Quarter 4 Charlotte Real Estate Predictions

For many people, it may feel like 2023 just started. But, believe it or not, we’re now entering the fourth quarter of the year. It’s time once again to take a look at professional real estate predictions and forecasts for the upcoming months. Talley Properties is based in Charlotte, NC, so we’ll be focusing on our local market.

As you may recall, the Queen City has been ranked among the top fastest growing cities in America in recent years. The strong economy, job growth, and diverse suburban opportunities have supported an influx of people who are looking to call Charlotte their home, both temporarily and permanently. This created a hot seller’s market with a quick turnaround time that drove sales in 2022. Now, by the end of 2023, the market has cooled considerably. What does the rest of the year hold? Let’s take a closer look.

According to economists at Zillow, home values across the nation are predicted to rise 6.5% between July 2023 and July 2024. While this broad forecast is not local or specific to the Queen City, the state of the national economy will still play a significant role in the microcosm that is the Charlotte real estate market. Over the past year, our city has seen a decrease in the total number of listings and sales, but average sales prices have steadily continued to increase.

For example, the rent for an apartment in Charlotte has increased 7% since this time last year, bringing the average price up to $1,600. This upward trend shows no signs of stopping, especially when there is no limit on how much a landlord can increase a tenant’s rent. This may sound appealing to landlords, but rising prices often yield the same profit due to inflation. Plus, you have to be careful not to drive current and future tenants away with sticker shock.

That being said, the market will only become more competitive as inventory dwindles, boosting prices even higher than they already are. If you’re looking to invest in Charlotte real estate, the rental market is experiencing constant growth, as apartments and condos are in constant demand. With Charlotte’s booming economy and job potential, new recruits and young professionals are moving to the area to get in on the action. Investing in rental property in the urban heart of Charlotte’s downtown business district will likely continue to be very lucrative.

We’ve got our finger on the pulse of the Charlotte real estate market. Follow our blog for more updates in the future. Here at Talley Properties, we want to help landlords get a leg up in this competitive market. Interested in learning more about our property management services? Fill out the form on our website or contact us directly today!