Despite national mobilization being down—no doubt due to the lethargic economy of the past few years—there is something about North Carolina that keeps people knocking at its doors. With a 2% population increase last year, it became the nation’s 4th fastest growing state, and it is still standing strong as the 10th largest state in the country. This is great news for Charlotte, the hub on North Carolina’s business and housing sectors.
With an influx of people, Charlotte is seeing more trade and commercial development. The housing market is also set to benefit from the state’s continuing growth.
In November of last year, home prices had fallen 5.5% from November of 2008. The most recent publication from Standard & Poor’s/Case-Shiller Home Price Index cites that Charlotte home prices slumped a meager 0.3% from October to November in 2009. This is an insignificant decline compared to the three months previous and a far cry from the 5.5% drop of the year prior.
Charlotte real estate markets are still sitting on the sides of buyers, however. Home sales are increasing and home prices are gradually catching up, but with first-time homebuyer’s tax credits, mortgage assistance, lending reform, low refinancing rates and other movements geared toward bolstering the housing market, buyers can still find excellent opportunities for purchasing residential real estate at record-setting affordable prices throughout Charlotte.
Currently, the median home price in Charlotte is approximately $155,250 and every day, you can expect to see a selection of around 133 homes listed throughout some of Charlotte’s best neighborhoods. From the old-soul Dilworth suburbs to the chic condos of Plaza Midwood and historic ranch homes of Wesley Heights, there is a niche for everyone in Charlotte. If you are looking to get moving with the rest of the population that finds this booming North Carolina city so appealing, the home prices and real estate market are ripe and waiting.
