Charlotte, N.C. is a bustling and vibrant Southeast city. As the second largest banking center in the U.S.1 and headquarters of Nascar, Charlotte has grown significantly in the last decade, and it is now the second largest city in the region as well. The metro has attracted people of all ages with its laid back charm, temperate weather, and low cost of living – the median home price in Charlotte is now $203,6002, lower than the national average ($210,200).
We love Charlotte, and we recently expanded our footprint to serve more local areas, including Mecklenburg County, Iredell County, Cabarrus County, Union County, Lincoln County, Gaston County, York County and Lancaster County. We were curious as to the biggest real estate trends in the area, so we tapped into our local experts to find out what is hot right now (and what is not).
Trend 1: Mix Younger & Older Generations.
It seems that Florida is no longer the #1 retirement destination, as the news has gotten out that if you’re 55+, Charlotte is a great place to buy a house. The low cost of living, the desire to be close to family, and the mild climate with all four seasons has made the area a go-to for retirees. A lot of these same qualities have attracted the younger generation as well, and Boomers and Millennials are comfortably cohabitating North Carolina’s largest city.
Trend 2: Short Supply and Multiple Bids.
The booming housing market has caused some unfortunate consequences, with only about a month’s supply according to our experts. Homes are now going into multiple offers sight unseen, and it’s not unusual for homes to receive 5-10 offers on the first day of listing. With home shopping season just kicking off, this trend shows no sign of slowing.
Trend 3: City to Suburb.
Younger folks now looking to settle down are eyeing properties just outside Charlotte’s city center, including the counties OfferPad now operates in. And as the younger folks move out to secure larger homes in great school districts, older generations are moving into the downtown area to take advantage of the walkable, lively neighborhoods like Elizabeth and Dilworth.
Trend 4: High-Priced “Starter” Homes.
While the median house price is lower than the national average, there is a crunch for homes under $300K within city limits. These homes have an average of four bedrooms and two baths and were built in the last two decades, making them attractive to buyers of all ages looking to purchase their first home.
Trend 5: Increase in iBuyers.
With a high percentage of people under 40, the iBuyer movement is growing in the Charlotte metro area. The technology, alongside the convenience and ease of use, are driving people to try out the new way to buy and sell homes. OfferPad is helping to streamline both buying and selling a house in Charlotte, providing a secure and solid deal from the get-go.