Tega Cay, South Carolina remained a home seller’s market in July 2021. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of July, along with higher average and median home sale prices. Buyer demand for Tega Cay homes continued to outstrip supply of homes with closed sales down due to lack of inventory. Buyer demand and lack of supply of homes show no signs of easing up.
Tega Cay, SC Housing Market Snapshot: July 2021
Latest news on the Tega Cay real estate market in July 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in July 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, higher home prices and fewer days on market, despite a tiny increase in new listings in July 2021 compared with July 2020.
Tega Cay’s months of housing inventory was 0.9 months, down 55.0% year-over-year from 2.0 months in July 2020 and 3.9 months in July 2019. Housing inventory was down 46.9% year-over-year. New listings increased 2% year-over-year (one additional homes on the market), but did nothing to alleviate the housing inventory shortage.
Pending sales increased 12.2% in Tega Cay in July 2021 compared with one year ago. Tega Cay’s closed sales decreased 3.8% year-over-year. No doubt lack of inventory kept closing sales down.
On average, homes sold in 12 days, down 37 days compared with the same month one year ago. Median days on market also decreased 29 days to just 2 days in July 2020. Pent-up demand for Tega homes was also evident in the number of average showings per listing in July 2021. On average, listed homes had 15.1 showings, up 45.2% from 10.4 showings in July 2020 and from 8.6 showings in July 2019. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 13.4% to $457,266, while the median sale price increased 2.5% to $384,232 compared with the same month one year ago. Average sale prices in Tega Cay compared with July 2019 are $81,000 higher. Price per square foot was $186, up $36/square foot versus the same month one year ago.
Sellers received a median 102.8% of listing price (up 4.8% year-over year) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.
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MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
JULY 2021 VERSUS JULY 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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