If you’re looking to buy a home in a fast-growing city with top-ranking business and career opportunities, look no further than Charlotte, North Carolina.
Also known as the Queen City, Charlotte has a lot to offer for a new home buyer or investor who wants to enter the southeast. Yet, before you start scouring listings for your potential future home, it’s essential that you take the time to research the housing market and determine if this area fits your house-hunting criteria.
At Bungalo®, we aim to guide potential buyers through each step of the home buying process — streamlining what was once a complicated affair into our all-in-one platform. Learn more about how it works and the ways we keep it efficient for you here.
Read on to find out more about the ins and outs of the Charlotte housing market so that you can make the best decision for yourself and your family.
Charlotte is an extremely popular city, ranking as the 3rd fastest growing city in the U.S., according to The Charlotte Weekly. WalletHub recently ranked it as one of the best real estate markets in the country.
Due to this, the housing market in Charlotte is a “seller’s market,” like most of the country. With more buyers than sellers, there are fewer available homes making up the real estate inventory, which is creating much higher demand than supply.
Since 2020, Charlotte’s real estate prices have also been increasing as home values rise due to growing popularity. Older generations and millennials alike are flocking to the city, which is fueling these market prices.
On the other hand, buyers aren’t shying away from the higher average sales price of a Charlotte home — partly because of the low mortgage rates, which make it much easier to become homeowners. With rates lower than ever, it’s still a great time for buyers to start their search.
Although home prices are increasing, the actual cost of living in Charlotte is low compared to other major cities. Also, though home prices are higher than before, they’re still economical when juxtaposed with other major cities. According to Kiplinger data, Charlotte is one of the more affordable cities in which to buy a home in the U.S.
While the growing competition between buyers means new houses are rapidly listed and then just-as-quickly sold, it also guarantees a more efficient process once your offer has been accepted.
For more articles on the home buying process, including how to stand out in a competitive market, check out our blog here.
Purchasing a home is a major investment — both in terms of money and time.
Most homeowners are making a years-long commitment to a specific location when they close on a home, so it’s critical that you know you’re choosing the right area for you and your family.
After all, you don’t want to find your dream home and then discover that the costs of living, commute or even school zones aren’t what you expected. So, is Charlotte the right city for you?
As Charlotte only builds in popularity each year, buying a home in the area will definitely be an investment long term. Higher home prices reflect the rising interest in the metro area (and population growth), which shows no signs of slowing down.
For the day-to-day, there’s a reason so many people are moving to Charlotte (besides affordable housing). When it comes to seasonal changes, Charlotte’s weather is always moderate, so you won’t have to deal with freezing temperatures every winter. Besides great weather, Charlotte’s citizens enjoy diverse food, an exciting social scene and the benefit of many entertainment options that make the city an attractive place to live in.
As the largest city in North Carolina, Charlotte also has become a tech hub for startups and great job market opportunities for millennials. Bank of America’s headquarters are downtown and financial career opportunities are only increasing each year.
Charlotte is currently in a seller’s market and it doesn’t look like that’s going to change anytime soon — especially as more and more buyers recognize the value of the area. As buyers continue to outnumber sellers and housing inventory, the boom in the real estate market will continue to hike up prices.
Predictions forecast that supply and demand will remain the same as home listings aren’t increasing to match up with demand. However, this is also driving up home value and increasing the investment opportunities of the Charlotte area.
Tip for homebuyers: To ensure that you’re buying a home worth its price, make sure you research each listing and ask for home inspections before you buy. Unexpected costs can come out of the woodwork if you don’t have experts verify potential homes, which is why each listing on our platform is Bungalo Certified. Inspected multiple times by our professional team, our homes include 90-day post-close protection to guarantee that your purchase fits expert standards.
Our interactive Bungalo platform was built to ease the transition from homebuyer to homeowner by completely reinventing the way you discover and purchase your future home. Each step is seamlessly integrated into our website so that you don’t have to deal with the outdated traditional homebuying journey.
Ready to find your dream home in Charlotte? Explore our latest house listings here.
*This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Bungalo always encourages you to reach out to an advisor regarding your own situation.