Tega Cay, South Carolina remained a home seller’s market in January 2021. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of January, along with 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: January 2021
Latest news on the Tega Cay real estate market in January 2021 and what it means for you…
Tega Cay, South Carolina housing market was very much a home seller’s market in January 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, increasing home prices and lower days on market.
Tega Cay’s months of housing inventory was 0.8 months, down 69.2% year-over-year from 2.6 months in January 2020; housing inventory was down 63.1% year-over-year. New listings increased 46.9% year-over-year, but did little to alleviate the overall lack of inventory in the Tega Cay area versus demand for homes.
Pending sales increased 131.6% in Tega Cay in January 2021 compared with one year ago. Tega Cay’s closed sales increased 90% year-over-year.
On average, homes sold in 33 days, down 29 days compared with the same month one year ago. Median days on market also decreased 15 days to 10 days in January 2021.
Average price of sold homes increased 13.5% to $391,295, while the median sale price increased 5.7% to $355,000 compared with the same month one year ago. Price per square foot was $147, up $5/square foot versus the same month one year ago.
Sellers received a median 98.4% of listing price (up 10.2% 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:
JANUARY 2021 VERSUS JANUARY 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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