The odds of finding a for sale sign outside a property in Mecklenburg county are high but chances are there will be a bidding war before it’s sold within days or even just a few hours.
The U.S. housing market has seen a significant rise through the pandemic and Charlotte is certainly not an exception, according to Mecklenburg County officials, who briefed county commissioners about the local real estate market recently during their annual retreat.
“We’ve seen large increases in our housing market throughout the year,” said Michael Simmons, the county’s economist.
According to county data, it’s a seller’s market where 99.2% of those sellers are getting their asking price or more within 23 days of being on the market.
Millennials are a driving force behind the seller’s market. These first time homebuyers are interested in taking advantage of record-low mortgage rates. According to Simmons, there is a growing number of 20 to 25-year-olds moving from apartments to homes.
A recent report released by NerdWallet found an estimated 26 million hope to become first-time home buyers within the next five years. The survey also found that 44% of Americans have worked remotely since last March and that’s giving them the confidence to buy in a different location.
Over the next few decades, the Mecklenburg county estimates around 600,000 people will to move to the area. A majority of those are expected to move towards the state-line.
The pandemic temporarily sank the housing market in the state but Realtor.com’s Housing Market Recovery Index indicates that the Charlotte metro area has not only managed to recover but is one of the best places to buy a home as well as invest in real estate in 2021.
The Emerging Trends in Real Estate 2021: US and Canada report, ranked Charlotte number five in the top 10 of best places to invest in real estate in 2021. The city is being labeled as a “New Boomtown” as more people continue to migrate to the Queen City during the pandemic.
Charlotte has also been labeled as an “18-hour city.” Urban Land Institute defines “18 hour” cities as a small or medium sized city with above average urban population growth, a low cost of living and a low cost of doing business. The area is known for its diverse lifestyle, a mix of a big city and suburban feel with an influx of workers from other cities.
The 2021 Charlotte housing market is forecast to rise due to strong real estate appreciation, a growing job market and a steady increase in population. Currently the median home listing price is almost $325,000 with a median sold home price of $295,000.