Recently, at the annual RMA real estate breakfast, Jay Colvin, director of real estate data provider Metrostudy, and Jessica Rossi, a consultant at engineering firm Kimley-Horn, discussed the future of the Charlotte housing market. And the overall sentiment was that things look good, despite some challenges.
According to an article in the Charlotte Business Journal, consumer confidence levels are rising, but many millennials thinking about becoming first-time homebuyers cannot afford the homes for sale in the Charlotte area. Colvin added that there’s a shortage of home inventory across the region. Plus, for homebuilders, the cost of land and development makes building affordable homes an ongoing challenge.
The article goes on to say that townhomes will be important in filling this gap for millennials. And there are multiple townhome projects in various stages of development to fill the need, in addition to those already existing and on the market.
Colvin noted that another challenge to the new and existing home markets is that there are more potential homebuyers in the market, but in general, they don’t know what they want.
And what about all of those apartment complexes going up around town? Rossi sees them being filled, but not necessarily by the typical recent graduate just getting out on his or her own. She foresees a new market emerging, what she calls OPALS, older people with active lifestyles.
Whether you’re a first-time homebuyer or looking for your next Charlotte-area home, I’m here to help. Let’s talk about your budget and the area of town you’re considering, then find you your dream home!