Tega Cay real estate January 2023 saw higher home prices year-over-year. Inventory down slightly; new listings also down year-over-year. Days on market up substantially. Sold properties down year-over-year and month-over-month.
Tega Cay, SC Housing Market Snapshot: January 2023
HOUSING INVENTORY UP SLIGHTLY YEAR-OVER-YEAR | NEW LISTINGS DOWN YEAR-OVER-YEAR, UP MONTH-OVER-MONTH
Tega Cay’s number of properties for sale (75) in January 2023 was down 1.32% from December 2022 (equal to one fewer home for sale). Compared with January 2022 when inventory stood at 74 homes, Tega Cay housing inventory was 1.35% higher (again, equal to one additional home for sale).The inventory of 75 homes for sale in January 2023 was the lowest level of inventory in Tega Cay since May 2022 when 73 homes were for sale.
New listings in Tega Cay increased to 23 in January 2023 from 13 in December 2022. Compared with January 2022, new listings are down 20.7% from 29 and also down from 44 new listings in January 2021.
CLOSED SALES DECREASED IN TEGA CAY IN JANUARY 2023
Tega Cay had 15 closed sales in January 2023, down from 17 homes sold in December 2022 and down from 22 sales in January 2022. This was the lowest level of sales in Tega Cay compared with December 2022 (22 sales) and December 2021 (18 sales). This was also the lowest level of closed sales in a single month in Tega Cay in three years.
DAYS ON MARKET INCREASED YEAR-OVER-YEAR | DOWN MONTH-OVER-MONTH
On average, homes sold in 34 days, decreasing 7 days compared December 2022 and increasing significantly year-over-year from 5 days in January 2022. January 2023 days on market were also 19 days higher than the 15 days on market in January 2021.
HOME SALE PRICES INCREASED IN YEAR-OVER-YEAR
Average price of sold homes increased 13.34% to $482,995 year-over-year from $426,144. Month-over-month, average home prices decreased 5.13% from $509,138. The January 2023 average home sale price was at its highest level compared to January 2022 and January 2021.
Median sale price of Tega Cay homes increased 6.21% to $470,000 year-over-year, from $442,500. Median sale price decreased 3.09% from $485,000 from December 2022. The January 2023 median home sale price was at its highest level compared to January 2022 and January 2021.
Price per square foot was $214, equal to the previous month of December 2022 and 5.42% higher than $203 per square foot in January 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOMES SOLD AT 97.8% OF LIST PRICE IN JANUARY 2023
Sellers received 97.8% of listing price, equal to the list to sale price ratio in December 2022, but down 4.87% year-over-year from 102.6% in January 2022. This was the lowest list to sale price ratio Tega Cay has seen in three years. 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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