Tega Cay, South Carolina remained a home seller’s market in May 2021. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of May, along with higher home sale prices. Buyer demand for Tega Cay homes continued to outstrip supply of homes with pending sales down due to lack of inventory. Buyer demand and lower supply of homes show no signs of easing up.
Tega Cay, SC Housing Market Snapshot: May 2021
Latest news on the Tega Cay real estate market in May 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in May 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, higher home prices and fewer days on market and fewer new listings.
Tega Cay’s months of housing inventory was 0.8 months, down 70.4% year-over-year from 2.7 months in May 2020. Housing inventory was down 65.1% year-over-year. New listings decreased 2.4% year-over-year.
Pending sales decreased 17.8% in Tega Cay in May 2021 compared with one year ago. Tega Cay’s closed sales increased 38.2% year-over-year. No doubt lack of inventory kept pending sales down.
On average, homes sold in 12 days, down 19 days compared with the same month one year ago. In May 2019 days on market were 52 days. Median days on market also decreased 4 days to just 5 days in May 2020. In May 2019, median days on market were 29 days.
Average price of sold homes increased 3% to $419,389, while the median sale price decreased 1.6% to $408,195 compared with the same month one year ago. The decrease in median home sale prices in May does not necessarily signal a drop in Tega Cay home values. Rather it’s more indicative of the price mix of homes sold in May 2021 versus May 2021. Median sale price month-over-month increase. Price per square foot was $177, up $23/square foot versus the same month one year ago.
Sellers received a median 101.3% of listing price (up 2.4% 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 HOW THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
MAY 2021 VERSUS MAY 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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