According to a recent estimate by the real estate website Zillow, Charlotte, North Carolina, will have the hottest housing market for 2023. On their list of the most desirable markets for the year, Charlotte is joined by other growing cities such as Cleveland, Pittsburgh, Dallas, and Nashville.
According to Zillow, Charlotte is the top market on this year’s list of the hottest markets, with Charlotte ranking second among large markets in expectations for both home value increase and growth in owner-occupied households.
As is true for the rest of the country, home value increase is anticipated to be substantially slower in Charlotte this year than its 11.8% pace of 2022. Still, this is likely temporary, and the following years look even brighter.
Given the prominence of remote labor, markets such as Charlotte, offering affordability and growth capacity, are primed to stand out. This is good news for buyers and real estate investors. Housing expenses are no longer rising monthly, and home buyers will find a more comfortable market this year, with more time to assess their selections and less likelihood of a bidding war.
Charlotte has a lot to offer residents of both the urban center and surrounding neighborhoods. It provides an excellent quality of life for young professionals, families, and those looking for a more relaxed pace but still with the conveniences of a modern city.
Here are some of the things that make Charlotte so attractive.
The cost of living in Charlotte is lower than the national average. According to various national surveys, housing, electricity, and grocery costs are 14%, 8%, and 6% lower than the national average.
The inexpensive cost of living creates a welcoming atmosphere for various types of individuals. Families, college students, and retirees can all make the most of their money in Charlotte.
The Charlotte metro area provides a wide range of well-paying careers, including finance, engineering, information technology, law, real estate, customer services, and more.
The government employs many people and offers competitive salaries, making it a top employer. Charlotte is also widely represented by businesses like CommScope for telecommunications, the Compass Group for restaurants, and Atrium Health for healthcare.
Charlotte, known as the banking capital of the southern states, has a thriving financial services sector. The country’s second-largest bank by total assets, Bank of America, has its corporate headquarters in this city. Other Fortune 500 firms, like Lowe’s, Duke Energy, and Nucor, make their home here. So for people who desire to work in the financial services industry, Charlotte is one of the places to settle.
There are communities in Charlotte, North Carolina, that will meet the requirements and tastes of everyone, from the historic to the up-and-coming areas. Each neighborhood provides its own set of opportunities for locals, employees, and even visitors.
Charlotte’s Uptown neighborhood blends the city’s historic core with its commercial district, popular tourist attractions, and residential sections. Then there is University City with its research park and concentration of large corporations, Ballantyne with its wealthy residences and multiple golf courses, and North Davidson as a vibrant arts district.
Parents will be pleased to know Charlotte schools recently took the top spot in North Carolina among public, charter, and magnet schools. For upper education, the University of North Carolina at Charlotte, Queens University of Charlotte, and Johnson C. Smith University all have high student satisfaction rates and receive favorable rankings in specialized fields like engineering and education.
There are many outdoor activities to choose from, thanks to the city’s fantastic selection of events. You can enjoy the outdoors however you prefer, whether hiking, trail jogging, riding, or whitewater rafting. There are also parks, green areas, and recreation areas where you can go swimming or picnic with your children.
The city offers many attractions for culture enthusiasts. There is always something new to watch and discover, even if you have lived here for years.
There is also plenty of culinary options with restaurants and cafes for every palate. And Charlotte’s nightlife offers a variety of lively bars and clubs where one can meet new people.
Renter-occupied households occupy 35% of Charlotte’s single-family housing stock. This indicates a high demand for rental homes, which presents opportunities for real estate investors.
Because Charlotte is one of the biggest generators of financial services, the city draws a healthy number of millennials. As this generation is most likely to rent, there has been an increase in demand, and rental property prices have increased. As a result, young professionals moving to the city discover that their money goes much further than it did in places like San Francisco or New York City.
Because of its strong economic prospects, thriving business community, world-class entertainment venues, and beautiful neighborhoods, it’s no wonder Charlotte has been rated among the best places to live in the country.
Now is the time to explore investing in homes and rental properties to meet the demands of incoming families and young professionals. An experienced rental investment advisory service can significantly assist if you have questions. To learn more, contact Henderson Investment Group right away.