Charlotte is one of the fastest-growing cities in the country — and one of the best places for new homebuyers, according to a new study.
WalletHub released a report of 2023’s Best Real-Estate Markets comparing 300 cities across several key metrics of housing-market attractiveness and economic strength, including average home-price appreciation and job growth.
Of all the metros on the list of best places to buy a house, Charlotte ranked 8th among large cities and 23rd overall.
“We’re seeing tons of people from up north, like New Jersey, Connecticut, New York, California, coming to our area every day,” Tiffany Johannes, general manager of RE/MAX Executive and president of the Canopy Realtor Association, told The Charlotte Observer. “We’re seeing a lot of growth and development that attracts people, and we’re so close to the mountains and the ocean that people just love our area, in particular, our climate.”
Here’s how the city ranks in other housing categories, according to WalletHub.
Charlotte’s Real-Estate Market:
Share of underwater mortgages: 117th
Median days on the market: 47th
Median home-price appreciation: 124th
Job growth rate: 40th
Home price as percent of income: 108th
Maintenance costs as percent of income: 107th
Johannes said in Charlotte, homes right now are on the market for about 34 days. In comparison, that’s longer than about 18 months ago, when homes were on the market for 14 days on average.
“In the past, people would think their house being on the market for a month, two months, three months was normal,” Johannes said. “In today’s environment, if it hasn’t sold in a day, people are worried about what’s happening with their house,”
According to Johannes, the market in Charlotte is less competitive right now because of an increase in interest rates, which she says could be an opportunity for potential homebuyers.
“Interest rates are predicted to go down by all the major indicators,” she explained. “So if you can get a loan today and you can sustain it for the next year, you’ll likely have the opportunity to have a lower rate next year.
Johannes says Mecklenburg County and other surrounding areas also see housing appreciation, which could impact the market.
“If you keep waiting, you’re going to pay more for your house, most likely,” Johannes said. “As we are looking at that and we look at what will happen this time next year, you’re likely going to have more people racing out to buy because interest rates have come down and more competition, which is going to drive the prices up way more. So getting in this fall makes a lot of sense.”
Even though most homes hit the market in the spring season, potential buyers could have better luck in the fall, too.
“The right season is the right season for you,” she said. “A lot of homes sell seasonally year-round. In the fall into the early winter, you have less people looking to buy, and so you don’t have as much competition, and you may get a better deal in the fall than you will in the spring.”
In comparison, Charlotte ranked lower than Cary (No. 5), Durham (No. 7), and Raleigh (No. 14) on the WalletHub ranking.
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