CHARLOTTE, N.C. -- The real estate market is hot here, even if the weather hasn't been over the last couple of weeks.
Over the last 12 months, 15,000 homes were sold in Mecklenburg County and the average time on the market is under a month.
Zillow is out with their estimates for 2018 and Charlotte, as well as five of our local neighborhoods, are all high on the list.
Charlotte is listed as one of the fastest growing sunbelt cities because we offer plenty of opportunity in the world of high finance and healthcare while at the same time providing a less expensive, but convenient option to the more expensive northeast.
Charlotte has a lot going for it amid this record-breaking economy and real estate is no exception. Zillow has ranked Charlotte fourth in the top-10 list of hottest real estate markets.
Andrew Greenberg is a realtor with Keller Williams and said Zillow is spot-on with one Charlotte neighborhood called Sheffield Park saying “I like this neighborhood because 50s and 60s construction is dependable and it's close proximity to uptown.”
In the last 12 months -- in the $0 to $500,000 range -- 15,000 homes were sold in Mecklenburg County and the average time on the market was just under a month.
Currently, there are 1,092 homes active in the MLS in that same price range. For homes in the 0-$250,000 range, 8,343 homes were closed over the last 12 months only staying on the market on average, one to two weeks. Currently, there are 292 homes on the market in the Mecklenburg County MLS.
Of the top-five fastest appreciating neighborhoods, Sheffield is the third highest here in Charlotte with an estimated increase this year of 8.5 percent. So what makes it so good?
Joanna, who lives here, says it's just quality of life and of course, location, location, location.
When considering Charlotte, Zillow looked and studied six factors:
- Home value;
- Rent forecast;
- Recent income;
- Population growth;
- Current unemployment rates;
- And the number of job openings per person.
Realtor Andrew Greenberg couldn't agree more, saying, “overall, Charlotte is a very affordable city and the southeast, in general, is more affordable.”
The other top four hottest neighborhoods include number-one ranked Westerly Hills, forecasted to appreciate 10.6 percent this year; Plaza-Shamrock, 9.4 percent; Todd Park, forecasted to go up 8 percent and Shannon Park set to increase 7.7 percent.
Charlotte wasn't the only North Carolina city on the list. Raleigh came in second only behind San Jose, California.