Tega Cay, SC Housing Market Highlights: October 2023
Tega Cay real estate sales in October 2023 declined from the most recent month September and from October one year ago to their lowest level since January 2023. Home sale prices, however, increased from one year ago, while declining from one month ago. Average days on market at 31 days were at their highest level since March 2023. New listings and inventory both declined from last month and last year. New listings were at their lowest level since February 2023. The list to sale price ratio was just under 99%. The months supply of inventory stood at 5.19 months in October keeping it a balanced market between home buyers and sellers.
HOUSING INVENTORY IN TEGA CAY DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR
Tega Cay’s number of properties for sale in October 2023 declined 3.49% to 83 from the previous month of September which saw 86 properties for sale. Compared with October 2022, Tega Cay had 3.49% less inventory in October 2023. Inventory in October 2022 stood at 86 properties; in October 2021 at 68 properties. Despite the decline in inventory, the months supply of inventory at 5.19 keeps Tega Cay a balanced market between home buyers and home sellers.
NEW LISTINGS DECLINED IN TEGA CAY YEAR-OVER-YEAR & MONTH-OVER-MONTH
New listings in Tega Cay decreased 47.22% to 19 listings in October from 36 in September 2023. Compared with October 2022, new listings were 34.48% lower. New listings in Tega Cay were at their lowest level compared with October 2022 (29 new listings) and October 2021 (31 new listings). October’s new listings were also at their lowest level since February 2023.
TEGA CAY SALES DECLINED MONTH-OVER-MONTH & YEAR-OVER-YEAR
Tega Cay had 16 closed sales in October 2023, declining 36% from 25 homes sold in September 2023 and declining 27.27% from 22 sales in October 2022. Sales were also lower compared with October 2021, which saw 43 closed sales. This was the lowest level of closed sales since January 2023.
DAYS ON MARKET UP IN TEGA CAY MONTH-OVER-MONTH & YEAR-OVER-YEAR
On average, Tega Cay homes sold in 31 days, increasing 16 days from September 2023. Days on market increased 14 days year-over-year from 17 days in October 2022 and increased 13 days from 18 days on market in October 2021. October’s days on market were at their highest level since March 2023 when they were 41 days on market.
TEGA CAY HOME SALE PRICES DOWN MONTH-OVER-MONTH, UP YEAR-OVER-YEAR
Average price of sold homes in October 2023 decreased 20.84% to $515,740 from $651,534 in September 2023. Compared with October 2022, average sale price was 1.28% higher than one year ago at $509,231. The average sale price in October 2023 was at its highest level compared with October 2022 and October 2021.
Median sale price of Tega Cay homes of was $477,500, down 3.05% from $492,500 in the previous month. Median sale price increased 7.56% from $443,918 year-over-year. The median sale price in October 2023 was at its highest level compared with October 2022 and October 2021.
Price per square foot was $238 in October, equal to the price per square foot one month ago and up 13.88% from $209 in October 2022.
MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC
ROLLING 12-MONTH AVERAGE
TEGA CAY HOMES LIST TO SALE PRICE
Sellers received 98.76% of listing price in October, down from 99.54% the prior month. The ratio declined from 100.41% in October one year ago.
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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 residential real estate expert and Tega Cay specialist. I’ve been opening doors for Tega Cay home buyers and sellers for 25 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: