October 11

Is the Housing Boom Over in Charlotte, NC?

Charlotte, NC, has a fantastic social scene, beautiful parks, outdoor venues, excellent school systems, and much more to offer its citizens. 850 foreign enterprises and eight Fortune 500 corporate headquarters are located in the Charlotte region of North Carolina. It is also the United States' third-fastest-growing major metropolis.

The housing boom is not over in Charlotte, NC. While pending sales of existing homes decreased by over 2% from May to June 2021, analysts do not expect a catastrophe even if housing values fall. Most do not believe there is a housing bubble. Prices are unlikely to fall; but, you may have less competition when making a bid. 

The end of the housing boom is determined by inventory, how the pandemic continues to spread the country, and what happens to interest rates as the year draws to a close.

Nevertheless, Charlotte remains one of the country's hottest real estate markets, making it one of the best places in the US to invest in real estate. It is North Carolina's largest city, and its population is expected to continue to expand. Home and rent prices are more significant than in other places, and they are gradually increasing.

When considering an investment property, look for an optimistic prediction for property appreciation, overall safety, school accessibility, and basic amenities in the area. Read on to know more about Charlotte, NC homes for sale from this post!

Real Estate in Charlotte NC

Is the Housing Boom Coming to an End? 

The present housing boom will flatten when mortgage interest rates rise in 2022 or possibly early 2023 according to Forbes.com. During the boom, there has been a lot of hurried buying, offers higher than the asking price, and a lot of anxiety among would-be homeowners.

The drop in mortgage rates in 2020 reduced the monthly payment on a home by 12%, allowing many more individuals to buy now rather than later.

In addition to the cheap mortgage rates, thousands of people began to envision a future of remote work. They desired greater space, which generally meant relocating from an apartment to a single-family home.


How Is the Housing Market in Charlotte? 

According to realtor.com, in July 2021, properties in Charlotte, NC, sold for 1.88 percent more than the asking price on average.

The median list price of homes in Charlotte, NC, in July 2021 was $360K, up 11.4 percent year over year. $195 was the median listing price per square foot. The typical sale price in this area was $345,000.

Watch Nancy Braun’s latest video update on the Charlotte Real Estate Market: Click here.

Charlotte NC Real Estate

Why Is the Housing Market So High in Charlotte, NC? 

Charlotte has a thriving renter’s due to its growing population, solid job market, and rising property prices. The population has increased dramatically in the last year, but the demographics have also shifted.

Charlotte has seen a massive surge of millennials. Millions of millennials are still renting, increasing the demand for rental houses in the area. This is fantastic news for investors wishing to establish a presence in North Carolina.

According to the US Census Bureau, Charlotte has a homeownership rate of 52.9%, lower than the national average of 64%, making it an ideal place to invest in rental properties. Demand is high as values rise, and investors may charge higher rent prices, boosting their cash flow even further.


Is It a Good Time to Sell a House in Charlotte, NC?

Now is the best time for sellers to place their Charlotte property on the market. If mortgage rates remain low, house buying activity will remain strong, and home prices will rise. In the current phase, home prices are rising higher, making it more appealing to sellers.

Depending on several circumstances, purchasing a home in Charlotte is a good investment. People will always be interested in relocating here because there are many significant corporations and professional sporting events.

The value of a home in Charlotte has increased by 11.9 percent in the last year. Because demand outnumbers supply, sellers have an advantage over buyers in pricing discussions.

Real Estate in Charlotte NC

Is Charlotte, NC, in a Real Estate Bubble?

Since late 2020, property prices in Charlotte have been rising. Today's average home price is roughly $360K, up more than 10% year over year. As inventory is so scarce, prices continue to rise, and sellers receive every penny they ask for and more for their houses.

With rising valuations, those who were fortunate enough to invest in Charlotte five to ten years ago have seen 45 to 60% spectacular gains. No one knows if the rise will continue at this pace, but now is a perfect moment to buy a home in Charlotte, as prices are rising beyond the reach of many middle-class buyers.


Is Charlotte NC a Buyers or Seller’s Market?

In July 2021, Charlotte, NC, is a seller's market, which means more individuals are looking to buy than available properties.

Demand exceeds supply in a seller's market, providing sellers an advantage over buyers in pricing discussions.


Is Charlotte, NC, a Good Place to Move To?

Charlotte, located in Mecklenburg County, is one of North Carolina's best locations to live. Charlotte residents enjoy an urban-suburban mix. There are numerous restaurants, coffee shops, and parks in Charlotte. 

Charlotte is home to many families and young professionals, so if you've recently relocated, you won't have a hard time adjusting.

Charlotte NC Real Estate

What Do I Need to Know Before Moving to Charlotte?

Before moving to Charlotte, you must know that the city’s current cost of living is lower than the national average. According to Payscale, Charlotte's housing prices are 14 percent lower than the national average, with utilities, grocery, and transit expenditures also lower.

Charlotte, NC, has ample work opportunities in a diverse number of fields. In June 2021, the unemployment rate was 4.7 percent, and the median wage was higher than the national average.

Each of Charlotte's communities has its own set of perks. You'll find somewhere to call home, whether it's a beautiful park or greenway, an artsy ambiance, quirky boutiques, high-end retail, closeness to the University of North Carolina at Charlotte (UNCC), or tree-lined streets and mansions. 

Also, restaurants in Charlotte are ready to satisfy your appetite, whether you're catching up with a buddy or spending quality time with your family.

Keep an eye out for the many colorful murals that have sprung up throughout the city while you're out and about.

Charlotte NC Real Estate Agents

Why I Love Living in Charlotte, NC

On a personal note, I relocated from New York to North Carolina over 20 years ago because I was captivated with the state's beautiful weather, dynamic lifestyle, expanding economy, and welcoming attitude toward newcomers. 

Over the years, I had worked as a corporate lawyer and as an entrepreneur/owner of various enterprises. I didn't become interested in real estate until I moved to North Carolina.

Charlotte is brimming with things to do for any size family. You won't have to worry about whether or not you'll appreciate these unique encounters.

Additionally, Charlotte is a fantastic city to live in because it combines the benefits of city living with the charm of a small town. 

Here’s a mini tour of the beautiful Queen City -- Charlotte


Make Your Real Estate Journey Better With Showcase Realty

Showcase Realty and my team of top Charlotte real estate professionals are here to assist you. My knowledge and cutting-edge marketing tactics enable Showcase Realty to provide excellent outcomes for clients.

Showcase Realty is a competent group of professionals with a passion for new ideas that will assist you in finding a home or selling your current one.

When it comes to helping you in choosing the ideal home, my staff has a stellar reputation. Plus, the real estate services provided by Showcase Realty are well-known throughout the United States.

Contact Nancy at (704) 997-3794 for more information about Charlotte, NC investment homes.


Tags

Charlotte NC Real Estate, Charlotte Real Estate, Nancy Braun


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