Wednesday, April 11, 2018

Charlotte Real Estate Industry Facts and Trends

Charlotte has become a budding metropolis as the city is experiencing all kinds of upward trends. The real estate market is also a hot one in Charlotte and here is a closer look at the latest market facts and trends to hit the city from PURE Real Estate Services.

Lenders Accepting Lower Credit Scores

Lower credit scores are now being accepted by Charlotte mortgage companies as lenders are becoming more liberal when it comes to who they approve for loans. For example, FHA loans are now being distributed to people with credit scores as low as 620. This trend is starting to turn things around since things started to spiral downward as a result of the 2007 recession.

Charlotte Real Estate, real estate prices in Charlotte NC over the years, Charlotte NC housing marketing, real estate market, house prices

More People, Higher Prices

In the last five years, Charlotte’s population has seen the third-highest growth among major American cities. That surge has caused the demand to increase as the value of homes have also increased. The median cost of a new home for sale in Charlotte is now between $250k and $350k.

City on the Rise

Charlotte is the No.2 banking center within the United States behind only New York City and its job market is flourishing. Unemployment has dropped below 6%, down from almost 13% in 2010 within the Charlotte metro area. That kind of economy has been attracting young, successful people from all over the country.

Lot Shortage

The city of Charlotte is experiencing a shortage of lots, which has limited the capability of new construction. However, that has also led to the development of new lots within the Charlotte area. That rate of lot development jumped up to 91% in 2015 as builders attempt to make room for new homes.

Faster Sales in Charlotte

The boom in employment and population has led to less homes on the market. However, the homes for sale in Charlotte are being sold at a faster pace. Those value of homes is also appreciating more rapidly. Delinquent mortgages within Charlotte are also lower than the national average, meaning homeowners are making good on their payments. That also means less foreclosures on the market.

PURE Real Estate can help with all of your Charlotte Real Estate needs. Our team of agents will advise you on all the latest trends and recommend the best options for you. When it comes time to find the best real estate agent Charlotte has to offer, contact the professionals at PURE Real Estate.