Tega Cay real estate November 2022 saw significantly higher home prices and closed home sale more than doubling. At 1.0 months of housing inventory Tega Cay remained a seller’s market. Inventory and new listings decreased, as did pending sales. Days on market increased, but homes still sold in under one month, on average.
Tega Cay, SC Housing Market Snapshot: November 2022
Latest news on the Tega Cay real estate market in November 2022 and what it means for you…
Tega Cay real estate home prices increased significantly year-over-year and month-over-month in November 2022. And while, days on market increased, inventory was down as were new listings. Months supply of inventory also dropped in November. Although days on market increased, homes still sold in under one month, on average. Home sales more than doubled, increasing 126.1% in November despite less foot traffic year-over-year.
TEGA CAY HOUSING MARKET HIGHLIGHTS:
NOVEMBER 2022 VERSUS NOVEMBER 2021
HOUSING INVENTORY DOWN & NEW LISTINGS DOWN YEAR-OVER-YEAR IN NOVEMBER 2022
Tega Cay’s months of housing inventory was 1.0 months, increasing from 0.8 months one year ago, but decreasing 0.1 months one month ago. Housing inventory decreased 3.2% year-over-year. New listings were down 32.1% year-over-year November. This was the lowest level of new listings in Tega Cay since November 2019.
CLOSED SALES MORE THAN DOUBLED IN TEGA CAY IN NOVEMBER 2022
Tega Cay’s closed sales increased 126.1% over November 2021. Pending sales were down 13%.
Buyer foot traffic was also down in November 2022 compared with one year ago. On average, listed homes had 7.6 showings in November 2022 versus 9.5 showings in November 2021. Foot traffic was slightly lower month-over-month at. In October 2022, listed homes had 8.3 showings, on average.
DAYS ON MARKET INCREASED IN NOVEMBER 2022
On average, homes sold in 26 days, increasing six days compared with the same month one year ago. Month-over-month, average days on market decreased by 10 days. Median days on market were 13 days, increasing 10 days year-over-year. Month-over-month, median days on market increased by eight days. November 2022 saw the highest median days on market in Tega Cay since June 2020.
HOME SALE PRICES INCREASED IN NOVEMBER 2022
Average price of sold homes increased 21.9% to $569,187. Month-over-month, average home prices increased approximately $100,000.
Median sale price of Tega Cay homes increased 25.1% to $510,810 year-over-year. Median sale price increased approximately $86,000 from October 2022. Median home prices were at their highest level since 2019.
Price per square foot was $214, up 4.9% per square foot from $204 year-over-year and up $7/square foot over October 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOME SELLERS SOLD AT 97.8% OF LIST PRICE IN NOVEMBER 2022
Sellers received a median 97.8% of listing price (down 3.6% year-over year and down 1.4% month-over-month) in final sale price. Tega Cay home buyers saw their first window of opportunity to negotiate on price in a long time.
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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