Tega Cay, South Carolina remained a home seller’s market in December 2021. Tega Cay’s housing market experienced significantly lower inventory levels and lower days on market in the month of December. The months supply of inventory is just barely over a half month at 0.6 months. Buyer demand for Tega Cay homes continued to outstrip supply of homes despite an increase in new listings. Buyer demand and lack of supply of homes show no signs of easing up in Tega Cay.
Tega Cay, SC Housing Market Snapshot: December 2021
Latest news on the Tega Cay real estate market in December 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in December 2021 evidenced by key indicators such as lower months supply of homes, less housing inventory, and fewer days on market in December 2021 compared with December 2020.
Tega Cay’s months of housing inventory was 0.7 months, down 41.7% year-over-year from 1.2 months in December 2020 and 2.5 months in December 2019. Housing inventory was down 39.5% year-over-year. New listings increased 25% year-over-year and sold as quickly as they came on market.
Pending sales increased 28% in Tega Cay in December 2021 compared with one year ago, most likely due to the uptick in new listings during the month. Tega Cay’s closed sales decreased 43.2% year-over-year. Lack of inventory in previous months, no doubt, contributed to the lower sales.
On average, homes sold in 17 days, down 5 days compared with the same month one year ago and down 5 days month-over-month. In December 2019, average days on market were 71. Median days on market decreased 4 days to just 3 days in December 2021 and down 2 days month-over-month. In December 2019 median days on market were 68.
Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in December 2021. On average, listed homes had 15.1 showings, up 51% from 10 showings in December 2020 and from 7.4 showings in December 2019. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 6.9% to $459,651, while the median sale price dropped slightly by 0.5% to $403,065 compared with the same month one year ago. The slight drop in median home sales is less an indicator of home values dropping in Tega Cay than that of the price mix of homes sold in the month.
Price per square foot was $194, up 18.3% per square foot versus the same month one year ago.
Sellers received a median 101.1% of listing price (up 1.1% year-over year) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.
TEGA CAY HOUSING MARKET HIGHLIGHTS:
DECEMBER 2021 VERSUS DECEMBER 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 region 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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