This NC city is ‘primed for growth’ — thanks to home and job availability, study says
Charlotte keeps growing.
In 2019, the Charlotte Observer reported it surpassed Indianapolis in population size to become the nation’s 16th largest city.
According to a new report by economists at the real estate brokerage firm Redfin, that growth is spilling over to jobs, income and housing — making Charlotte one of the top four cities “among affordability-seeking homebuyers.”
“Spokane, Las Vegas, Charlotte and Orlando are attracting out-of-town homebuyers and, thanks to the low cost of acquiring and developing land for new home construction, each is poised to attract homebuyers for years to come,” the report states. “That makes these the four metros primed for growth over the next decade.”
Redfin’s methodology included the average share of land value, home price growth, home sales growth and percent of searches from outside the city across 78 metro areas.
Charlotte saw growth across all four metrics, according to the report.
The average rate of growth for home sales per year in the Queen City topped 14.5 percent, Redfin found, and 40 percent of people searching are from outside the area. Household income is also growing at an annual rate of 5 percent.
Redfin’s report also found Charlotte’s job growth reached 2.9 percent in 2019 — compared to the national job growth rate of 1.4 percent, according to Federal Reserve economic data.
“Charlotte is well positioned to absorb growth given that land comprises only 28 percent of home values on average in the metro,” the report added.
Median sale prices for old construction and newly built homes varied between $248,000 and $325,000, respectively, according to Redfin.
Those metrics put Charlotte on par with the likes of Orlando, where the brokerage reported the median sale price falls between $250,000 and $316,000.
Redfin also ranks a city’s competitiveness on the housing market from one to 100, with 100 being the most competitive.
The Queen City’s “Compete Score” is 66 — which Redfin considers “somewhat competitive.”
