Tega Cay, South Carolina remained a home seller’s market in March 2022. Tega Cay’s housing market experienced significantly lower inventory levels, which dropped more than 78% . The months supply of inventory was just 0.3 months. Buyer demand for Tega Cay homes continued to outstrip supply of homes increasing home prices. Buyer demand and lack of supply of homes show no signs of easing up in Tega Cay.
Tega Cay, SC Housing Market Snapshot: March 2022
Latest news on the Tega Cay real estate market in March 2022 and what it means for you…
Tega Cay, South Carolina housing market remained very much a home seller’s market in March 2022 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, and higher home prices in March 2022 compared with March 2021.
Tega Cay’s months of housing inventory was 0.3 months, down 75% year-over-year from 1.2 months in March 2021 and 3.0 months in March 2020. The months of housing inventory also dropped 0.2 months from February 2022. Housing inventory was down 78.3% year-over-year. New listings decreased 54.4% year-over-year and sold as quickly as they came on market.
Pending sales decreased 24.5% in Tega Cay in March 2022 compared with one year ago. Tega Cay’s closed sales increased 61.3% year-over-year, increasing the inventory gap in March.
On average, homes sold in 19 days, down four days compared with the same month one year ago, and down 31 days from March 2020. Median days on market decreased by one day to just 3 days in March 2022 year-over-year and decreased 13 days over March 2020.
Average price of sold homes increased 9.2% to $465,975, while the median sale price increased 15.8% to $418,000 compared with the same month one year ago. Price per square foot was $201, up 12.9% per square foot year over year.
Sellers received a median 103.3% of listing price (up 3.3% year-over year and 1.5% month-over-month) in final sale price, showing virtually no window of 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: