Charlotte Real Estate Market - 2023
2023 is expected to be a strong year for the Charlotte real estate market. With the Realtor.com predicting an increase of 5.5% in home prices and an increase in sales volume of 4.4%, the Charlotte real estate market looks to be a hot market in 2023.
The Charlotte real estate market has been hot for the past few years and looks to continue to be an attractive destination for buyers and investors in 2023. With population growth, strong job market and an abundance of amenities, Charlotte is a great place to live and invest in real estate.
The population of Charlotte and the surrounding area has been increasing steadily over the past decade, with the city of Charlotte alone gaining over 143,000 new residents. This population growth has been driven by the diverse economy and quality of life that Charlotte offers. The Charlotte metro area is home to seven Fortune 500 companies, the second-largest banking center in the United States, professional sports teams and one of the best year-round climates in the country.
The job market in Charlotte is a major factor in the real estate market, with the Charlotte Regional Business Alliance reporting that in the first quarter of 2023 there were nearly 4,700 new jobs announced and over $2.2 billion in planned capital investment. North Carolina also forecasts 300,000 new jobs over the next eight years, with most of these expected to be in the Charlotte and Raleigh areas.
Technology jobs in Charlotte have been growing rapidly, making the city a great choice for those looking for a high-tech job. The city is also home to major companies such Coca-Cola Bottling Co., Fluor, Piedmont Natural Gas, Siemens Energy, Toshiba and Westinghouse.
Despite the high demand, affordability continues to be a challenge in the Charlotte real estate market. Higher mortgage rates and severe affordability challenges made a major impact on the housing market in 2022, and will likely continue to be a factor in 2023. With interest rate hikes in the forecast, it is important for potential buyers to understand how appraisals and price changes can impact their ability to purchase a home.
Rental rates are also expected to increase in 2023 as more people move to the Charlotte area. The rents have been rising because we are still in a job-creating economy.
Thinking about Buying, Selling or Investing in Real Estate in the Charlotte and Union County markets? Contact the Collins Real Estate Agency today and we can help!