Charlotte, NC is an urbanized area in the southwestern portion of the state. It lies directly beside the border with South Carolina, just a few miles east of the Catawba River. Right now, it is the most populous North Carolina city, and the 15th most populous city in the country. Charlotte’s nicknames include The Queen City and The Hornet’s Nest.
From 2004 to 2014, Charlotte, NC has experienced rapid growth thanks to improving economic and quality of life conditions in the said area. The city is the headquarters of the Bank of America, Wells Fargo, and Truist Financial. Charlotte is considered one of the best financial centers in the nation.
Charlotte offers a lower cost of living, great house prices, and a better entertainment sector. This city may be a great place to settle in because of its booming and relaxed nature of life.
Quick Facts
- 900,000 population
- The cost of living is 5% lower than the national average.
- The median price of homes is $310,000.
- The average square foot price is around $186.
- Homes are on the market for an average of 36 days.
- Currently a seller’s market.
Charlotte, NC in a Nutshell
Charlotte, NC is a major city that’s quite successful in terms of growth. Besides the fact that it is a financial powerhouse, it is home to the NASCAR Hall of Fame, Carolina Panthers, and the Charlotte Hornets. Other than sports, Charlotte also values culture and the arts.
Charlotte is a city that’s balanced in every way. Home to over 900,000 people, it is vibrant and still growing at a 21% population growth rate.
Transportation is quite lacking though. There are only a few trains, Amtraks, and buses that go around the city. As of the moment, the mass transportation scenery of Charlotte is slowly being improved. However, it will take years before it becomes clear. Don’t expect Charlotte as a whole to be walkable as well, however, there are nice walks all around the downtown area.
An average individual in Charlotte gains $38,000 per year. This is higher than the annual average of $34,000 for the nation.
Most people in the city, as many expect, are working in the financial, healthcare, and retail sectors.
The latest data shows there are 224 public schools in Charlotte, with an additional 61 private/charter schools in the mix. The best schools are found in the southern portion of the city. There is an average of 16 students per classroom.
Charlotte is almost warm all year round. The hottest that it can get in the city is 90 degrees Fahrenheit. Meanwhile, it can go down to freezing temperature at 32 degrees Fahrenheit during January.
Living in Charlotte is 5% cheaper than usual. Housing expenses cost 14% lower on average. Grocery and utility expenses are at the lower end of things as well.
In summary, Charlotte, NC is one of the nicest cities in the United States to live in. Its well-balanced nature gives individuals greater opportunities in life. It has a great, stable real estate market right now that one can be a part of today.
The Real Estate Situation in Charlotte, NC
As mentioned, Charlotte, NC has a stable real estate market. The median selling price of homes in Charlotte is currently pegged at around $310,000. A square foot of real estate property in Charlotte costs an average of $186.
This median selling price is almost the same as what Charlotte had in the middle of 2018. Prices dropped in the latter part of the same year, but it regained footing when real estate prices surged again in late 2020.
Currently, Charlotte, NC is a seller’s market. Around 1,600 homes were sold last month, with only around 2,711 homes for sale. While this certainly looks like it’s supposed to be a buyer’s market, the sheer rate of buyers buying homes in the said city can quickly drain the inventory in no time. In terms of long-term thinking, demand is still greater than supply.
It takes 36 days on average to sell a property in Charlotte. However, if the property is great, it should only sell in four or so days. Properties in the city can receive an average of seven offers.
A typical home in Charlotte is a 3-bedroom, single-family detached home. These homes were built around 1970 to 1999. The best neighborhoods in Charlotte include Sharon Road, Ballantyne West, Highland Creek. Olde Providence and Prosperity Church Road are also a good choice.
Charlotte lacks a bit when it comes to long-term investments though. The average annual appreciation rate for Charlotte only stands at around 4%. Home prices only increased by 92.64% over the past 10 years.
However, this is an advantage for the buyer, since generally, the prices are stable with a slow incline. It can enable prospectors to have more time to decide. The impending supply and demand equilibrium can make their choices faster than usual.
Other than that, homes in Charlotte are sold at around 1% higher than their listing price. This is because Charlotte’s real estate market is a seller’s market.
Final Thoughts
Living in Charlotte, NC is great by many standards. The real estate market situation of the city is stable as of now as a seller's market and with all things, this could one day change.
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