Millennials looking for more affordable areas to raise families have sought out Charlotte, North Carolina, Opines Hirav Shah, The Globally Famous Real Estate Astrologer, Strategist & Advisor.
With work from home options, Charlotte has much to offer from good schools to mild weather. There is lots of new construction as builders respond to demand. The property values are on the rise in Charlotte.
There are a lot of people that relocate here either to retire or escape the harsh winters. There is an acceptance of people from other places and here in the city, much of the population has roots in other places and cultures.
Meanwhile, the Future of Charlotte Real Estate is promising, encouraging, hopeful and bright and will continue to be so, Opines Renowned Real Estate Strategist, Hirav Shah.
Table of Contents
Future of Charlotte Real Estate
1.Multiple Pluses
It’s true that investors can choose any area of the United States to invest in. But Charlotte is special as far as real estate is concerned.
Good climate (but rainy) and good air quality. Good ratio of doctors per capita. Strong economy. No state estate tax. No state income tax on Social Security. Strong volunteering culture. Somewhat bikeable. Moderate FEMA natural hazards risk; low risk of climate change.
2.Mortgage Rates Have Been Lower Than Ever Before
It’s no secret that mortgage rates have been lower than ever before, which played a big role in the Charlotte, NC, real estate boom. More people could afford to buy homes with low rates, whether it was investors or primary homeowners.
As long as rates remain low, it will be easier for people to become homeowners. This includes investors who want to jump into the investing game. With the way the stock market crashed during the pandemic and wiped many people out, diversifying into real estate can be a great way to offset that from happening again, and now’s a great time to consider investing in Charlotte.
3. Favourable Renter’s Market
The higher population, stable job market, and increasing housing prices naturally lead to a booming renter’s market in Charlotte. The population itself has grown tremendously over the last year, but it’s also the demographics that have changed.
Charlotte sees a large influx of millennials in the area. Millions of millennials are still in the renting phase of their lives, which has increased the demand for rental properties in the area. This is great news for investors looking to set up roots in NC.
According to a recent report, Charlotte has a homeownership rate of 52.9%, which is lower than the national average of 64%, making it a great area to invest in rental properties. With increasing values, the demand is high, and investors can charge higher rent prices, increasing their cash flow even further.
Market Stats
1.Homes values in Charlotte have increased by 16.4% over the last year.
2.Over the past five years home values in Charlotte have increased by 59%.
3.Median list price of a single-family home in Charlotte is $355,000 as of July 2021.
4.Median listing price per square foot for a home in Charlotte is $197.
5.Days on market (median) is 39.
6.Median sold price of a single-family home in Charlotte is $340,000.
7.Sale-to-list price ratio is 96%, meaning that homes in Charlotte are selling for very close to the asking price on average.
8.Of the 157 neighborhoods in Charlotte, Myers Park is the most expensive with a median listing price of $1.1 million. Most affordable neighborhood for buying a home in Charlotte is McAlpine where the median listing price is $220,000.
Final Thoughts
Charlotte, North Carolina is the most populated city in the state and one of the fastest-growing metro areas in the U.S. The diverse economy and quality of life in Charlotte helps to explain why the real estate market is so hot. The Charlotte metro area is the second-largest financial center in the U.S., home to popular pro sports teams, and has one of the best year-round climates in the country.
In many cities across the country, real estate is hot. Homes are in high demand and selling at a premium. It’s a boon to sellers who often field multiple offers above the asking price and find their homes sold in a day. For buyers, this presents an ever-growing challenge.
Charlotte’s real estate market is white-hot. Inventories are at historic lows which is driving prices up. Interest rates are low, driving demand and prices.
Therefore, the future of real estate in Charlotte is hot and bright and strong in 2021 and beyond, Concludes Hirav Shah, India’s Most Influential Real Estate Guru, Strategist, Advisor and Astrologer.
