As we ring out 2016 and prepare to welcome 2017, it seems like everyone wants to discuss what went right and wrong. We also long for certainty about what is to come. Here are some thoughts and predictions and reflections about the Charlotte real estate market.
North Carolina in general had a great year when it comes to population. The U.S. Census Bureau recently reported an increase in population of 111,602 people over the year. This brings the total state population to more than 10.1 million. This increase was felt in the Charlotte area with much new growth and new housing projects. It has also driven a seller’s market as higher population leaves less inventory.
Home prices in the Charlotte metro area climbed year over year. In fact, the entire region is showing strong home prices. Higher home prices are great for sellers, but they can leave buyers in a bind as they deal with affordability. Many first time homebuyers have to wait longer to purchase a home or can be priced out of the market entirely.
It remains to be seen what if any impacts HB2 has on the real estate market. Many sporting events and businesses have reacted. Reactions have ranged from mild censure, to pulling out of the state entirely. There have already been financial impacts, but we don’t yet know if there will be other long term repercussions.
Basically, the future looks mostly rosy for the Charlotte area. As the region grows, we attract more talent, retail, restaurants, businesses, and tourism. We truly have the best weather, we are close to everything, and people want to be here. This makes it look like we will be a strong real estate market for years to come.
If you are looking to buy or sell in Charlotte or surrounding areas, call us at (704) 525-4045 or search on our website here. Happy New Year everyone!