decreased 1.57% to $487,097 year-over-year from $494,868. Month-over-month, average home prices increased 1.94% from $477,807 in the previous month of January.
Median sale price of Tega Cay homes decreased 13.3% to $425,750 year-over-year, from $491,000. Median sale price decreased 7.84% from $461,968 in January 2023.
Price per square foot was $205, down 3.3% from $212 in January 2023 and 8.5% higher than $189 per square foot in February 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOMES SOLD AT 98.1% OF LIST PRICE IN FEBRUARY 2023
Sellers received 98.1% of listing price slightly up from the previous month’s list to sale price ratio of 97.8%. The ratio was down 3.57% year-over-year from 101.67% in February 2022. Tega Cay home buyers are seeing a small window 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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