Tega Cay, South Carolina remained a home seller’s market in November 2021. Tega Cay’s housing market experienced significantly lower inventory levels and lower days on market in the month of November. The months supply of inventory is just barely over a half month at 0.6 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: November 2021
Latest news on the Tega Cay real estate market in November 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in November 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, fewer days on market, and fewer new listings in November 2021 compared with November 2020.
Tega Cay’s months of housing inventory was 0.6 months, down 57.1% year-over-year from 1.4 months in November 2020 and 2.6 months in November 2019. The months supply of housing inventory was also down month-over-month. Housing inventory was down 53.1% year-over-year. New listings decreased 35.1% year-over-year.
Pending sales decreased 32.4% in Tega Cay in November 2021 compared with one year ago. Tega Cay’s closed sales also decreased 35.1% year-over-year. Lack of inventory no doubt contributed to the lower sales.
On average, homes sold in 23 days, down 14 days compared with the same month one year ago. In November 2019, average days on market were 54. Median days on market decreased 6 days to 5 days in November 2021. In November 2019 median days on market were 34.
Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in November 2021. On average, listed homes had 10.3 showings, up 18.4% from 8.7 showings in November 2020 and from 5.8 showings in November 2019. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 26.2% to $474,451, while the median sale price increased 10.1% to $401,815 compared with the same month one year ago. Both average and median home sale prices increased month-over-month.
Price per square foot was $209, up $56 (+36.6%) per square foot versus the same month one year ago. At $209 per square foot this is a new record for Tega Cay homes.
Sellers received a median 100.7% of listing price (up 1.2% year-over year) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.
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TEGA CAY HOUSING MARKET HIGHLIGHTS:
NOVEMBER 2021 VERSUS NOVEMBER 2020
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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, your 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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