Charlotte North Carolina Real Estate
How is real estate in Charlotte NC appreciating compared to national averages?
Real estate in Charlotte NC continues to appreciate at a rate of approximately 3% per year. Nationwide, there are only three markets that, as of early 2008, continue to show positive growth in home selling prices. These markets include:
- Charlotte, NC
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Charlotte real estate has proven to be an anomoly in a sea of foreclosures and declining home sale prices. Why is this? Simply put real estate in North Carolina, and Charlotte NC real estate in particular, continues to appreciate due to the large influx of people relocating to the City. The appreciation has remained at a constant level, 3-5%, due to the fact that adequate new home construction has been able to satisfy the supply demands for relocatees purchasing real estate in North Carolina. Real estate companies in Charlotte and Charlotte new home real estate professionals expect this market to continue for at least another ten years as Charlotte's population continues to swell. Exhibit 1-1 outlines the appreciation over the past 5 years in Charlotte NC real estate:
The obvious conclusion that one can draw from this data is that reasonable appreciation allows a market such as Charlotte real estate to avoid the catastrophic "bubble" that markets such as Las Vegas, Southern Florida, and Boston have seen in recent years. Real estate in Charlotte North Carolina will continue its slow and steady rise and should provide a sound market for homebuyers now and in the future.
Investing in real estate in Charlotte continues to be a lucrative proposition. Investors in Charlotte North Carolina real estate range from the weekend warrior to larger companies who buy up scores of undervalued, foreclosed, and run down homes in need of attention. The recent mortgage industry crisis has created more opportunities for cash buyers and buyers with established credit lines so opportunies abound for investors in Charlotte real estate. As more opportunities arise, companies firmly established in investing in real estate in Charlotte are beginning to enjoy a period of reduced competition. Most experts agree that when the mortgage crisis softens, cash poor real estate investors will enter back in to the market and increase demand for Charlotte real estate.
In fact, the seasoned real estate investor has seen a meteoric rise is the number of cash rich out of state investors competing for real estate in North Carolina. In particular, real estate in Charlotte has become a hotbed for out of state investors who have made large sums of money in very high priced markets and find Charlotte NC real estate prices to be incredible value in comparison. Savvy investors, understanding that out of state investors in North Carolina real estate need a local presence, have partnered with these outsiders to help find, repair and sell properties and have generated huge profits in return.
Charlotte commercial real estate is also enjoying spectacular growth. As the population increases, the need for services such as medical practice, dental practice, attorneys, and other every day conveniences have caused a spate of rezonings where older homes in key areas are rezoned to commercial and mixed use for small business. Charlotte commercial real estate has also seen a boom in the construction of office buildings in outlying areas such as SouthPark, Ballentyne, and West Charlotte. Charlotte commercial real estate is struggling to keep up with the demand for office space so commercial real estate professionals project this growth to continue for at least another ten years.
In summary, whether you are a homeowner, an investor, or a commercial real estate specialist, Investing in real estate in Charlotte remains one of the countries best options and will continue in this manner for some time to come.