Charlotte is one of the most desirable real estate markets in America. This is due to a long-standing trend of investors and developers focusing on Sun Belt areas like Charlotte for their economic growth potential. According to the Charlotte Observer report, Charlotte is an 18-hour magnet. Its population growth and job market growth make it a popular destination for both businesses and people.
Charlotte, North Carolina is home to the largest population in North Carolina and the fastest growing metro area in the United States. It is because of its diverse economy and high quality of life that the housing market in Charlotte is so popular. Charlotte is home to some of the most popular pro-sports teams in the United States. It also has one the most pleasant year-round climates in America.
This article will discuss why Charlotte is worth investing in over the next year. Let’s first look at the factors that drive the Charlotte real estate market.
Population growth
Charlotte is one of the most rapidly-growing cities in America, with New Yorkers leading the pack in terms of new residents.
Fox 46 reports that the Charlotte metropolitan area is experiencing a steady increase in population each year. According to the most recent census, Charlotte’s population has increased by almost 20% in the last decade, which is more than twice the state’s growth rate.
Nearly 875,000 residents call Charlotte home, and more than 2.6 million live in the metro area. Charlotte and Mecklenburg County rank near top in U.S. population growth. There are many reasons that people and businesses are moving from other parts of the country to Charlotte.
Key Population Statistics:
- Charlotte is home to over 2.6 million people and is the 23rd largest metro area in the United States.
- According to the U.S. Census Bureau, Charlotte’s population has increased by 0.6% annually and 19.6% in the last ten years. Census Bureau.
- Charlotte has seen a net increase in the population of more than 143,000 residents over the past decade.
- The growth rate for Charlotte is 50%, while the region of Lancaster and suburban York are expected to grow at the fastest rates.
Job market trends
According to the Charlotte Regional Business Alliance, Charlotte had nearly 4,700 new jobs and almost $2.2 billion of planned capital investment in Q1 2022. North Carolina expects to create 300,000 new jobs by 2028. Most of these will be in Charlotte and Raleigh.
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Seven Fortune 500 companies call the metro area home. It also houses the 2nd largest banking center in the country, after Wall Street. The job market in Charlotte is highly charged with high-tech, white collar and service- and distribution jobs. Concord, a suburban city in the Charlotte metropolitan area, was recently named one the 20 fastest-growing U.S. economies.
Employment Statistics:
- The GDP in Charlotte has surpassed $184.8 billion and has grown by almost 65% over 10 years.
- The employment rate in Charlotte has increased by 3.77% over the past year, while the median household incomes have increased by 6.98%.
- According to the BLS April 2022, the Charlotte metropolitan area has a 3.2% unemployment rate.
- The region of Charlotte added 75.491 jobs in the last 12 months. Transportation and warehousing saw the greatest growth, followed by finance, insurance and real estate.
- Charlotte is expected to create nearly 137,000 jobs between now and 2028.
- According to Forbes, Charlotte is the seventh best place for business and career opportunities. has been ranked #5 in the top cities for jobs.
- Charlotte has seen a rapid growth in technology jobs over the last five years. This makes Charlotte one of the most talented cities.
- Charlotte is home seven Fortune 500 companies, including Honeywell, Nucor and Lowe’s as well as Sonic Automotive, Duke Energy, Sonic Automotive and Brighthouse Financial.
- Other notable companies that are based in Charlotte include Compass Group USA’s Eastern Headquarters, Food Lion, Compass Group USA and Dixon Hughes Goodman. Albemarle Corporation is another chemical company.
- Coca-Cola Bottling Co. has its headquarters here. It also has the second-largest Charlotte bottling plant.
- Fluor, Piedmont Natural Gas and Siemens Energy are some of the major technology and energy companies that do business in Charlotte.
- The University of North Carolina at Charlotte and Johnson & Wales University are just a few of many major colleges and universities in the Charlotte metropolitan area.
- Charlotte’s residents hold 89.8% or more high school degrees, and 36.2% have a bachelor’s degree or advanced degree.
