Tega Cay real estate July 2022 kept home sellers in the driver’s seat. Tega Cay’s housing market saw higher home prices, lower inventory, fewer days on market, and fewer new listings. At 1.2 months of housing inventory Tega Cay remained a seller’s market. Pending and closed sales were down.
Tega Cay, SC Housing Market Snapshot: July 2022
Latest news on the Tega Cay real estate market in July 2022 and what it means for you…
Tega Cay real estate kept home sellers in the driver’s seat in July 2022, evidenced by key indicators such as less housing inventory, higher home sale prices, fewer days on market, fewer new listings in July 2022 compared with July 2021.
Tega Cay’s months of housing inventory was 1.2 months, up 0.1 month year-over-year, but down 0.1 months from June 2021. Housing inventory was down 7.1% year-over-year. New listings were down 19.2% year-over-year in July.
Pending sales decreased 15.9% in Tega Cay in July 2022 compared with one year ago. Tega Cay’s closed sales were down 32%. Lower inventory combined with higher interest rates clearly impacted sales. Buyer foot traffic was also down in July 2022 compared with one year ago. On average, listed homes had 10.8 showings in July 2022 versus 14.8 showings in July 2021.
On average, homes sold in 10 days, down two days compared with the same month one year ago. Month-over-month, average days on market decreased by four days. Median days on market were four days, up two days year-over-year. However you slice it, homes sold quickly in July. When you compare the average 49 days on market we saw in July 2020, the change over a two year period is significant.
Average price of sold homes increased 11.2% to $508,387, while the median sale price increased 40.5% to $494,559 compared with the same month one year ago. Month-over-month, home prices also increased. Average home prices increased about $21,000, while median home prices increased approximately $45,000. Median home prices were about $165,000 higher than in July 2020. Price per square foot was $209, up 12.4% per square foot from $186 year-over-year.
Sellers received a median 102.5% of listing price (down 0.3% year-over year, but up 2.2% 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: