Hot Market: A Look Back on Charlotte’s Incredible Growth

Charlotte has experienced tremendous growth in the past several years, even being recognized as one of the nation’s hottest markets in 2023. Talley Properties is deeply entrenched in the local real estate market. We’ve had our finger on the pulse here in the Queen City for over 40 years, striving to serve our clients by staying on top of the latest trends. Now, let’s take a step back and get a brief overview of the recent incredible growth and expansion in the Charlotte area.

In May 2022, homes saw a staggering average of just 8 days on the market, the lowest in recent history. By the end of the 2022 calendar year, the housing market still favored the seller, a trend that continued into the following year. Charlotte was seeing an influx of people moving to the area, and demand far outweighed the supply of available properties. This allowed sellers to command a much higher asking price. This combination of limited supply and high demand meant that space was going quickly. In March 2023, homes spent an average of 44 days on the market. By the following year, that number was down to 31 days, a 30% decrease from 2023.

Assuming that growth continues as projected, Charlotte is on track to reach a population of roughly 2.74 million people in only 20 years. The continuous migration of people has been a tremendous benefit to the economy, which has continued to fuel the real estate market, despite higher prices. In December 2022, the median selling price of homes in Charlotte hovered around $390,000. Just a year later, that number was up to $405,000, and now it sits closer to $410,000. This is yet another example of the seller’s market at work, indicating a rapidly growing city.

With prices on the rise and a constant need for space, rental properties have become very popular alternative to traditional homeownership, especially among young professionals just starting their careers. Entrepreneurs have discovered a lucrative market as property managers and landlords for rental spaces in the Charlotte area. This phenomenon is not limited to the city center, however, as it has spread to the suburbs. With the population ever-increasing, as it has in recent history, apartments and other rental opportunities will become increasingly in-demand.

According to data collected over the past several years, the Queen City boasts one of the hottest housing markets in the country. The future looks bright, and we want you to be a part of that. Building a portfolio of rental properties is not always easy, but it can be very rewarding. Let Talley Properties walk alongside you as you venture into the complex, fast-paced world of the Charlotte real estate market. Get in touch with us today to get started!