Charlotte is a popular business and financial center known for its well-educated residents and excellent colleges and is ranked #14 best city to live in the United States. Charlotte has recently experienced an increase in households and employment, contributing to an increase in home and rental prices due to excess demand in this real estate market.
Related: New real estate investment offering: 4 single-family rental homes in North Carolina with a target annualized return of 20.7%
Real Estate Market Trends in Charlotte
Median home price in Charlotte: $379,000
The Charlotte real estate market had a strong last year, with median home prices rising 21.5%. Prices have trailed just behind the national average for the past few years and continue to stay below the average at $379,000 from $413,000. However, median home prices in the Charlotte market have increased by over $160,000 since 2017. With low 1-month supply, prices continue their upward trend.
Rental market in Charlotte
Charlotte’s median rent: $1,724
Charlotte rental vacancy: 7.8%
Median rental prices in Charlotte have been rising steadily since 2017 and have only increased 17.9% over the past year. Rental vacancy rates rose 2.6% from a year ago, putting the rate above the national average of 5.8%. Median rental prices are also just below the national average of $1,904.
See also: Real Estate Investing Guides and Resources
Current Real Estate Investments in Charlotte
There are currently 2 multi-family and residential income properties for sale in Charlotte listed on Loopnet.
The two multi-family properties for sale in Charlotte right now are:
11034 Cedar Alley – Located in the desirable neighborhood of Ballantyne, this 8-unit mixed-use building is listed at $5,995,000. The residential and commercial rental income opportunity in a rapidly growing area is offered by Ardor Commercial Advisors and is 100% occupied.
1300 Pamlico Street – This 32-unit building is being sold by the owner for $5,250,013. This is a rent-limited seniors’ complex with an on-site property manager located just 5 minutes from downtown.
Source of market data: Housing Tides