CHARLOTTE, N.C. — It's no secret that the Charlotte area is experiencing rapid growth, and a new study found that Mooresville is the fastest-growing suburb in the country with affordable home prices.
According to a new study from GoBankingRates, Mooresville was No. 1 in the country because of its booming population and affordable homes. The average home value in Mooresville in July was $480,430, researchers found. Best known as the home of many NASCAR racing teams and drivers, Mooresville is the largest municipality in Iredell County.
But the real story is the growth in Mooresville and around Lake Norman. Mooresville's population grew from 38,498 in 2020 to 50,025 in 2022, a 29.94% increase. While the growth can represent new jobs and tax revenue, some residents have voiced concerns about Mooresville growing too quickly, citing traffic and an abundance of housing developments in what was once a sleepy town a few miles north of Charlotte.
Concord also made the top 50, coming in at No. 30 on the study.
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Part of that growth includes the $33 million East-West connector that will link Interstate 77 and Interstate 85, giving direct access to Lowe's corporate employees.
"Growth is a double-edged sword," Commissioner Lisa Qualls said. "You're blessed with a lot of opportunity, but it's also a big commitment."
There's also the Red Line, the proposed commuter train that would connect Mooresville to Uptown. Charlotte leaders unveiled a plan to purchase the tracks from Norfolk Southern, but without a commitment from Iredell County and Mooresville leadership, the train won't run past Davidson. The proposed agreement between the city of Charlotte and Norfolk Southern includes a provision that preserves the future ability to acquire this part of the line, costing an additional $17.75 million.
For the study, researchers compared cities with a population between 25,000 and 200,000 and average home values below $500,000. All data was collected and current as of Aug. 13.