Union County, North Carolina
Union County, North Carolina is a great place to live and invest in real estate. Located in the Charlotte metro area, Union County is home to a diverse population, a thriving job market and an abundance of amenities. With population growth and a strong real estate market, Union County is an attractive destination for buyers and investors.
Union County is home to a population of over 200,000 and has been gaining new residents steadily over the past decade. The county is part of the Charlotte metro area, which 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 Union County is strong and growing, with the Charlotte Regional Business Alliance reporting that in the first quarter of 2022 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 of North Carolina.
Technology jobs in Union County have been growing rapidly, making the county a great choice for those looking for a high-tech job. The county is also home to major companies such Coca-Cola Bottling Co., Fluor, Piedmont Natural Gas, Siemens Energy, Toshiba and Westinghouse.
The real estate market in Union County has been hot for the past few years and looks to continue to be an attractive destination for buyers and investors in 2023. The median home prices in Union County have increased from $267,000 in January 2020 to $378,000 in September 2022. With the Realtor.com predicting an increase of 6.3% in home prices and an increase in sales volume of 10.4%, the Union County real estate market looks to be a hot market in 2023.
Despite the high demand, affordability continues to be a challenge in the Union County 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 Union County area.
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!