Tega Cay, South Carolina housing market was definitely impacted by corona virus restrictions as evidenced by key indicators such as lower months supply of homes, less housing inventory, fewer new listings, fewer days on market, fewer home showings, fewer closed sales in May 2020. Due to lack of inventory coupled with high demand, both median and average home prices increased year-over-year.
Tega Cay Real Estate Report: April 2020
Latest news on the Tega Cay real estate market and what it means for you…
Tega Cay, South Carolina real estate report for May 2020. Tega Cay’s housing market was definitely impacted by corona virus restrictions in May 2020 as evidenced by the 2.5 months of inventory, down 35.9% year-over-year from 3.9 months in May 2019; housing inventory down 30.1% year-over-year and new listings down 26.8% year-over-year.
Pending sales increased 2.1% in Tega Cay in May 2020 compared with one year ago. Tega Cay’s closed sales decreased 17.1% year-over-year. Home showings increased in Tega Cay to 568 showings in May 2020 compared with just 385 home showings in April 2020. However, May 2020 showings are still considerably below the 972 showings we saw in Tega Cay in May 2019.
On average, homes sold in 31 days, down 21 days compared with the same month one year ago and down 1 day from the month of April 2020. Median days on market were 9, down 20 days year-over-year. No question that Tega Cay homes sold quickly in May 2020.
Average price of sold homes decreased 10.9% to $403,951, while the median sale price increased 12.3% to $409,910. versus the same month one year ago. Both average and median prices were up month-over-month, however). Price per square foot was $153, up $4/square foot year-over-year.
Sellers received 98.7% of listing price in final sale price (up 1.3% year-over-year), showing minimal opportunity for buyers to negotiate.
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This Charlotte, North Carolina real estate monthly update for Tega Cay is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Tega Cay/York County specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Tega Cay area home buyers and sellers for 20+ years.
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