You might wonder why Charlotte, NC is growing in popularity nowadays. One of the main reasons is the diversity in the economy and the life it offers to its citizens. It also has one of the best climates throughout the year. Yet, what else does Charlotte have that most people seem to want?
Charlotte is one of the fastest-growing cities in the United States. It is the third fastest-growing city in the country. Charlotte also holds one of the best real estate markets in the Southern part of the United States. Better still, it will continue to thrive in the coming years. This includes a growth in sales and an increase in prices.
Read on to learn more about what you need to know about Charlotte, NC, and its market. I’ll discuss what the housing market can offer, how it will continue to grow, and whether investing in Charlotte is beneficial.
Does Charlotte Have a Good Housing Market?
Charlotte, NC has a good housing market as a big city with a large population that continues to grow. This alone makes Charlotte a good city for real estate investment.
As of May 2021, Charlotte, NC, already has an estimated population of 900,000. There are plenty of reasons for this. Charlotte has a great climate and a good quality of air. There’s also a projected annual employment growth of 1.3%, which experts believe will rise as the years pass by.
Some more reasons why Charlotte, NC is thriving in growth:
Is It a Good Time to Sell a House in Charlotte, NC?
Due to changes brought upon by the pandemic, unemployment rates have risen in the past year. Fortunately, Charlotte has been recovering in recent months. Unemployment rates went down by 4.3% in the past few months.
Experts have forecasted an increase in Charlotte, NC’s employment rates. Compared to 2020, the rates have gone up 0.5% or more in 2021. Increases in gross state product (GSP) in many industries are projected to increase. To name a few: agriculture, education, and health services.
It is a great time to sell a house in Charlotte, NC as Charlotte’s economy is reaching a very critical point in its growth and development. Many changes are coming, aside from those mentioned above. As the U.S. continues to heal from the pandemic’s damages, Charlotte continues to thrive.
Agriculture holds the highest increase in employment and GSP at 20% in North Carolina. All nonagricultural sectors will also be experiencing increases in the following months. With the potential for employment increasing come more reasons to invest in Charlotte, NC.
Is the Real Estate Market Good in Northern Carolina?
Charlotte, NC has had no problem keeping up with the national real estate market’s pace, so its real estate market is great. With the persistence of job openings and affordable homes, people are gravitating towards Charlotte.
Since homes are becoming more in-demand, prices have continued to rise. Home sellers are beginning to profit more and more. The appreciation value of houses in Charlotte, NC continues to improve. These signs point towards the excellent development of the housing market in Charlotte, NC.
Watch Nancy Braun’s latest video update on Charlotte Real Estate Market: Click here.
What else can Charlotte, NC’s Real Estate Market offer?
1. It Will Continue to Grow in Value
The median home value in Charlotte, NC is $310,339. This is an amount slightly higher than the average in national terms. Better still, the real estate scene will grow significantly in the coming seasons. The higher value on pricing means Charlotte homes are a good bargain for future valuations.
The value of homes in Charlotte has grown by 59% in the past five years. In the previous year, they grew 11.8%. Despite the higher price of median home value, investors still find steals within the city.
2. The Market Is Expected to Appreciate Quickly
Does this mean you should immediately invest in a Charlotte, NC home? Anyone who invests in Charlotte now can likely reap good benefits later. The growing population can lead to an increase in demand. This translates to appreciation and properties with progressive increases in value.
Since prices continue to be high, there’s a possibility for lesser profit. That doesn’t push opportunities off the table.
Charlotte, NC presents excellent opportunities for long-term investing. The real estate market will continue to boom.
3. Homes Sell Quickly
Some might see the higher median rate as alarming or risky. It can be more beneficial than it first seems. This is all thanks to the economic growth occurring in Charlotte, NC.
For investors, higher pricing can be paired with capitalizing on the property. Any seller can justify their sale today with the rental income they can make in the long run. This can present opportunities for substantial investments.
Borrowing and taking out loans from banks are also more affordable today. Interest rates have gone down. This can also be a factor that justifies the higher prices in the market. Both this and the increasing demand for housing in Charlotte contribute significantly to how quickly homes can sell.
Charlotte is an ideal city for any kind of person. Whether you are a buyer, seller, investor, or renter, here are a few things you might want to take note of:
4. People Looking to Rent Can Find Their Perfect Home
The continuously booming activity in the rental market of Charlotte suggests this is true. The rent is considerably affordable. This can be a significant factor, considering the good quality of life Charlotte can offer.
Since the population is growing, demand also increases. More jobs have opened up. This is beneficial for both investors and renters. Depending on the residential area, rents can go as low as $850 or as high as $1,900 per month.
The neighborhoods offering affordable renting options are Bradfield Farms, Cedarbrook Acres, and Avensong. Uptown Charlotte, Eastover, and The South End are the areas with higher ranges of rent.
How Fast Are Homes Selling in Charlotte?
You can sell homes in Charlotte for as fast as after 13 days on the market on average. The area is undoubtedly attractive to sellers and investors. The same can be said for buyers and people looking to rent.
Many factors contribute to this, one of those being Charlotte’s quality of life. Charlotte’s growing population thrives for many reasons.
There are many things to do in Charlotte, NC. Whether you’re looking to invest or live there, many advantages come with the area. If you’d like to know more, Showcase Realty can tell you everything.
Here’s a mini tour of the beautiful Queen City -- Charlotte:
Whether you might be looking to buy a home or sell your home in Charlotte, NC, Nancy Braun and the team at Showcase Realty can provide the best quality of service to you. Call us at (704) 997-3794 today.