Tega Cay, South Carolina remained a home seller’s market in April 2022. Tega Cay’s housing market experienced significantly lower inventory levels, which dropped more than 51% . The months supply of inventory was just 0.5 months. Buyer demand for Tega Cay homes continued to outstrip supply of homes increasing home prices to new record highs. Buyer demand and lack of supply of homes show no signs of easing up in Tega Cay.
Tega Cay, SC Housing Market Snapshot: April 2022
Latest news on the Tega Cay real estate market in April 2022 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in April 2022 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, and record high home prices in April 2022 compared with April 2021.
Tega Cay’s months of housing inventory was 0.5 months, down 50% year-over-year from one month in April 2021 and 3.3 months in April 2020. Housing inventory was down 51.3% year-over-year. New listings decreased 7.1% year-over-year and sold as quickly as they came on market.
Pending sales decreased 30.4% in Tega Cay in April 2022 compared with one year ago. Tega Cay’s closed sales decreased 33.3% year-over-year.
On average, homes sold in 8 days, down three days compared with the same month one year ago, and down 25 days from April 2020. Month-over-month, average days on market decreased 11 days. Median days on market were flat at just 2 days in April 2022 year-over-year and decreased 10 days over April 2020. Month-over-month, median days on market were down by one day.
Average price of sold homes increased 16.1% to $530,234, while the median sale price increased 25.3% to $495,000 compared with the same month one year ago. Month-over-month, average home sale prices increased $64,000, while median home sale prices increased $77,000. Price per square foot was $206, up 13.8% per square foot from $181 year-over-year. Per square foot price also reached a record high in April 2022.
Sellers received a median 104.7% of listing price (up 2.7% year-over year and 1.4% month-over-month) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.
MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
TEGA CAY HOUSING MARKET HIGHLIGHTS:
APRIL 2022 VERSUS APRIL 2021
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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, 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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