Tega Cay, South Carolina remained a home seller’s market in May 2022. Tega Cay’s housing market experienced significantly lower inventory levels, which dropped 48.8% year-over-year . The months supply of inventory was just 0.6 months. Buyer demand for Tega Cay homes continued to outstrip supply of homes increasing home prices. Closed and pending sales were down in May 2022.
Tega Cay, SC Housing Market Snapshot: May 2022
Latest news on the Tega Cay real estate market in May 2022 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in May 2022 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, and record high median home prices in May 2022 compared with May 2021.
Tega Cay’s months of housing inventory was 0.6 months, down 45.5% year-over-year from 1.1 months in May 2021 and 2.7 months in May 2020. Housing inventory was down 48.8% year-over-year. New listings were flat year-over-year.
Pending sales decreased 2.7% in Tega Cay in May 2022 compared with one year ago. Tega Cay’s closed sales decreased 57.1% year-over-year.
On average, homes sold in 16 days, up four days compared with the same month one year ago. Month-over-month, average days on market increased by eight days. Median days on market were six days in May 2022, up one day year-over-year.
Average price of sold homes increased 19.4% to $497,590, while the median sale price increased 23.0% to $502,000 compared with the same month one year ago. Price per square foot was $228, up 29.58% per square foot from $176 year-over-year, setting a new record high for price per square foot for Tega Cay homes.
Sellers received a median 104.1% of listing price (up 3.0% year-over year) in final sale price, showing virtually minimal opportunity for Tega Cay home buyers to negotiate.
TEGA CAY HOUSING MARKET HIGHLIGHTS:
MAY 2022 VERSUS MAY 2021
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MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
Tega Cay on Lake Wylie is All About Location, Location, Location and Lifestyle, Lifestyle, Lifestyle!
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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