Charlotte, NC, is the hottest housing market to watch in 2023. This vibrant city offers good investment opportunities and a quality lifestyle. It is one of the fastest-growing real estate markets in the United States.
Let’s take an in-depth look at what makes Charlotte an ideal market.
What Factors Led to Charlotte Being Named the Hottest Housing Market for 2023?
The report was based on projected home value and an increase in owner-occupied households.
The first factor driving Charlotte's market is the steady appreciation of home values. Home prices have risen steadily, jumping to 53% since 2020. The median home price in Charlotte in September 2022 is $420,000, up from $273,500 in January 2020, according to the 2022 State of Housing in Charlotte Report.
Another factor besides the increasing home values is a rise in owner-occupied households. According to Zillow, the number of owner-occupied households is expected to rise by 6% in 2023. More people are moving into the area or deciding to buy rather than rent properties.
A third factor is Charlotte's strong job market and growing economy.
North Carolina’s employment rate is expected to reach 4,910,200 persons by December 2023. This represents an increase of 1.5% from December 2022. Additionally, net jobs are expected to grow by 72,800 in 2023. This job growth can be attributed to an influx of businesses in Charlotte. These businesses provide abundant opportunities for workers across various industries.
The increasing job opportunities have resulted in more people moving to Charlotte.
Top Ten Hottest Real Estate Markets of 2023
- Charlotte, North Carolina
- Cleveland, Ohio
- Pittsburgh, Pennsylvania
- Dallas, Texas
- Nashville, Tennessee
- Jacksonville, Florida
- Kansas City, Missouri
- Miami, Florida
- Atlanta, Georgia
- Philadelphia, Pennsylvania
What is the Current State of the Charlotte Housing Market?
Home values in Charlotte have risen 6.6% year-over-year as of December 2022. The median home value is currently $399.9K. However, large parts of Charlotte are affordable compared to other major hubs like New York City and San Francisco.
The current population in the metro area is 2,267,000 – an increase of 2.86% from 2022. This rapid growth has created a substantial housing shortage. Thus, making it difficult for many buyers to find homes.
The combination of high demand and low inventory has created a seller’s market. This means houses can be sold much faster, and buyers often compete for the same properties. This has led to bidding wars for certain homes across Charlotte.
However, some hope is on the horizon if you’re hoping to become homeowners in Charlotte. Many experts expect an increase in inventory over the next several months of 2023. Mortgage interest rates remain at historic lows. New construction projects are also being planned throughout Charlotte.
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What Makes Charlotte Desirable for Homebuyers?
Charlotte has been ranked as the 30th best place to live in the United States in 2022-2023 by U.S. News report. Here are a few reasons why Charlotte is a desirable place to call home.
- One of the biggest draws to Charlotte is its affordability. The cost of living in Charlotte is below the national average. The median home price is lower than in other major metropolitan areas. This makes it an ideal place for first-time homebuyers looking for a more budget-friendly option.
- Charlotte is a great place to raise a family. The city has excellent public and private schools and plenty of family-friendly activities. Charlotte has everything, from museums to art galleries to parks and recreation facilities.
- Charlotte has you covered if you’re looking for excitement and nightlife. Uptown, Charlotte, is home to dozens of bars, nightclubs, restaurants, and shops. There’s always something going on in Uptown, so you’ll never be bored.
- Charlotte has an amazing community. Residents here are friendly and welcoming to newcomers. They offer a sense of community that can be hard to find elsewhere.
- The city is home to several Fortune 500 companies and major financial institutions. These include the famous Bank of America and Wells Fargo. These organizations help fuel the booming job market in Charlotte. The city also offers several opportunities in the medical and social work fields. Thus, providing the perfect environment for many professionals.
- Charlotte’s proximity to the mountains and beaches makes it an ideal location. It’s easy to enjoy outdoor activities all year round with its mild winters and warm summers.
What Are the Top Neighborhoods in Charlotte for Real Estate Investment?
Some of Charlotte's top neighborhoods are Southpark, Ballantyne, Myers Park, and Lake Park.
Southpark is one of the most affluent neighborhoods in Charlotte. Residents here enjoy upscale restaurants, shopping centers, and boutiques. The median home price here is around $585K.
Another great neighborhood for real estate investors seeking a luxury lifestyle is Ballantyne. As more buyers flock to this desirable area, real estate prices are on the rise in Ballantyne.
Myers Park is a much older area but still has plenty to offer homebuyers looking to invest in real estate. This historic community features beautiful tree-lined streets along with charming and traditional homes.
Lake Park is another great option for real estate investing in Charlotte. It offers plenty of shops and restaurants along with picturesque walking trails.
Click here for more information on the city that is the best for rental properties.
How to Find a Home in Charlotte, NC?
1. Start by doing your research
Research neighborhoods and living situations that fit your budget and lifestyle needs. Get familiar with the types of homes available and their prices.
Some neighborhoods may be appealing in terms of affordability. However, the commute may be inconvenient without nearby transportation options.
2. Set your budget
Setting up a realistic budget is critical when it comes to house hunting. Knowing how much you can afford will put you in a better position for negotiations with the seller.
Don’t forget about other costs when calculating your budget. These include closing costs, taxes, and insurance fees.
3. Set priorities
Set priorities about what type of house is most important for you and your family. Think about the size of the house, location, and other features such as the number of bedrooms or bathrooms, garage space, etc.
Decide on what kind of property you want: single-family homes, townhouses, or condos.
4. Inspect the property
Check out the condition of the property, both inside and outside. Look for signs of water damage or structural issues. Look at details such as paint quality inside the home. Make sure all fixtures work properly before making an offer on the house.
Hire a professional inspector to provide an assessment of the property.
5. Work with local real estate agents
A real estate agent can facilitate an easy transition into a new home in Charlotte. They can help narrow down homes that fit within your budget. They may even have pocket listings that aren’t yet advertised publicly.
Agents provide insights into local market trends. They advise when homes may appreciate in value. Unlock your dream home with zero down. read this free report! https://showcaserealty.net/buy-a-home-with-zero-down/
Charlotte, NC, is undoubtedly the hottest housing market for 2023, It has a thriving economy, a diverse job market, and increasing population growth. It’s no wonder that Charlotte has become one of the most sought-after cities to buy a home.
Showcase Realty is ready to help you find your dream home in this bustling city. We can help make your house hunt stress-free with our up-to-date technology tools.
Give our Charlotte area real estate experts a call today at 704-286-9844. Let us show why Charlotte, NC, is the best housing market for 2023! Experience endless benefits! fuel your innovation with our visionary support. Click here!