Charlotte is a popular business and financial hub known for its well-educated residents and great colleges and is ranked #14 of the best cities to live in the U.S. Charlotte has recently seen an increase in households and employment, contributing to an increase in home and rental prices due to the exceeding demand in this real estate market.
Real Estate Market Trends in Charlotte
Charlotte median home price: $379,000
The Charlotte real estate market had a great last year with median home prices increasing by 21.5%. Prices have trailed just behind the national average over the last several years and continue to stay below average at $379,000 compared to $413,000. However, median home prices in the Charlotte market have increased by over $160,000 since 2017. With a low 1 month supply, prices are continuing on an upward trend.
Rental Market in Charlotte
Charlotte median rent: $1,724
Charlotte rental vacancy: 7.8%
Median rental prices in Charlotte have been steadily increasing since 2017 and just risen by 17.9% within the past year. Rental vacancy rates are up 2.6% from last year, bringing the rate higher than the national average of 5.8%. Median rental prices also trail just below the national average of $1,904.
See Also: Real Estate Investing Guides and Resources
Current Real Estate Investments in Charlotte
There are currently 2 multifamily and residential income properties for sale in Charlotte listed on Loopnet.
The two multifamily properties for sale in Charlotte right now are:
11034 Cedar Walk Lane - Located in the sought-after Ballantyne area, this 8-unit mixed-use apartment building is listed at $5,995,000. The opportunity for both residential and retail rental income in a rapidly growing area is offered by Ardor Commercial Advisors and has 100% occupancy.
1300 Pamlico St - This 32-unit apartment building is being offered for sale by owner for $5,250,013. It is a rent-restricted senior complex with an on-site property manager located just 5 minutes from uptown.
Market data source: Housing Tides
More Real Estate News From Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
