Tega Cay, South Carolina remained a home seller’s market in August 2021. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of August, along with higher average and median home sale prices. Buyer demand for Tega Cay homes continued to outstrip supply of homes with new listings down. Buyer demand and lack of supply of homes show no signs of easing up.
Tega Cay, SC Housing Market Snapshot: August 2021
Latest news on the Tega Cay real estate market in August 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in August 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, higher home prices, fewer days on market, and a decrease in new listings in August 2021 compared with August 2020.
Tega Cay’s months of housing inventory was 0.8 months, down 60.0% year-over-year from 2.0 months in August 2020 and 3.5 months in August 2019. Housing inventory was down 51.6% year-over-year. New listings decreased 4.3% year-over-year.
Pending sales increased 23.1% in Tega Cay in August 2021 compared with one year ago. Tega Cay’s closed sales increased 13.2% year-over-year.
On average, homes sold in 20 days, down 15 days compared with the same month one year ago. Median days on market also decreased 7 days to just 3 days in August 2021. Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in August 2021. On average, listed homes had 14.2 showings, up 29.1% from 11 showings in August 2020 and from 9.3 showings in August 2019. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 23.9% to $453,724, while the median sale price increased 27.9% to $431,740 compared with the same month one year ago. Average sale prices in Tega Cay compared with August 2019 are $90,000 higher, while median home sale prices have increased almost $77,000 over the past two years. Price per square foot was $190, up 25.8% per square foot versus the same month one year ago.
Sellers received a median 102.3% of listing price (up 2.3% year-over year) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.
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MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
AUGUST 2021 VERSUS AUGUST 2020
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MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
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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, your Charlotte metro area residential real estate experts and Tega Cay specialists. We’ve been opening doors for Tega Cay home buyers and sellers for 20+ years.
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