Tega Cay, South Carolina remained a home seller’s market in January 2022. Tega Cay’s housing market experienced significantly lower inventory levels and lower days on market in the month of January. The months supply of inventory is just barely over a half month at 0.7 months. Buyer demand for Tega Cay homes continued to outstrip supply of homes with no 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: January 2022
Latest news on the Tega Cay real estate market in January 2022 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in January 2022 evidenced by key indicators such as lower months supply of homes, less housing inventory, and fewer days on market in January 2022 compared with January 2021.
Tega Cay’s months of housing inventory was 0.7 months, down 41.7% year-over-year from 1.2 months in January 2021 and 2.6 months in January 2020. Housing inventory was down 45.7% year-over-year. New listings decreased 38.2% year-over-year and sold as quickly as they came on market.
Pending sales decreased 24.4% in Tega Cay in January 2022 compared with one year ago. Tega Cay’s closed sales increased 15.8% year-over-year, most likely due to the influx of new listings in the prior month.
On average, homes sold in 9 days, down 24 days compared with the same month one year ago and down 53 days from January 2020. Average days on market also decreased 8 days month-over-month. Median days on market decreased 8 days to just 2 days in January 2022 year-over-year and decreased 22 days over January 2020.
Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in January 2022. On average, listed homes had 22.7 showings, up 95.7% from 11.6 showings in January 2021 and from 6.9 showings in January 2020. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 4.8% to $409,894, while the median sale price increased 20.5% to $427,750 compared with the same month one year ago. Price per square foot was $195, up 32.7% per square foot versus the same month one year ago.
Sellers received a median 102% of listing price (up 3.7% 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:
JANUARY 2022 VERSUS JANUARY 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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