Tega Cay real estate May 2023 saw home prices hold steady with an increase in the list to sale price ratio to 100.24%. With just 2.76 months of inventory, Tega Cay was a seller’s market in May 2023. Closed sales increased substantially compared with the most recent five months. Average days on market increased to 30, but were still lower than the year-to-date average of 33 days. Both new listings and inventory increased slightly.
Tega Cay, SC Housing Market Highlights: May 2023
HOUSING INVENTORY INCREASED SLIGHTLY MONTH-OVER-MONTH AND YEAR-OVER-YEAR
Tega Cay’s number of properties for sale in May 2023 increased 11.11% to 80 from 72 properties for sale in April 2023. Compared with May 2022 (75 properties for sale) Tega Cay had 6.67% higher inventory in May 2023.
NEW LISTINGS AT THEIR HIGHEST LEVEL SINCE AUGUST 2022
New listings in Tega Cay in May 2023 increased 14.8% to 31 from 27 in the previous month of April. Compared with May 2022, new listings were down 27.91% from 43 and also down from 43 new listings in May 2021. May’s new listings were at their highest levels since August 2022.
Tega Cay had 29 closed sales in May 2023, increasing 141.67% from 12 homes sold in April 2023 and down 45% from 20 sales in May 2022. Compared with May 2021, closed sales were still much lower than the 47 sales two years ago. This was the highest number of closed sales since December 2022.
DAYS ON MARKET INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
On average, homes sold in 30days, increasing 7 days compared with April 2023. Days on market increased year-over-year from 17 days in both May 2022 and May 2021.
HOME SALE PRICES CONTINUED TO HOLD THEIR OWN
Average price of sold homes in May 2023 was equal to the prior month at $539,882. Compared with May 2022, average sale price was 3.7% higher than one year ago at $520,594. The May 2023 average sale price was at its highest level compared with May 2022 and May 2021.
Median sale price of Tega Cay homes declined 1.92% to $510,000 from $520,000 in the previous month. Median sale price increased 1.52% from $502,350 year-over-year. The median sale price in May 2023 was at its highest level compared with May 2022 and May 2021.
Price per square foot was $208, down 3.26% from $215 in April 2023 and was 8.77% lower than $228 per square foot in May 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOMES SOLD AT 100+% OF LIST TO SALE PRICE
Sellers received 100.24% of listing price in May 2023, which was 0.83% higher than in April 2023. The ratio was down 1.98% year-over-year from 102.22% in May 2022. Tega Cay home buyers are not seeing much of an opportunity 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?
TEGA CAY TRAIL & RIVER LAUNCH: VIDEO
This Charlotte, North Carolina real estate monthly update for Tega Cay, SC is provided by Nina Hollander, Coldwell Banker Realty, Greater Charlotte region residential real estate expert and Tega Cay specialist. I’ve been opening doors for Tega Cay home buyers and sellers for 24+ years.
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: