• Joe Steele

Investing in Charlotte

Updated: Dec 24, 2020

With close proximity to areas like Myrtle Beach, Washington, D.C., Atlanta, and Charleston, Charlotte, or the “Queen City” is very well located.

Let’s look into home values in Charlotte:

The median home price in Charlotte proper is $250,711 (below the national average of $259,096. Just last year, home values went up 9.1%, with Zillow predicting an increase of 7.7% over the next twelve months.

What about jobs?

Charlotte is adding twice as many jobs as the rest of the country. The city houses six fortune 500 companies, including Bank of America, Lowe’s, and Wells Fargo, and North Carolina is a right-to-work state.

As of October 2020, Charlotte's unemployment rate was at 7.2% while the national average was 8.5%.

What about growth rate?

In the state of North Carolina, Charlotte is the biggest metropolitan area, almost double that of Raleigh, with about 150 people moving there each day. With a population of 2.6 million people, Charlotte has seen a 17% increase in population in the past decade. That’s 181% faster than the national average.

The population growth stands at 1.7%, which is roughly three times the national average.

With an average age of 34, Charlotte remains a relatively young city, and came in at #5 for a recent study but smart asset, in the top cities where millennials are moving to.

What’s the average rent?

The average rent for a single family house in Charlotte is around $1600 per month. With a low shortage of housing, charlotte can be a great opportunity for buy and hold investors, and the state of North Carolina is more landlord than tenant friendly. With job, population growth and affordability, Charlotte is a great market to consider when you’re looking to invest.

If you’re looking to explore Charlotte or learning other investor friendly markets, don’t hesitate to get in touch!

Please also be sure to follow me @joesteelerealestate across all platforms. Prefer a video version of this blog? Please watch below and subscribe for more content like this!

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