Tega Cay real estate October 2022 saw higher home prices, slightly more inventory, and fewer new listings. At 1.1 months of housing inventory Tega Cay remained a seller’s market. Pending and closed sales were down. Homes sold more quickly than one year and one month ago.
Tega Cay, SC Housing Market Snapshot: October 2022
Latest news on the Tega Cay real estate market in October 2022 and what it means for you…
Tega Cay real estate saw a small cooling in October, but nothing drastic. Inventory was up (equal to four additional homes on the market year-over-year), but new listings were down. The median list to sale ratio dropped year-over-year and month-over-month to just under 100%. Home prices were higher year-over-year, but lower month-over-month. By the same token, homes sold more quickly and average days on market dropped compared with October 2021 and September 2022.
TEGA CAY HOUSING MARKET HIGHLIGHTS:
OCTOBER 2022 VERSUS OCTOBER 2021
HOUSING INVENTORY UP & NEW LISTINGS DOWN YEAR-OVER-YEAR IN OCTOBER 2022
Tega Cay’s months of housing inventory was 1.1 months, increasing from 0.8 months one year ago and from 0.9 months one month ago. Housing inventory increased 13.3% year-over-year, equal to just four additional listings. New listings were down 9.1% year-over-year in October. This was the lowest level of new listings in Tega Cay since November 2019.
SALES DECREASED IN TEGA CAY IN OCTOBER 2022
Pending sales decreased 27.3% in Tega Cay in October 2022 compared with one year ago. Tega Cay’s closed sales were down substantially, dropping 51.1%, year-over-year. Higher interest rates no doubt impacted sales.
Buyer foot traffic was also down in October 2022 compared with one year ago. On average, listed homes had 8.3 showings in October 2022 versus 13.4 showings in October 2021. Foot traffic was slightly lower month-over-month. In September 2022, listed homes had 8.7 showings, on average.
DAYS ON MARKET DECREASED IN OCTOBER 2022
On average, homes sold in 16 days, decreasing four days compared with the same month one year ago. Month-over-month, average days on market decreased by 17 days. Median days on market were eight days, increasing two days year-over-year. However, month-over-month, median days on market decreased by two days.
HOME SALE PRICES INCREASED IN OCTOBER 2022
Average price of sold homes increased 11.7% to $469,887. Month-over-month, average home prices decreased approximately $36,000.
Median sale price of Tega Cay homes increased 5.9% to $424,635 year-over-year. Median sale price dropped approximately $40,000 from September 2022.
Price per square foot was $207, up 9.5% per square foot from $189 year-over-year and up $2/square foot over September 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
TEGA CAY HOME SELLERS SOLD AT 99.2% OF LIST PRICE IN OCTOBER 2022
Sellers received a median 99.2% of listing price (down 2% year-over year and down 0.8% month-over-month) in final sale price. Tega Cay home buyers saw their first window of opportunity to negotiate on price in a long time.
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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: