Charlotte, North Carolina: The Queen City’s Housing Boom Looks To Be Continuing Into 2017
Charlotte North Carolina’s Housing Boom Is on the Upswing
Charlotte, North Carolina is a city long-known for its major commercial hub and capsule history. Yet recently, Charlotte has garnered attention for its hot housing market. Interest in moving to Charlotte has surged, and queries for where to live in Charlotte have increased exponentially over the past couple years.
Even on our own site, according to internal research, Charlotte makes up 7% of the state’s traffic to the site, more than any other city, and twice as much as the next most popular city, Raleigh.
As a tertiary housing market on the rise, it is important to identify where the city is seeing signs of growth that are contributing to Charlotte’s housing boom. Equally as significant, it is essential to understand the causes behind the forecasted housing growth in Charlotte. So let’s dig in. Read on to learn what you need to know about Charlotte, North Carolina’s housing boom projected into 2017 and beyond.
Signs of Growth in Charlotte’s Real Estate Market
Two of the largest signs that Charlotte, North Carolina will continue to experience a housing boom into 2017 are 1) the continued disappearance of foreclosures, and 2) a sustained pattern of the median home price increasing. According to real estate research, the number of “zombie foreclosures,” defined as homes abandoned by homeowners prior to the bank repossessing the properties, in Charlotte is shrinking. This is a positive sign for the Charlotte real estate market, as a reduction in zombie foreclosures parallels an increase in maintained yards and increased neighborhood values.
Additionally, Charlotte is seeing consistent increases in the city’s median home price – a sustainable trend for the past 56 months. The Charlotte real estate market is hot, home values have gone up 8.1% in the past year alone, and projections for 2017 anticipate that median home values will continue to climb another 4.2% within the next year.
Causes of Growth for Charlotte, North Carolina’s Real Estate Market
So what is causing and sustaining the housing boom in Charlotte? Undoubtedly, Charlotte’s population swell, constant construction presence, and booming economy are the main factors contributing to the Queen City’s housing boom. As potential job candidates visit Charlotte for career opportunities (thanks largely to the booming economy), Charlotte leaves a favorable impression with these prospective residents.
The 2016 Urban Land Institute report commented, “Good job and population growth along with the development of urban centers continues to make the [Charlotte real estate] market attractive to residents. Interviewees generally feel good about the Charlotte market, although some did express concern that the concentration of the financial services industry may not offer the same level of growth as other more technology-oriented markets.”
Yet overall, the city’s impressions are favorable and the growth continues. Larisa Brown, a Microsoft employee and a recent transplant to Charlotte, comments that she made the move to Charlotte for a job prospect in the booming economy. Since moving to Charlotte, she notes, “this city is attracting people like me not just for lucrative job prospects, but for the city itself. Charlotte is a great place to live and work, the environment is manageable, even friendly, for new residents. Many of my coworkers and I are part of the population growth in Charlotte, and we see a real value in being here.”
With more and more potential residents and job candidates finding Charlotte “hip, urban, walkable, and attractive to the millennials,” at least according to Emerging Trends survey respondents, Charlotte’s housing boom looks to be continuing in the year ahead.
And construction is keeping up. Developers are investing in the South End of Charlotte, as many new apartment complexes are being built – again, fueling the housing boom growth by providing new apartments and housing to accommodate population growth.
Act Now: Moving to Charlotte North Carolina
With experts anticipating the Queen City’s housing boom continuing to climb in the year ahead, it is best to act now. If you’re interested in learning more about housing and living in Charlotte, reach out! Homes.com is here to help you navigate the housing boom in Charlotte, North Carolina.
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