Thanks to the low cost of new home construction, Charlotte is in a prime position to attract new home buyers for the next decade and years to come. That’s according to an article by Redfin. Charlotte is among four smaller metros that include Spokane, Las Vegas, and Orlando which were all highlighted in the article.
This is the latest of several recent reports that recognize Charlotte’s strengthening housing market. An article last year from Redfin indicated that the Queen City would reap benefits from homebuyers looking to relocate from more expensive markets. Forty percent of Redfin users from outside the metro area were searching for homes in Charlotte.
Helping with the growing housing market, is Charlotte neighborhoods being named as some of the best in the country. In 2019, the Wildwood community was recognized as a ‘Top 10 hottest neighborhoods to watch in 2020,’ trending among home buyers at number three.
“Wildwood, just 15 minutes from downtown Charlotte, is one of the few affordable remaining areas where you can find homes under $250,000. They’re cute, ranch-style, brick homes, too, that aren’t in cookie-cutter neighborhoods,” Redfin Charlotte market manager Marcy Prentiss said. “Homebuyers have increasingly been moving east and west of Charlotte,” she goes on to say, adding that “there’s a new development under construction nearby that will include townhomes, shopping and entertainment.”
This comes on the heels of a Zillow article that shows some optimism with naming Charlotte as one of the top cities to outperform the national market. In a survey of 110 economists and real estate experts, panelists say the national market is expected to see home values grow by 2.8% this year. Fifty-nine percent of respondents expect Charlotte to outperform the national average while forty-one expect the market to perform about the same as the national average. While Austin, not Charlotte, took the top stop of home value growth, it was also noted that Charlotte was the only market among the 25 cities analyzed in which none of the panelists said it would under perform in growth in home prices compared to the national market.
Household incomes in Charlotte are growing 5% annually and jobs grew 2.9% in 2019. That is above the national rate of 1.4% according to the report. This is all good news for homebuyers and job seekers moving to or currently living in the metro area.