CHARLOTTE, N.C. — For years, the real estate market in Charlotte has been hot. However, according to a list put together by the Urban Land Institute and solutions firm Pricewaterhouse Coopers, Charlotte was knocked out of the top 10 real estate markets to watch in 2024.
The recently released list, in its 45th year, consisted of almost 2,000 interviews and surveys from experts including real estate firms and homebuilders. When looking at top real estate markets to watch, Charlotte dropped to number 13, down from number 10 last year. The Queen City has been falling for the past four years. It was number 6 in 2021 and number 5 in 2020.
Charlotte realtor David Hoffman of David Hoffman Realty said despite the dip in rankings, real estate in the Charlotte-Metro is still very attractive.
"The cost of living is not as low as it used to be," Hoffman said. "We still have a very diverse workforce, a warm climate, it's very business friendly."
The realtor pointed out, however, Charlotte is not as inexpensive as it used to be.
"Last but not least, now we're competing with bigger markets," Hoffman explained. "Charlotte used to compete with mid-major markets. Some of the smaller MSAs [metropolitan statistical areas] are in the top 50. Now we're competing with Austin, Texas. Now we're competing with Chicago."
Hoffman said another reason for the decline is that the secret is already out.
"A lot of buyers already bought here, the cost of living is higher than it's ever been in Charlotte. And so still very attractive, like you said, 13 is still very good. But it's just not as many buyers as there used to be."
Hoffman added that remote working also has to do with the slip. With people from up north or out west still able to keep their jobs, there's more competition for a place in the top 10.
Hoffman said, "It's still one of the more popular places to live. But you've just got to get people here to see the warm climate in the fall and winter and see the four seasons. There's lots of job opportunities. But again, with the remote living, you can live anywhere."
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