Tega Cay, South Carolina remained a home seller’s market in February 2022. Tega Cay’s housing market experienced significantly lower inventory levels, which dropped more than 52% . The months supply of inventory is just one half month (equal to just two weeks of inventory). Buyer demand for Tega Cay homes continued to outstrip supply of homes. Buyer demand and lack of supply of homes show no signs of easing up in Tega Cay.
Tega Cay, SC Housing Market Snapshot: February 2022
Latest news on the Tega Cay real estate market in February 2022 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in February 2022 evidenced by key indicators such as lower months supply of homes, less housing inventory, and higher home prices in February 2022 compared with February 2021.
Tega Cay’s months of housing inventory was 0.5 months, down 54.5% year-over-year from 1.1 months in February 2021 and 2.8 months in February 2020. The months of housing inventory also dropped 0.2 months from January 2022. Housing inventory was down 52.5% year-over-year. New listings increased 68% year-over-year and sold as quickly as they came on market.
Pending sales increased 85.2% in Tega Cay in February 2022 compared with one year ago, due to the influx of new listings. Tega Cay’s closed sales decreased 27.6% year-over-year.
On average, homes sold in 17 days, up three days compared with the same month one year ago, but down 34 days from February 2020. Median days on market decreased by 4 days to just 2 days in February 2022 year-over-year and decreased 30 days over February 2020.
Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in February 2022. On average, listed homes had 20 showings, up 30.7% from 15.3 showings in February 2021 and from 8.2 showings in February 2020. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 19.8% to $476,407, while the median sale price increased 12.5% to $450,000 compared with the same month one year ago. Both average and median sale prices increased month-over-month. Price per square foot was $190, up 13.8% per square foot versus $167/square foot the same month one year ago.
Sellers received a median 101.8% of listing price (up 1.8% year-over year) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.
MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
FEBRUARY 2022 VERSUS FEBRUARY 2021
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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 20+ years.
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