As we leap into 2017, the local market trends are climbing steadily. Recent reports list Charlotte as the third-most attractive real estate market in America. Our rapidly growing population, booming economy, and strong construction presence are the main factors that led to the ranking.
As of late 2016, the inventory of homes for sale dropped by 24.9% to 9,770, the second month last year to dip below 10,000. The average sales price grew by $19,525, or 8.1%, to $259,205. The percent of original list price received was 96.2%, an increase of 1.3% from 2015, and the number of days from list to close dropped yet again, this time to 103 days, a decrease of 11.2%. The most significant indicator of future growth, the number of accepted offers that have not closed, saw a gain of 27% to 3,382.
The Charlotte region is about to see some large scale development with the new $600 million Hard Rock Casino, $350 million film studio, and dozens of new high rises in Southend and Uptown. “Good job and population growth along with the development of urban centers continues to make the market attractive to residents. Interviewees generally feel good about the Charlotte market, although some did express concern that the concentration of the financial services industry may not offer the same level of growth as other more technology-oriented markets,” the report commented.
Dallas ranked #1 and Austin #2, but the Queen City easily beat out its rival southern cities; including Atlanta (No. 5), Nashville (No. 7), and Raleigh (No. 11).
The report advised real estate investors to seek out thriving secondary markets, such as Charlotte, instead of the biggest markets (NYC, LA, Chicago, etc) in order to find more value in investments: “These secondary markets boast lower costs of living—particularly in housing—and strong growth potential.”