Now is a smart time to lease to own homes in Charlotte, NC. The city of Charlotte is one of the best places in the country for overall job growth and career opportunities. In addition, Charlotte is the second largest banking hub in America behind Wall Street. It is also one of the most romantic cities in America, one of the top cities where Millennials are moving, one of the top craft beer cities, and a quickly growing culinary hotspot. Charlotte’s local slogan “It has a lot.”, is not just fluff.
# 7 Best Places for Business and Careers
#51 in Cost of Doing Business
#21 in Job Growth
#60 in Education
2017 brought with it a boom in Charlotte’s real estate market, and experts are hopeful about 2018 expecting more of the same growth. Taking a look back at 2017 the majority of real estate market segments in Charlotte showed gains. The prices of homes increased, new apartments were popping up on the market in increasing numbers, and a new office tower took its place among the silhouette of downtown Charlotte forever changing her skyline. The promise of that continued growth is evidenced by the presence of cranes and construction crews as they busy themselves on new projects all over town.
Despite all this, there is still some pause to jump on the train to Charlotte just yet. Apartment vacancies have increased roughly forty percent which could indicate a shift to a slowing rental market and may translate to the housing market shortly after. While rising vacancy rates for apartments is great news for renters in Charlotte, it does not address homeowners. A lower inventory rate of available homes on the market has helped to keep the prices rising, but we think the market may be cooling off just a bit in Charlotte, NC as new entries into the MLS have jumped up eight percent since this time in 2017. This increase signals an increased supply of homes on the market, but we will have to wait to see how this year plays out for demand. We are hopeful the increase in supply could mean potential buyers feel less strain on their pocketbooks and are more hopeful to purchase a home as prices level out.
Metro Population: 2,479,600
Major Industries: Financial services, Motorsports, Energy
Gross Metro Product: $139.1 B
Median Household Income: $56,731
Median Home Price: $219,000
Job Growth (2016): 3.7%
Cost of Living: 2% below nat’l avg
College Attainment: 34.4%
Net Migration (2016): 8,610
Recent trends in most major cities, including Charlotte, show a shift away from traditional suburban development centered around strip malls and corner stores. City cores seem to be expanding, and the older, run-down districts are being snatched up by investors and converted to updated restaurants, retail centers, markets, clubs, or venues. This trend of commercial centers growing near city cores has, in turn, increased the demand for housing near those areas. This type of urban development seems to be a main driving force in the real estate market in Charlotte and the rest of the country as well.
This uptown style of growth does push people out of the city core and into the suburbs, putting a strain on Charlotte housing market that frankly, could do a better job of constructing new single-family homes instead of focusing on apartment construction.
Still, the market in Charlotte remains very tight compared to the national average. The supply of homes in Charlotte averages about nine to ten weeks or about two and a half months. A balanced market should see an inventory in the four to the six-month range, so demand in Charlotte is still quite strong.
There are plenty of lease-to-own homes available in Charlotte, NC. Take a look at our listings and schedule a tour today.
APA: Charlotte, Nc – Forbes. (n.d.). Retrieved from https://www.forbes.com/places/nc/charlotte/