Charlotte-area suburb named fastest growing in U.S. with home values under $500,000
Mooresville is the fastest growing suburb in America with home values under $500,000, according to a recent analysis by online personal-finance and investing site GoBankingRates.com.
Concord placed 30th as the only other Charlotte-area city or town to make the top 50.
Clayton, 17 miles southeast of Raleigh, was the only other N.C. town in the ranking, finishing 15th.
“Consider a move to these suburbs that are on the rise,” GoBankingRates.com wrote about its Top 50 list.
“Many suburbs suffered after the pandemic, and if you’re moving to one, you want to be sure you’re picking one that has growth potential but still has affordable homes.”
How the site ranked suburbs
GoBankingRates ranked U.S. cities and towns first by finding the two-year numerical and percent change in total population from 2020 to 2022 for all cities with a population between 25,000 and 200,000.
The site then focused on those whose populations grew by at least 9% from 2020 to 2022, were in a metro statistical area of 1 million or more people and had a July home value below $500,000.
“All data was collected and up to date as of Aug. 13,” according to the site.
Mooresville had a nearly 30% population rise
Mooresville had a July home value of $480,430, according to GoBankingRates.com.
The population of the Lake Norman town was 38,498 in 2020 and 50,025 in 2022, for an increase of 29.94%, the site found.
Concord had a July home value of $383,893, and a population of 94,147 in 2020 and 105,335 in 2022, an 11.88% increase.
Meanwhile, the average home value in Charlotte is $401,276, up 4.2% over the past year, according to online home seller Zillow. Realtor.com puts the price even higher: In July 2024, the median home price in Charlotte was $439,000, up 2.1% year-over-year, according to the site.
Other communities in the national top five were, Hamtramck, Michigan, which placed second and was followed by Buckeye, Arizona; Union City, Georgia; and Canyon Lake, Texas.
No single region led the country, according to the site.
States with the highest number of growing suburbs were Arizona, California, Florida, Maryland, Michigan and Texas, GoBankingRates.com found.
This story was originally published September 3, 2024 at 2:39 PM.