Pending home sales are up again in the Charlotte area, continuing a trend that parallels the increase in area home prices. According to data released by Carolina Multiple Listing
Charlotte Named Among Hottest Housing Markets For 2018
Earlier this month, the researchers at Zillow compiled a list of their predicted top U.S. housing markets for 2018. Earning the No. 4 spot was none other that our very own Queen City, a.k.a., Charlotte. Topping the list this year is San Jose, Calif., followed by Raleigh, N.C. and Seattle.
"Zillow ranks two increasingly hot North Carolina markets – Raleigh and Charlotte – second and fourth on its list for 2018," writes Lauren Bretz. "Both areas boast strong income and population growth, as fast-growing Research Triangle anchor Raleigh becomes better known for innovations outside its life sciences base and Bank of America headquarters Charlotte builds on its reputation as a financial center."
Zillow's housing market experts compiled the list based on several aspects for each metro area, including...
the rate of home price appreciation
the rate of rental price appreciation
Zillow's median home value for Charlotte was recorded at $181,600 a predicted 4% year-over-year increase.
Where Charlotte really shined was income growth and employment. Charlotte income growth reached 9.4%, the highest among the top 10 metros on the list, while the unemployment rate was recorded at 3.9%, lower than that of both the state and the nation.
Zillow recorded the median household income as $59,979 with 49,736 job openings from employment listing site Glassdoor.
Rounding out the top 10 on Zillow's list were San Francisco; Austin, Texas; Denver; Nashville, Tenn.; Portland, Ore. and Dallas.
"This list shows that just because a market is smaller or more affordable doesn't mean it isn't dynamic," said Zillow Senior Economist Aaron Terrazas in a statement published on PRNewsWire. "Growing cities in the Sun Belt, places like Raleigh, Charlotte and Nashville, offer plenty of opportunities healthcare and finance, while providing a less-expensive, but still-convenient, alternative to the larger and pricier markets in the Northeast. The tech industry continues to roar, attracting thousands of new residents per year to tech-dominant markets like Seattle, Denver and the Bay Area. The higher cost of living in these areas is offset to a large degree by well-paying tech jobs."
For those of us who live and work in Charlotte, it comes as no surprise that our beautiful and bustling city ranked so highly on Zillow's list. After all, most of us have known for years that this city's job strength is sound, its housing market healthy, and the overall economy poised for continued growth for the foreseeable future. For anyone who may be reading this and considering relocating to the Charlotte area, I can assure you--this area is booming! Buying a home here is an investment that, if all the signs and forecasts prove correct, could be one of the best decisions you make in your lifetime!
If you're interested in learning more about the Charlotte community, I encourage you to explore my blog further. I love to share information on the housing market, local events and culture, featured listings, plus real estate news and tips for buyers and sellers. If you're ready to look seriously at buying a home in the greater Charlotte area, please don't hesitate to contact me or someone from my team. I will be more than happy to answer your questions, help you connect with area lenders, builders, etc., and implement a home buying strategy that works for you!
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