Anyone with a stake in the housing market of Charlotte, NC can look forward to continued strength and bright prospects in 2017.
Rosy outlook for 2017
Charlotte’s housing market will experience steady growth this year. There will be a 4.3 percent increase in annual sales price for the Charlotte-Concord-Gastonia area, while sales activity will climb by 6.3 percent.
The highest annual increase for residential real estate was seen in September 2016, along with year-over-year gains ranging from 4.2 to 6.2 percent for local home prices.
Sales activity is on the upswing despite fluctuating the previous year, falling by 10.6 percent in January 2016 and regaining momentum in August, which saw a 10.4 percent increase. The positive effects will continue to resonate within the local housing market throughout 2017.
There will also be an uptick in home ownership, which is projected to jump to 63.5 percent this year — up from 62.9 percent in 2016. New home sales are also expected to increase by 10 percent.
Other housing trends
Other notable housing trends to emerge this year include lower inventory and fast turnarounds on home sales. Price and sales increases will be most prevalent in the western states, and millennials will continue to relocate to cities in the Midwest in high numbers.
Millennials and baby boomers are expected to dominate the housing market, with the latter making up 30 percent of all buyers in 2017. These two demographic waves will drive the market for the next 10 years.
The third best real estate market in the United States
PwC and the Urban Land Institute (ULI) named Charlotte the third most desirable real estate market in the country in its 2016 Emerging Trends in Real Estate report, beating out other southern cities in the rankings.
ULI recommended thriving secondary markets like the Queen City as a place of interest for property investors who want to get more value for their investments. Secondary markets are characterized by relatively lower costs of living and strong growth potential.
Myers Park, Eastover, and the Ballantyne area are being touted as the hottest neighborhoods in Charlotte for this year. Myers Park, in particular, is highly sought after for its walkability, schools, and proximity to uptown Charlotte.
Looking for a home in the city? Call the Zanthia Hastings Team at 704-947-2165 or send an email to firstname.lastname@example.org.
The Queen City’s growing population, construction boom, and strong economy are the primary factors that contributed to its ranking in the PwC and ULI report. Charlotte is the site of several high-profile, large-scale developments like casinos and studios. Dozens of highrises are in the pipeline in Uptown and Southend. The development of urban centers has also drawn buyers and investors to the city.
Job growth is another key factor. Charlotte’s financial services sector continues to drive local real estate, but an emerging tech sector and a flourishing startup scene are also augmenting the economy. The city’s tech talent pool has grown by 75 percent since 2010, and the number of tech jobs increased by 33.2 percent from 2013 to 2015.
For more information on the City of Charlotte, visit their official website.