The state of housing in Charlotte is something we at 5 Points take very seriously. So when a report comes out offering us insight into the market we jump on it! There has been a lot of talk about Charlotte’s affordable housing crisis. That’s why we were anxious to see what came out of the very detailed UNCC State of Housing in Charlotte report.
5 Points agent Kelly Loeblein took a look at the research and compiled her own report. Kelly is also a real estate attorney. Here’s what she says.
What is the state of Housing in the Charlotte Metro Region? Recently, UNCC Childress Klein’s School of Real Estate produced an 85-page analysis of data on the 8 county Charlotte Metro Region. The study focuses on population growth, income growth and housing prices and availability. As a Realtor®, there are few surprises in the report. And, as a real estate consumer, and by that I everyone who lives in this area, I am sure you would not be surprised by the data either.
Here are some key factors of the report:
- Land prices are rising rapidly causing an increase of high-density developments and people commuting longer distances.
- Charlotte’s population is growing faster than the number of available housing units
- Prices have risen the most drastically in the bottom 10% of the housing sales market pricing many previous potential buyers out of the market
- Low and middle-income housing affordability is a substantial challenge and an ongoing need.
- Rents continue to rise even with an additional 42000 apartment units that have been built in the last few years.
Why does Charlotte keep growing so rapidly? The report indicates that growth is about 2.03% annually for the 8-county region. And, while property values have skyrocketed here, in relation to other comparable cities nationwide, Charlotte’s cost of living is relatively cheap. We also have a great quality of life in this city and a healthy job market. Even with a scarcity of affordable housing, scores of people flock here annually.
How do you as a real estate consumer navigate this market? Work with a professional! 5 Point Realty’s brokers are experts in understanding this market as well as all the parts of our region that make it so special. We understand that whether buying your first home in this market, selling, or investing, the process can be challenging and even frustrating at times. The key is having the right expert in your corner. You just need the right guidance and knowledge our team at 5 Points Realty provides. We are more than happy to answer any of your real estate related questions.
If you want to read all 85 pages of the report, the link is here.
We are going to keep our eye on this issue and will continue to share our perspective.