Tega Cay, South Carolina remained a home seller’s market in September 2020. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of Septembe. Due to lack of inventory and new listings, closed sales were down. Buyer demand for Tega Cay homes continues to outstrip supply of homes for sale, as evidenced by higher pending sales in September.
Tega Cay, SC Housing Market Snapshot: September 2020
Latest news on the Tega Cay real estate market in September 2020 and what it means for you…
Tega Cay, South Carolina housing market was very much a home seller’s market in September 2020 as evidenced by key indicators such as lower months supply of homes, considerably less housing inventory, fewer new listings, fewer closed sales, which sold more quickly. Pending sales were up showing continued buyer demand exceeding supply of homes.
Tega Cay’s months of housing inventory was 1.5 months, down 55.9% year-over-year from 3.4 months in September 2019; housing inventory was down 52.8% year-over-year, while new listings were down 2.4% year-over-year.
Pending sales increased 21.2% in Tega Cay in September 2020 compared with one year ago. Tega Cay’s closed sales decreased 27% year-over-year. Lack of housing inventory, no doubt, contributed to this drop in home sales in the month of September.
On average, homes sold in 20 days, down 23 days compared with the same month one year ago. Median days on market also decreased by 15 days to 6 days in September 2020.
Average price of sold homes decreased 4.7% to $362,622, while the median sale price increased 2% to $3970,000 versus the same month one year ago. The drop in average sale price should not be attributed to a drop in Tega Cay home values. Rather, it’s more reflective of the price mix of homes sold in September, as Tega Cay home prices can range from the $200,000’s to well over $1 million.
Price per square foot was $159, up by $9/square foot.
Sellers received 98.7% of listing price (up 0.9% 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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TEGA CAY HOUSING MARKET HIGHLIGHTS:
SEPTEMBER 2020 VERSUS SEPTEMBER 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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