- Interstate Highways I-85/77 intersect in the middle of Charlotte. They serve as major transportation and distribution routes to major American cities in the east, southeast and midwestern U.S.
- Charlotte Douglas International Airport ( CLT) served nearly 50 million passengers in 2018 and handled close to 180,000 tons of cargo.
- Charlotte is a major NASCAR center. The Blumenthal Performing Arts Center attracts top talent from all over the globe. Major professional sports teams such as the NFL Carolina Panthers or the NBA Charlotte Hornets call Charlotte home.
Real estate market
According to Realtor.com, home prices in Charlotte will rise by 5.6% by 2022 and sales volume by 9.9%. WalletHub ranked Charlotte as the best realty market in 2021, while Realtor.com ranked Charlotte the best Southeast housing market in 2021.
Key Market Statistics:
- Zillow Home Value Index ( ZHVI), Charlotte, is $396 619 as of May 2022.
- Charlotte’s home values have increased by 30% in the past year.
- Charlotte’s home values have increased by 94% over the past five years.
- Based on the latest report from Realtor.com (April 2022), the median list price for a Charlotte single-family home is $400,000
- The median listing price per square footage for a Charlotte home is $223
- The median number of days on the market is 35.
- The median sold price for a Charlotte single-family home is $401,700.
- The ratio of sale-to-list prices is more than 104%. This means that Charlotte homes are selling slightly higher than the asking price.
- Myers Park, Charlotte’s most expensive neighborhood, has a median listing price $1.4 million.
- Marshbrooke is the most affordable area to buy a house in Charlotte. The median listing price for a Charlotte home is $299,000.
Attractive renters’ market
It is becoming more difficult for younger buyers and those with lower incomes to buy a house. The influx in investors purchasing houses and making them rental properties in Charlotte makes it harder to get a house. In fact, Charlotte has been ranked as one of the most desirable markets for developers and real estate investors over the past several years due to its growing population and boom in high-tech jobs.
Key Market Statistics:
- According to the most recent research by Zumper, Charlotte’s median rent is $1,900 per monthly for a 3-bedroom house.
- Charlotte’s rents have gone up by 8% over the past year.
- The average Charlotte rent has increased by 30% in the past three years.
- The market’s 43% occupied housing units are occupied by renters in Charlotte.
- Renters in Charlotte have the most affordable areas: Oaklawn, Reid Park, and Tyron Hills, where rents start at $975 per month.
- The highest rent neighborhoods in Charlotte include Third Ward, Barclay Downs and Second Ward. Rents range from $3,911 to $5,293 per month.
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Historical price changes and housing affordability
Renters can use a variety of metrics to assess the demand for Charlotte rental property, including historical price changes and affordability.
According to Freddie Mac’s monthly Home Price Index (FMHPI) report, home prices in the Charlotte-Concord-Gastonia MSA have grown by nearly 83% over the past five years:
- April 2017 HPI: 153.6
- April 2022 HPI 281.0
- 5-year change in home prices: 82.9%
- One-year change in home prices: 27.3%
- Monthly changes in home prices 2.2%
Kiplinger also publishes data about home price changes and affordability for the top 100 U.S. housing markets. Recent performance data for Charlotte’s real estate market include:
- The Charlotte home price index has fallen 12.4% since the peak of last real estate cycle.
- Charlotte’s home prices have increased by 77% since the bottom of the last real estate market cycle.
- The Charlotte metro area’s housing affordability is rated 4/10, meaning it is among the most affordable areas to buy a home in the U.S.
Quality life
Charlotte is a great place to live, work, and play.
Mecklenburg County, where Charlotte is located, gave nearly a dozen reasons why Charlotte and North Carolina are booming during a recent economic updates presentation.
Stats on the Key Quality of Life:
- The cheapest city in which to start a tech startup.
- Top tech momentum market.
- The metro area with the greatest growth in women-owned businesses
- Best regional medical group – Carolinas Medical Center.
Find the map
How do you begin your search? Roofstock has created a heatmap of Charlotte using our Neighborhood rating dynamic algorithm. This allows you to make informed investments by measuring school district quality and home values as well as employment rates and income levels.