CHARLOTTE, N.C. — Charlotte realtors predict the Queen City's housing market will pick up steam sooner than later this year, but what is driving the hot real estate market?
According to Zillow, Charlotte actually fell from last year's top spot for the hottest market. However, Charlotte remains in the top 10 for 2024 and the company's senior economist says the Queen City's still a very health market.
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"We're really looking at demand relative to supply," Orphe Divounguy said. "And if demand grows much faster than supply, you have a lot more competition among homebuyers. And you have a hot housing market."
Divounguy said Charlotte's home values continue to appreciate with the average value of around $368,000. That combined with strong job growth kept the Queen City on the company’s list of this year's hottest major housing markets.
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"We're seeing a lot of new jobs being created in Charlotte," he said. And that translates to higher housing demand. And of course, supply is barely keeping up, right? So we have a lot of competition for potential homebuyers."
However, Divounguy said the flow of existing homes coming on the market is still down about 7%. So new construction is still necessary to catch up to that demand.
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The average home in the Charlotte metro sells in 26 days. But markets like Buffalo and Cincinnati sell even faster and for one major reason.
"I'd say affordability is kind of reshaping migration trends," Divounguy said. "You're seeing people moving to places that are more affordable."
Divounguy's advice for potential homebuyers to get ahead in the Charlotte area? First, talk to a loan officer and make sure you know what you can afford. Then connect with a real estate agent to see what's available that will fit in your budget.
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