Tega Cay, South Carolina remained a home seller’s market in December 2020. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of December, along with considerably higher home sale prices. Buyer demand for Tega Cay homes continued to outstrip supply of homes for sale with closed and pending sales up significantly.
Tega Cay, SC Housing Market Snapshot: December 2020
Latest news on the Tega Cay real estate market in December 2020 and what it means for you…
Tega Cay, South Carolina housing market was very much a home seller’s market in December 2020 as evidenced by key indicators such as lower months supply of homes, considerably less housing inventory, increasing home prices and lower days on market.
Tega Cay’s months of housing inventory was 0.8 months, down 68% year-over-year from 2.5 months in December 2019; housing inventory was down 63% year-over-year. New listings increased 21.7% year-over-year, but did little to alleviate the overall lack of inventory in the Tega Cay area.
Pending sales increased 107.7% in Tega Cay in December 2020 compared with one year ago. Tega Cay’s closed sales increased 65% year-over-year.
On average, homes sold in 23 days, down 48 days compared with the same month one year ago. Median days on market also decreased 61 days to 7 days in December 2020.
Average price of sold homes increased 33.2% to $427,556, while the median sale price increased 37% to $411,000 versus the same month one year ago. Price per square foot was $165, up $21/square foot versus the same month one year ago.
Sellers received a median 99.9% of listing price (up 3.3% year-over year) in final sale price showing a very small window of opportunity for Tega Cay home buyers to negotiate.
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MORE DETAILS ON HOW THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
DECEMBER 2020 VERSUS DECEMBER 2019
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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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