Tega Cay Real Estate Report: June 2021
Tega Cay, South Carolina remained a home seller’s market in June 2021. Tega Cay’s housing market experienced much lower inventory levels and days on market in the month of June, along with higher average home sale prices. Buyer demand for Tega Cay homes continued to outstrip supply of homes with pending sales down due to lack of inventory. Buyer demand and lower supply of homes show no signs of easing up.
Tega Cay, SC Housing Market Snapshot: June 2021
Latest news on the Tega Cay real estate market in June 2021 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in June 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, higher home prices and fewer days on market, despite an increase in new listings in June 2021 compared with June 2020.
Tega Cay’s months of housing inventory was 0.8 months, down 55.5% year-over-year from 1.8 months in June 2020 and 3.0 months in June 2019. Housing inventory was down 49.1% year-over-year. New listings increased 48.6% year-over-year (17 additional homes on the market), but did little to alleviate the housing inventory shortage.
Pending sales decreased 9.4% in Tega Cay in June 2021 compared with one year ago. Tega Cay’s closed sales increased 20.5% year-over-year. No doubt lack of inventory kept pending sales down.
On average, homes sold in 11 days, down 60 days compared with the same month one year ago. Median days on market also decreased 39 days to just 2 days in June 2020. Pent-up demand for Tega homes was also evident in the number of average showings per listing in June 2021. On average, listed homes had 17.8 showings, up 79.8% from 9.9 showings in June 2020. Clearly, it’s a matter of more buyers “chasing” after fewer homes.
Average price of sold homes increased 22.3% to $476,473, while the median sale price decreased 3.4% to $379,000 compared with the same month one year ago. The decrease in median home sale prices in June does not necessarily signal a drop in Tega Cay home values. Rather it’s more indicative of the price mix of homes sold in June 2021 versus June 2021. Month-over-month, average sale price in Tega Cay increased by $87,000. Price per square foot was $177, up $43/square foot versus the same month one year ago.
Sellers received a median 100.3% of listing price (up 3.8% 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:
JUNE 2021 VERSUS JUNE 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 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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