Tega Cay, South Carolina remained a home seller’s market in October 2021. Tega Cay’s housing market experienced significantly lower inventory levels and lower days on market in the month of October. 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: October 2021
Latest news on the Tega Cay real estate market in October 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in October 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, fewer days on market, and no increase in new listings in October 2021 compared with October 2020.
Tega Cay’s months of housing inventory was 0.7 months, down 58.8% year-over-year from 1.7 months in October 2020 and 2.5 months in October 2019. Housing inventory was down 54.5% year-over-year. New listings were flat year-over-year.
Pending sales decreased 5.9% in Tega Cay in October 2021 compared with one year ago. Tega Cay’s closed sales also decreased 153.6% year-over-year. Lack of inventory no doubt contributed to the lower sales.
On average, homes sold in 21 days, down 4 days compared with the same month one year ago. In October 2019, average days on market were 50. Median days on market decreased 1 day to 7 days in October 2021. In October 2019 median days on market were 30.
Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in October 2021. On average, listed homes had 13.8 showings, up 31.4% from 10.5 showings in October 2020 and from 6.8 showings in October 2019. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes decreased 13.2% to $416,842, while the median sale price decreased 3.6% to $400,000 compared with the same month one year ago. Median sale price increased by $13,000 month-over-month. The drop in home prices is not necessarily indicative of lower values for Tega Cay homes… rather it’s more indicative of the mix of price points of homes sold in October.
Price per square foot was $190, up $38 (+25%) per square foot versus the same month one year ago.
Sellers received a median 101.2% 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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MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
OCTOBER 2021 VERSUS OCTOBER 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 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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