Home sales in Tega Cay and York County have seen a downward trend for the second year in a row, mirroring a regional slowdown according to a new Canopy Realtor Association Report.
Closed sales in Tega Cay dipped a significant 35.8% compared to the previous year, exceeding the Charlotte region’s overall decline of 29.6%. Rock Hill (-27.3%) and Fort Mill (-29.3%) also witnessed declines, but not as substantial as Tega Cay.
Looking at the last year, the decline in Tega Cay (-40.2%) doubled the rate of the wider Charlotte region (-20.9%). Rock Hill (18.2%) and Fort Mill (13.6%) faced lower decreases.
The median sales price in Tega Cay remained relatively stable, increasing slightly by 1.7% compared to 2022. York County, along with Fort Mill and the Charlotte region overall, saw a 1-2% decrease in median sale price. Only Lake Wylie recorded a notable increase of 5.8%.
Despite the slight price increase, Tega Cay boasts a median sale price of $470,000, significantly lower than Lake Wylie’s $560,000 and Fort Mill’s $448,000. It even remains comparable to the Charlotte region’s median of $376,255.
While home sale metrics paint a picture of decline, there are glimpses of optimism. Interest rates dipped slightly towards the end of 2023, leading to an increase in new listings. This trend suggests a potential for market recovery in the future.
