What can a $250K home get you? What you can get at different price points in Charlotte
Affordable housing has long been a concern in the ever-growing Charlotte area, and a hot real estate market in recent months coupled with rising interest rates on mortgages have done nothing to quell concerns.
For prospective home buyers, that means needing to have a budget in mind before house hunting and an understanding of what’s in reach within that budget.
Here’s a breakdown of how much house you can get in today’s Charlotte market at your chosen price point, based on recent home sales in the area:
$100,000 budget
Options are relatively limited in the $100,000 range in Charlotte in the current market, but there are still some properties available.
A one-bedroom condo in the Arlington area in northwest Charlotte, for example, sold in early November for $70,000, according to data from Realtor.com.
The condo, built in 1973, is 667 square feet, breaking down to a cost of about $105 per square foot. It’s a one-bedroom, one-bathroom space with a brick patio and was last updated in 2020.
$250,000 budget
You’ll have a bit more room to work with if your budget is up to $250,000.
A two-bedroom, two-bathroom single family home, per Realtor.com, sold in Charlotte in mid-November for $215,000.
The property, a 1,010 square foot home on a 4,356 square foot lot, is located in the Becton Park area in east Charlotte. Built in 1987, the latest sale price broke down to $213 per square foot.
The home also has a one-car garage and was marketed as move-in ready, with access to a neighborhood pool and clubhouse.
$300,000 budget
Once a common budget level for folks looking for a “starter home,” $300,000 is now below the median home sale price in Charlotte. But you can still get a decent-sized home in that price range.
In early November, a three-bedroom home in east Charlotte’s Hickory Grove neighborhood sold for $291,360, according to Realtor.com. That sale price breaks down to $249 per square foot.
The 1,169 square foot single family home, built in 2018 on a 4,661 square foot lot, also has two bathrooms and features walk-in closets.
$400,000 budget
A $400,000 budget is just over the median home sale price in the Charlotte area, which sits at $390,000 according to the latest data from RE/MAX’s National Housing Report.
That could get you, for example, a four-bedroom single family home in the Stonehaven area in southeast Charlotte. The 2,014 square foot home on a 0.28 acre lot, which sold in mid-November, ended up going for exactly $400,000, Realtor.com data shows, or $199 per square foot.
Built in 1979, the home has three bathrooms, a wood-burning fireplace and an “updated modern kitchen.”
$500,000 budget
A $500,000 budget will give you a fair number of options in and around Charlotte when house hunting.
One single family home, near the McDowell Nature Preserve and Lake Wylie, sold in mid-November for $494,000, per Realtor.com. At 2,033 square feet, that works out to $243 per square foot.
The house, built in 1986, has three bedrooms and bathrooms and sits on a 0.68 acre lot. A recently updated property, per its listing, it has new flooring, a new HVAC system, new roof, new gutters and new appliances. It also has an in-ground pool.
$750,000 budget
A $750,000 budget is almost double the median home sale price for the Charlotte area and can open plenty of doors when house hunting.
A 1,856 square foot single family home on a 0.48 acre lot in south Charlotte’s Barclay Downs area sold in late October for $740,000, according to Realtor.com data. That breaks down to $399 per square foot.
The house, built in 1959, has four bedrooms and two bathrooms. It has “brand new floors” and “newer windows, roof and gutters.” There’s also a screened-in porch, attached storage room and cobblestone patio in the backyard.
$1 million budget
A $1 million budget isn’t in the cards for a lot of people, but it can get you quite a bit of home with higher-end features.
A single family home in southwest Charlotte’s Collingwood neighborhood, for example, sold in early November for $965,000. The sale price, per Realtor.com, for the 2,846 square foot home on a 0.24 acre lot came out to $339 per square foot.
A five-bedroom, two-and-a-half bathroom house, the property also has a two-car garage and a wood deck in the “spacious backyard.” Inside, the home was marketed as having “luxury details,” including “quartz countertops, sophisticated champagne bronze fixtures, direct vent fireplace, Nest thermostat and soaking tubs in master and guest baths.”
This story was originally published November 29, 2022 at 1:12 PM.
