Charlotte is a major drawcard for families and professionals who want the quintessential small-town living but with big-city opportunities. As the second largest banking hub in the States, just after New York, it offers a thriving economic landscape while still maintaining that North Carolina old-world charm.
It’s no wonder this thriving community has seen a significant uptick in property demand and its corresponding property price increases. A Redfin report reveals that in October 2023, 26.7% of the properties sold in North Carolina fetched a higher selling price than the listing price. In Charlotte, this figure jumped to 33.7%, which is 9.2% higher than the year before.
The Seller’s Market Will Continue
Charlotte sees a strong domestic migration because of its booming economic activity, growing artisanal foodie scene, low cost of living when compared to cities such as New York and Miami, and high quality of life. It sees around 113 net new residents every day, which pushes up the demand for suitable housing. This demand will continue to grow as there is no sign of the influx of new Charlotte residents slowing down.
Demand and supply affect the housing market and this can lead to an increase in listing prices. In Charlotte, the median house price has increased by 3.9% year-over-year, and for 2023, this median is at $413,500. While this leaves sellers better off with higher profits, it also leads to an inflated property market that pushes up house prices. Over time, this can erode the financial appeal of cities like Charlotte to those wanting to migrate from larger metros.
Property Investment Opportunities
Charlotte provides a steady job market and low cost of living, which leaves residents in a better position to afford proper housing. These factors are important to investors, who rely on rental income to service their overheads and generate a profit. Industry experts believe Charlotte will still be a hot property market throughout 2024.
A Charlotte property can provide investors with a decent return if the aim is to sell it down the line too. There’s a current slump in new construction because of rising interest rates and the high cost of land in Charlotte, which makes property as an investment more attractive. Property developments can bring down the demand and the cost of real estate, and with that lacking in Charlotte, investors with a decent inventory can benefit from the shortage.
A Housing Market Crash
2024 doesn’t seem likely for a Charlotte housing crash to happen, despite the high-interest rates and rising property costs. Charlotte still has a healthy demand for property, a quick-moving property inventory, and a reasonable percentage of properties that sell below the asking price.
Moving Your Charlotte Property Inventory
Charlotte has a healthy demand for property that allows real estate agents and developers to move property inventory quickly. However, to stand a chance at getting the asking price (or even higher), it’s important to appeal to the right market.
The team at Creative Home Stagers does more than stage a property. We create an environment that allows potential buyers to see themselves living there. For sellers, this means more offers on the table. Schedule an appointment now to see how we can help you sell faster and demand a higher asking price.