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Charlotte – One of America’s Fastest Moving Housing Markets

There has never been a better time to invest in Charlotte, NC real estate. This bustling southeastern metropolis has grown exponentially over the last few years due to an influx of small to midsized tech companies. According to the Bureau of Labor Statistics, the unemployment rate has dropped from 5.4 percent in March of 2015 to 5.1 percent in March of 2016. Both of these factors make Charlotte an attractive place not only for young professionals, but for families of any age.

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As Charlotte’s job market grows, the local real estate market continues to improve. A recent study by Trulia showed that nationwide, homes are moving off the market faster than they were a year ago. In Charlotte, 65.2 percent of homes are still on the market after a month. This is significant considering 73.6 percent of homes were still on the market after a month in April of 2015.  While the “Costly Coasts” are still very popular places to invest in real estate, the historically slower markets, particularly those in the “bargain belt” are finally heating up, and trade-up homes in both markets have seen the biggest decrease in inventory.

Top 10 Housing Markets Where Homes Are Coming Off the Market Faster than A Year Ago
# U.S. Metro % of homes still for sale after one month April 2016 % of homes still for sale after one month April 2015 Percentage Point difference in share still for sale, 2016 vs 2015 Median Home Value, April 2016
1 Long Island, NY 76.9% 88.6% -11.7 points $409,500
2 Colorado Springs, CO 53.2% 62.0% -8.8 points $230,000
3 Charlotte, NC 65.2% 73.6% -8.4 points $166,125
4 Louisville, KY 59.5% 67.7% -8.2 points $134,900
5 Cincinnati, OH 63.1% 70.9% -7.9 points $138,500
6 Kansas City, MO 59.6% 66.3% -6.7 points $144,900
7 Chicago, IL 62.5% 69.1% -6.5 points $204,000
8 Atlanta, GA 65.3% 71.9% -6.5 points $169,000
9 Cleveland, OH 68.9% 75.4% -6.5 points $124,000
10 Raleigh, NC 69.6% 67.1% -6.4 points $219,900
Note: Among the 100 largest U.S. metros. The one month shares and the difference are rounded to the nearest percentage point, and the difference was calculated before rounding; therefore, the rounded difference might not equal the difference between the rounded shares.

 

downtown ChalrotteInterested in snagging a piece of desirable Charlotte real estate for yourself, but unsure where to start? There are Charlotte neighborhoods for every age group and budget. Young families will be happy in one of Dilworth’s adorable single family homes.

Young professionals can find a reasonably priced condo in Downtown Charlotte’s Fourth Ward Neighborhood, conveniently located near many businesses, restaurants and nightlife options. Looking for more space? South Charlotte’s many neighborhoods are perfect for large lots and sizable homes. Contact one of On the Move Charlotte’s knowledgeable agents to get started on your home search today!

 

Trulia: Charlotte One of the Best Places to Own Real Estate Since 2012

This article is a special contribution for On the Move Charlotte by Sam Brannan of Trulia

North Carolina’s real estate market is thriving after home prices hit rock bottom four years ago. If you’re considering a new location to settle down with high job wages and affordable home prices, Charlotte, North Carolina is worth considering. The city’s strong economy, beautiful neighborhoods, fun attractions, and good schools make Charlotte an ideal location to buy.

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Recent market trends show that there are many affordable neighborhoods in Charlotte.  For instance, Stonehaven and Cotswold are ideal for families looking for reputable school districts. Looking for a bargain? The start of the new year is the best time in to buy in Charlotte. The median sales price for homes is now just $174,000 down from $190,000 in December.

There are a growing number of job opportunities and startups in North Carolina. The household income median for Charlotte is now up to $46,975 with a job growth rate of 9.97 percent since 2012. In addition, the job market has vastly improved as the unemployment rate has decreased by 43.75 percent.

 

Best Places to Own Since the Market Bottom 2012
# US Metro Owner Index % of Job Growth % of Change in Wages % of Change in Unemployment % of Change in Vacancy % of Change in Housing Values
1 San Jose, CA 92.8 12.59% 11.64% -45.73% -35.58% 44.38%
2 San Francisco, CA 97.2 14.43% 20.26% -46.97% -20.70% 42.81%
3 Denver, CO 90.8 11.49% 6.35% -44.77% 24.30% 29.69%
4 Seattle, WA 86.6 8.80% 9.90% -41.81% -19.15% 28.66%
5 Orange County, CA 82.2 7.77% 6.30% -41.32% -26.30% 28.19%
6 Oakland, CA 81.6 9.38% 4.59% -43.00% -35.39% 48.50%
7 Raleigh, NC 81.2 10.71% 6.72% -41.01% -21.03% 13.12%
8 West Palm Beach, FL 80.8 10.47% 5.60% -41.81% -15.13% 34.67%
9 Charlotte, NC 80.6 9.97% 6.78% -43.75% -15.16% 12.37%
10 Houston, TX 78.8 11.43% 8.88% -38.37% -17.40% 10.49%

 

If job opportunities weren’t enough, there’s also a lot to do in the Charlotte area for families. Discovery Place, one of the leading science centers in the country, is great place to geek out on engineering and technology! For the more outdoorsy folk, the UNCC Botanical Gardens and King’s Mountain are gorgeous places for sightseeing.

Charlotte isn’t the only city North Carolina that has seen a boost in its real estate market. Other North Carolina cities such as Raleigh and Greensboro also stand out as areas with great opportunities for owners since 2012.  If you bought a home in Charlotte since the prices bottomed in 2012, the economy has given you a return on investment.

 

Thanks to Trulia for the great stats and information on Charlotte’s overall real estate market. Are you ready to buy or sell a home? Give us a call!