2021 Housing Market Overview
Charlotte Real Estate Market 2021
Charlotte Real Estate Market Overview
Metro Population: 2.5 M
Median Household Income:$60,000
Unemployment Rate:8.1%
Median Home Price*:$249,275
Median Monthly Rent*:$1,502
Charlotte, the largest and fastest-growing city in North Carolina, has a metro population of around 2.5 million. In recent years, there’s been an uptick of Millennials moving to the Charlotte area. The major reasons young professionals are attracted to Charlotte is because it’s affordable, has job opportunities, is tax-friendly, and has a huge single population.
Charlotte has a diverse economy with key industries in finance, health care and technology. Some of the biggest companies in the Charlotte area are Bank of America, Wells Fargo, Lowe’s Brighthouse Financial, Atrium Health and Duke Energy.
While COVID-19 has caused a 5% drop in jobs in the Charlotte metro, faring 14% better than the rest of the U.S. Charlotte’s job market and economy has started to recover over the last few months and should continue in that direction.
Charlotte’s rapidly growing population, affordability and job growth has brought huge demand for affordable housing. This makes Charlotte’s real estate market one of the more exciting places to invest in the country right now.
Charlotte Housing Market Trends 2021
Charlotte Real Estate Market Trends & Forecast 2021
In this section, you’ll learn about the top factors that make Charlotte one of the strongest real estate markets today, including rapid population growth and strong equity growth and rental growth. Click on the tabs above to learn more (on desktop). If you’re viewing this page on your mobile device, keep scrolling for more information!Data Sources:
- https://www.zillow.com
- https://factfinder.census.gov/
- https://www.deptofnumbers.com
- RealWealth Property Team Data
Average homes in Charlotte are generally more affordable than the national average.
- The median price of the average home in Charlotte was $249,275 in 2020. This is 2% less than the median home value nationwide.
- In the neighborhoods where RealWealth members invest, home values are 4% above the average home price nationwide. It’s important to note that higher home prices and rents in the area are because the property team we work with offers new construction.
Charlotte homes have been appreciating rapidly since 2014.
- Since 2014 Charlotte’s home values have appreciated by over 49%, which is 36% faster than the national average.
- While historical appreciation doesn’t necessarily equate to future appreciation, we can expect this trend to continue because of the massively growing population in this area. Learn more below!
The average rents in Charlotte have also been rising significantly over the last six years.
- Rents in the Charlotte real estate market have risen by over 29% since 2014, which is 28% faster than the national average.
- Rising rents are a good sign for investors interested in long term income opportunities (especially when it’s coupled by growing demand for housing, which we’ll discuss more below)
Charlotte is still affordable.
- In 2020, the median monthly rent of an average home in the U.S. was $1,502, which is 12% below the median monthly rent nationwide.
- Rents in Charlotte are slightly more expensive than national averages. However, there are still affordable places to rent and buy around the Charlotte metro.
Charlotte is experiencing rapid population growth!
- The population in the Charlotte housing market has grown by a whopping 17% since 2010. This is 181% faster than the national average!
- This shows us that more people are moving to Charlotte than many other metros around the country, which is an amazing sign for investors who are looking to get into a market before home values and rents really begin to surge.
Charlotte lost 238,200 jobs between November 2019 and November 2020, BUT this isn’t as bad as it might seem.
- While job growth is one of the best signs of a strong housing market, this year the world has been in a massive shift due to COVID-19. Of all 18 markets we analyzed this year, not one of them had positive job growth.
- A positive sign for Charlotte was that the area experienced less job loss than the national average. -5% compared to -6%.
Charlotte Housing Market Trends, Conclusion
- Since 2014, Charlotte’s home values have appreciated by over 49%, which is 36% faster than the national average.
- Rents in the Charlotte real estate market have risen by over 29% since 2014, which is 28% faster than the national average.
- The population in the Charlotte housing market has grown by a whopping 17% since 2010. This is 181% faster than the national average!
- Charlotte lost 238,200 jobs between November 2019 and November 2020, but this loss wasn’t as severe as the national average.
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Disclaimer: The information provided on this page is for educational purposes only. RealWealth makes no warranty or representation as to the accuracy, completeness or reliability of this information. Please be advised that this content may contain errors, is subject to revision at all times, and should not be relied upon for any purpose. Under no circumstances shall RealWealth be liable to you or anyone else for damage stemming from the use or misuse of this information.
