In June, Charlotte was listed by Forbes as #4 in the list of the top 10 fastest growing cities in the country. The rankings on the list were based on the percentage growth in population from 2007 to 2012. During that 5-year period, Charlotte had a 15.8 percent population gain.
Charlotte was also recently ranked No. 8 on Forbes’ “Best Big Cities for Jobs” list, with 3.3 percent job growth in 2012.
So what does all of this mean for the Charlotte real estate market?
With more people moving into the Charlotte market, there is more demand in a market where there is already a bit of an inventory shortage. This, in turn, results in multiple offers on existing homes, with the homeowners selling for their asking price or higher.
At the same time, we’re seeing fewer houses with negative equity. And while home prices are not back to their peak, this means there has been a decrease houses that would be in a short sale situation, which may mean a rise in the number of homes on the market in the near future.
Zillow reports that Charlotte is still a buyers’ market as a whole. Like other major markets, though, pockets of micromarkets can be found in Charlotte, 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 those that are on the market under high demand.
Though Charlotte’s walkable neighborhoods tend to be perennial favorites among homebuyers, there are still some great finds out there. Let me help you find one. Call today to set an appointment to check out some of the great homes we have in inventory!
Image: WCNC/NBC Charlotte