Charlotte is expected to have a top-performing housing market next year. Chief Economist, George Ratiu of Realtor.com ranked Charlotte number three in the top 10 housing market in for residential real estate in 2021.
Charlotte’s year-over-year growth in home sales in 2021 is anticipated to be 13.8% with prices forecasted to grow 5.2% over the year. According to realtor.com data, the median home price in Charlotte is currently $368,819.
“This past year, we’ve all become more reliant on technology to work, learn, and maintain personal connections. The technology hubs that make this possible are thriving, as are their housing markets,” said Realtor.com’s Chief Economist Danielle Hale. “Additionally, the relative stability of government jobs in the past year has driven home prices and sales in several state capitals to the top. Homebuyers, particularly younger first-time buyers, looking in one of these markets should expect rising prices and heavy competition. Meanwhile, sellers will remain in a position of power, but will find themselves on the other side of the bargaining table when buying their next home.”
Realtor.com notes that the top housing markets in its ranking will be driven in 2021 by several factors: millennial homebuyers, relative affordability, strong local economies and markets that are state capitols.
Cities like New York or San Francisco are commonly thought of as the leaders of business and technology, but the high cost of living paired with housing prices per square foot have made it less economical for recent college grads or older millennials looking to raise their families. Living in these cities is starting to make less sense when you consider this year has seen telecommuting becoming the norm.
This is where the Queen City comes in. Charlotte, North Carolina is continuing to establish itself as a rising tech hub with many jobs in technology, education, government and healthcare. Close proximity to colleges like Duke University, North Carolina State University and UNC at Chapel Hill – known as the “Research Triangle” makes Charlotte a logical place to kickstart one’s career. This coupled with a median home price of less than $370,000, makes Charlotte an extremely attractive and affordable place to live.
With all the attention on Charlotte, home prices are on the rise. If predictions are correct home prices will continue to rise over the next year. The average home price is expected to be $387,988 this time next year.
The Top 10 markets for 2021 are:
- Sacramento, CA
- San Jose, CA
- Charlotte, NC
- Boise, ID
- Seattle, WA
- Phoenix, AZ
- Harrisburg, PA
- Oxnard, CA
- Denver, CO
- Riverside, CA