The Charlotte, NC Metropolitan Statistical Area includes approximately 2.5 million people. Greater Charlotte is one of the fastest-growing cities in the nation, and in fact, the fastest-growing city in the Southeast.
During 2020, Charlotte’s multi-year trend of general growth – and the resulting robustness in the housing market – hasn’t slowed down, even under the dark cloud of COVID. That says a lot. Charlotte is still a strong job market and currently ranks in the top 20% nationally for real estate appreciation. On average, even these days, homes in Greater Charlotte sell after only 35 days on the market. According to research by the Canopy Realtor® Association in the second quarter of 2020, the median home sale price was $290,380, an impressive 11.7% increase from last year. According to Zillow, Charlotte area home prices have increased by about 45.2% in the past five years.
So, all of these great statistics mean that Charlotte is a home seller’s market, right? Well, yes, but if you look more closely, the area’s continuing trend upward proves that this is also a home buyer’s market, especially when it comes to newly-built homes. LittleBigHomes.com estimates that there is an 88% probability of Charlotte-area home prices rising through the third quarter of 2021. So, the same logic applies to buying a new home here that applies to buying a fine piece of art or stock in a rapidly-growing company: Buy NOW, when the value is only going to go UP!
The reasons behind Charlotte’s favorable new home market are clear, and they don’t show signs of changing in the foreseeable future.
Future job growth in the Charlotte area over the next 10 years is predicted to be just over 45%, over 10% higher than the predicted national average. Roughly 100 people per day move into the area, mainly because of new jobs. Whether you are new to Charlotte or not, now is a great time to buy a new home, with features and designs that fit current living styles and will still feel fresh even a decade from now. This will not only continue serving your lifestyle but also the lifestyles of potential incoming buyers over the next several years.
Charlotte has a median age of 34, several years younger than the national average, primarily because people in their early and prime income-earning years are moving here for work. And it’s not just the “newbies” that are driving the housing market; young adults from here who stay to raise families (as many do) will keep the Charlotte housing market in an upward trajectory. Whether transplants or “home-growns,” Millennials are a key factor in this area’s housing market growth. (And let’s face it, the Millennials are one of the largest generation groups in US history, so you do the math.)
US News ranks Charlotte among the top 22 best places to live in the United States. Overall amenities, cultural outlets, safety, and that all-important job opportunity level are fueling the area’s popularity. Long story short, for people across the country looking for a great major metropolitan area to live, Charlotte is definitely on the map. Relatively low property taxes in the Charlotte market can also be considered a quality of life factor – after all, more money in the bank after taxes means more available to spend on entertainment, recreation and consumer goods.
For the past several years, and for years to come it seems, Charlotte remains one of the most popular major cities in America. Today’s low mortgage rates make this an especially good time to purchase a new home, and if you can do that in one of the nation’s top-rated cities, so much the better! Whether you’ve just moved to the area or you’ve lived here all of your life, Charlotte can be your definition of “home.”