Tega Cay real estate August 2022 kept home sellers in the driver’s seat. Tega Cay’s housing market saw higher home prices setting new record highs, lower inventory, fewer days on market, and fewer new listings. At 1.1 months of housing inventory Tega Cay remained a seller’s market. Pending and closed sales were down.
Tega Cay, SC Housing Market Snapshot: August 2022
Latest news on the Tega Cay real estate market in August 2022 and what it means for you…
Tega Cay real estate kept home sellers in the driver’s seat in August 2022, evidenced by year-over-year key indicators such as less housing inventory, higher home sale prices with average home sale prices setting a new record, fewer days on market, fewer new listings in August 2022 compared with August 2021.
Tega Cay’s months of housing inventory was 1.1 months, flat year-over-year, but down 0.1 months from July 2021. Housing inventory was down 12.2% year-over-year. New listings were down 33.3% year-over-year in August.
Pending sales decreased 33.3% in Tega Cay in August 2022 compared with one year ago. Tega Cay’s closed sales were down 6.4%. Lower inventory combined with higher interest rates no doubt impacted sales. Buyer foot traffic was also down in August 2022 compared with one year ago. On average, listed homes had 8.9 showings in August 2022 versus 14.2 showings in August 2021. Foot traffic was also lower month-over-month. In July 2022, listed homes had 10.9 showings, on average.
On average, homes sold in 15 days, down five days compared with the same month one year ago. Month-over-month, average days on market increased by five days. Median days on market were seven days, down four days year-over-year. Month-over-month, median days on market increased by three days. Nonetheless, however you slice it, homes sold quickly in August. When you compare the average 35 days on market we saw in August 2020, the change in days on market over a two year period is significant.
Average price of sold homes increased 20.9% to $538,506, while the median sale price increased 10.7% to $472,849 compared with the same month one year ago. Month-over-month, average home prices increased approximately $31,000, while median days on market decreased approximately $22,000. Average home prices were $170,000 higher in August 2022 compared with August 2020. Median home prices were about $135,000 higher than in August 2020. Price per square foot was $211, up 12.2% per square foot from $188 year-over-year and also up month-over-month.
Sellers received a median 100% of listing price (down 2.2% year-over year and 2.5% month-over-month) in final sale price, showing minimal opportunity for Tega Cay home buyers to negotiate.
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Tega Cay’s motto is “Bonae Vitae/The Good Life” and once you visit and take a look around, you know exactly why that’s so.
An upscale, lake-side community, Tega Cay provides a high quality of life, reasonable cost of living, and top-rated public schools. Its small-town feeling provides security and comfort, and sitting on Lake Wylie, it also provides virtually year-round recreation, including boating, golf, tennis, and more. Tega Cay’s Park and Recreation Department is home to more than 4,500 participants annually and features youth baseball, flag football, soccer and softball. But adults are not left out with adult softball, kickball and senior games. And where else would you find both youth and adult croquet games?
If you’re considering selling or purchasing a home in the Tega Cay area or anywhere in the Charlotte metro region, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how: