All in all, Charlotte real estate is booming. Whether investors want to buy and flip, hold for the long term, or invest in multi-family properties, Charlotte is currently the place to be. One of the main reasons the real estate market is performing well is the growth of the population over the past few years, increasing by roughly 20% over the last decade. With rising population comes job growth and economic stability, contributing to Charlotte's booming housing market. Migration to the city is higher than it's been in quite some time.
What’s New?
Charlotte's housing market is booming – but this means home prices are expected to rise by 5.6% in 2022. It's important to note that while these prices are on the higher end in North Carolina, it's still a relatively affordable city to live in compared to the rest of the US.
Downtown Charlotte is currently seeing a wave of redevelopment opportunities – properties are starting to be bought and renovated in search of continuing to revitalize the city and offer higher rent rates.
Exciting Projects Transforming Charlotte
Seventh and Tyron/Main Library. Developed by Metropolitan Partnership out of Washington, this $600 million redevelopment project will include restaurants, shops, a 25-30 story office building, permanent residences and a parking structure. This development will bring life to a part of the city that has been quiet for too many years and will finally take action on a development that has been discussed for over a decade now.
Eastland. Crosland Southeast is beginning to redevelop the old Eastland mall site. The finished development will include housing, a health facility and a park for the community. The old Eastland Mall site closed in 2010, and ever since, developers have had numerous plans to redevelop the property. This time, however, the city is excited as it appears developers are going through with the project and expect it to be a positive light for the community.