Forbes recently listed Charlotte as one of the top 10 fastest growing cities in the country – #4 to be exact. The ranking was based on the percentage growth in population from 2007 to 2012; Charlotte had a 15.8 percent population gain during the five-year period to 775,202. The ranking comes shortly after the Charlotte was ranked No. 8 on Forbes’ “Best Big Cities for Jobs” list, with 3.3 percent job growth in 2012.
So what does this mean for the Charlotte real estate market?
Obviously this means more people are moving in to the market. This, in turn, means more demand in a market where there is already a bit of an inventory shortage. As a result, we’re seeing multiple offers on existing homes, with the homeowners selling for their asking price or higher. (If you’re in a multiple offer situation, check out our recent posts on handling them as a seller or a buyer.)
However, we’re also seeing a decrease in houses that have negative equity. And while home prices are not back to their peak, this means there are fewer houses that would be in a short sale situation, which may mean a growth in inventory on the market in the near future.
Zillow reports that Charlotte is still a buyers’ market as a whole. However, just like other major markets, Charlotte is made up of micromarkets, with some neighborhoods more popular than others. You may find popular neighborhoods in the Charlotte area to be sellers markets, with few homes for sale and great demand for those that are on the market.
Robin Husney, Your Charlotte NC Real Estate Specialist
Image: Andrew Jenkins