Is Charlotte One of The Hottest Real Estate Markets For Investors In 2019?

Zillow, in a new report, named Charlotte the fourth-hottest U.S. housing market in 2018 as prices and rent keep going up. Charlotte was ranked in the top 10 in another forecast for 2018, coming in at No. 7 in a Realtor.com prediction. Like many fast-growing cities, the housing market in Charlotte has been defined by tight inventory, rising prices and climbing rent.

Charlotte real estate market trends indicate an increase of $15,000 (7%) in median
home sales and a 0% rise in median rent per month over the past year. The average
price per square foot for this same period rose to $147, up from $136. Trulia has 4,302
resale and new homes in Charlotte lined up for you, including open houses, and homes
in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
Charlotte Housing Market Summary:
• Median Sales Price: $235,000
• Price Per Sqft: $147
• Homes For Sale: 4,302
• Median Rent Per Month: $1,445
• Median Household Income: $54,542
• Home Owners: 62%
• Single Residents: 37%
• Median Age: 35
• College Educated: 46%
• The median rent per month for apartments in Charlotte for Sep 1 to Oct 1 was
$1,445.
• The median sales price for homes in Charlotte for Jun 27 to Sep 26 was
$235,000 based on 3,637 home sales.
• Average price per square foot for Charlotte was $147, an increase of 8%
compared to the same period last year.
As per the housing stats released by the Charlotte Regional Realtor Association, a total
of 4,514 homes were sold in Charlotte in August 2018, which is down (-6%) from 4,800
a year ago. The year to date (August 2018) sales recorded were 32,961, which is down
(-1%) from 33,307 a year ago. The total inventory of homes for sale in Charlotte (Aug
2018) was 10,052, which gives about 2.4 Months Supply of Inventory.
Table Courtesy – Charlotte Regional Realtor Association
As per Redfin data, Charlotte housing market is very competitive. Homes for sale in
Charlotte typically receive 2 offers. Charlotte listings sell for about 1% below list price
and go pending in around 42 days. Hot properties in Charlotte, NC can sell for about
1% above list price and go pending in around 24 days. The average sale price of a
home in Charlotte was $230K last month, up 13.9% since last year. The average sale
price per square foot in Charlotte is $126, up 14.5% since last year.
On Movoto.com, the median list price in Charlotte is $359,900. The median list price in
Charlotte was less than 1% change from September to October. Charlotte’s home
resale inventories is 2,693, which increased 0 percent since September 2018. The
median list price per square foot in Charlotte is $166. September 2018 was $167.
Distressed properties such as foreclosures and short sales remained the same as a
percentage of the total market in October.
Charlotte Foreclosures And Short Sales 2018
Foreclosures will be a factor impacting home values in the next several years. In
Charlotte 2.0 homes are foreclosed (per 10,000). This is greater than the Charlotte-
Concord-Gastonia Metro value of 1.4 and also greater than the national value of 1.6.
The percent of delinquent mortgages in Charlotte is 1.8%, which is higher than the
national value of 1.6%. With U.S. home values having fallen by more than 20%
nationally from their peak in 2007 until their trough in late 2011, many homeowners are
now underwater on their mortgages, meaning they owe more than their home is worth.
The percent of Charlotte homeowners underwater on their mortgage is 10.3%, which is
higher than Charlotte-Concord-Gastonia Metro at 8.0%.
Charlotte is the largest city in North Carolina. The city proper is home to more than
800,000 people. The metropolitan area is even larger – home to roughly two and a half
million people. It is one of the country’s fastest growing metro areas, and it was the
second fastest growing city in the southeastern United States. Only Jacksonville,
Florida was growing faster between 2004 and 2014.
As per RealtyTrac.com, there are currently 1,343 properties in Charlotte, NC that are in
some stage of foreclosure (default, auction or bank owned) while the number of homes
listed for sale on RealtyTrac is 2,631. In August, the number of properties that received
a foreclosure filing in Charlotte, NC was 95% higher than the previous month and 40%
higher than the same time last year. Home sales for July 2018 were down 35%
compared with the previous month, and up 58% compared with a year ago. The median
sales price of a non-distressed home was $230,000. The median sales price of a
foreclosure home was $0, or 0% higher than non-distressed home sales.
10 Best Charlotte Neighborhoods With Highest Appreciation:
From NeighborhoodScout.com
Appreciation rates for homes in Charlotte have been tracking above average for the last
ten years, according to Neighborhood Scout data. The cumulative appreciation rate
over the ten years has been 21.28%, which ranks in the top 30% nationwide. This
equates to an annual average Charlotte house appreciation rate of 1.95%. Here are the
top 10 appreciating neighborhoods in Charlotte:
1. E 3rd St / S Mcdowell St
2. S Kings Dr / S Independence Blvd
3. East Blvd / South Blvd
4. South Blvd / Hartford Ave
5. Central Ave / Hawthorne Ln
6. Eastway Dr / Arnold Dr
7. Hawthorne Ln / Belvedere Ave
8. Central Ave / Saint Julian St
9. New Life Theological Seminary / N Davidson St
10. Grace St / Parson St