Tega Cay real estate September 2022 kept home sellers in the driver’s seat. Tega Cay’s housing market saw higher home prices, lower inventory, and fewer new listings. At 0.9 months of housing inventory Tega Cay remained a seller’s market. Pending and closed sales were down. Meantime, days on market reached almost two-year highs, signaling a market shift to a slower pace of sales.
Tega Cay, SC Housing Market Snapshot: September 2022
Latest news on the Tega Cay real estate market in September 2022 and what it means for you…
Tega Cay real estate kept home sellers in the driver’s seat in September 2022, evidenced by year-over-year key indicators such as less housing inventory, higher home sale prices, fewer new listings in September 2022 compared with September 2021.
By the same token, we did see a shift towards a slower pace of sales in the Tega Cay market with an increase in days on market. The average days on market of 33 were the highest since November 2020. Home prices month-over-month were also lower in September 2022 compared with August 2022.
TEGA CAY HOUSING MARKET HIGHLIGHTS:
SEPTEMBER 2022 VERSUS SEPTEMBER 2021
HOUSING INVENTORY & NEW LISTINGS DOWN YEAR-OVER-YEAR IN SEPTEMBER 2022
Tega Cay’s months of housing inventory was 0.9 months, flat year-over-year, and down 0.2 months from August 2022. Housing inventory was down 12.1% year-over-year and was down for a fourth consecutive month in 2022. New listings were down 8.3% year-over-year in September. This was the lowest level of new listings in Tega Cay since November 2019.
SALES DECREASED IN TEGA CAY IN SEPTEMBER 2022
Pending sales decreased 13.3% in Tega Cay in September 2022 compared with one year ago. Tega Cay’s closed sales were down 3%, year-over-year. Lower inventory combined with higher interest rates no doubt impacted sales.
Buyer foot traffic was also down in September 2022 compared with one year ago. On average, listed homes had 8.7 showings in September 2022 versus 17.3 showings in September 2021. Foot traffic was slightly lower month-over-month. In August 2022, listed homes had 8.9 showings, on average.
DAYS ON MARKET INCREASED IN SEPTEMBER 2022
On average, homes sold in 33 days, increasing 19 days compared with the same month one year ago. Month-over-month, average days on market increased by 18 days. September’s average days on market were the highest Tega Cay saw in 2022 and the highest since November 2020.
Median days on market were 10 days, increasing six days year-over-year. Month-over-month, median days on market increased by three days. As with average days on market, September’s median days on market were the highest Tega Cay saw since November 2020.
HOME SALE PRICES INCREASED IN SEPTEMBER 2022
Average price of sold homes increased 12% to $538,506. Month-over-month, average home prices decreased approximately $33,000. Average home prices were $155,000 higher in September 2022 compared with September 2020.
Median sale price of Tega Cay homes increased 1% to $464,588 year-over-year. Median sale price dropped approximately $8,000 from August 2022. Median home prices were about $110,000 higher in September 2022 than in September 2020.
Price per square foot was $205, up 12% per square foot from $183 year-over-year.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOME SELLERS SOLD AT 100% OF LIST PRICE IN SEPTEMBER 2022
Sellers received a median 100% of listing price (down 0.3% year-over year and flat month-over-month) in final sale price, showing there’s still minimal opportunity for Tega Cay home buyers to negotiate.
MORE DETAILS ON THE TEGA CAY HOUSING MARKET’S PERFORMANCE
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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 22+ years.
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