Tega Cay Real Estate Report: October 2020
Tega Cay, South Carolina remained a home seller’s market in October 2020. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of October, along with much higher home sale prices. Buyer demand for Tega Cay homes continues to outstrip supply of homes for sale.
Tega Cay, SC Housing Market Snapshot: October 2020
Latest news on the Tega Cay real estate market in October 2020 and what it means for you…
Tega Cay, South Carolina housing market was very much a home seller’s market in October 2020 as evidenced by key indicators such as lower months supply of homes, considerably less housing inventory, fewer closed sales and flat pending sales, significantly lower days on market.
Tega Cay’s months of housing inventory was 1.3 months, down 48% year-over-year from 2.5 months in October 2019; housing inventory was down 47% year-over-year, while new listings increased 23.1% year-over-year.
Pending sales were flat in Tega Cay in October 2020 compared with one year ago. Tega Cay’s closed sales decreased 27.3% year-over-year. Lack of housing inventory, despite an increase in new listings, contributed to this drop in home sales in the month of October.
On average, homes sold in 25 days, down 25 days compared with the same month one year ago. Median days on market also decreased 22 days to 8 days in October 2020.
Average price of sold homes increased 32.4% to $494,223, while the median sale price increased 14.7% to $418,500 versus the same month one year ago.
Price per square foot was $155, up $13/square foot versus the same month one year ago.
Sellers received a median 99.4% of listing price (up 3% year-over year) in final sale price showing a very small 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:
OCTOBER 2020 VERSUS OCTOBER 2019
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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 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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