The Charlotte real estate market is more appealing than ever. People from across the country continue to flock to the North Carolina city. As a result, demand for real estate and property managers is through the roof.
There is no question that Charlotte provides a great opportunity for real estate investors. Numbers do not lie and the greater Charlotte region is forecasted to grow by 50% over the next three decades.
There are many reasons why Americans are flocking to Charlotte. Read on to learn why you should invest in the Charlotte real estate market. Explore facts that demonstrate why Charlotte property management is appealing to investors.
Every single day, roughly 104 new residents move to Charlotte. These people tend to come from a common group. They are young, educated, and diverse.
The number of multiracial citizens increased by 192% over the past decade. Also, the Asian population grew by 83%. This population diversity bodes well for property management investors as Charlotte attracts people of all races and creeds.
Primarily, new Charlotte residents are coming from the Northeast United States. In particular, people leaving New York City are finding a home in Charlotte. As they leave homes with high cost of living, it is typical for new residents to have more accumulated wealth than the existing population.
The population influx is led by millennials. One study indicated that Charlotte is the top destination in the United States for millennials. This is great news for investors as the younger generation opens new businesses and starts families in the greater Charlotte region.
There are many reasons why people are flocking to Charlotte. The state of North Carolina has an unemployment rate of 4.2%.
This is a much lower rate than the national average. North Carolina has enough vacant jobs to hire every unemployed person in the state.
In particular, Charlotte is a primary driver of that positive employment situation. The large metro city offers opportunities for workers and business investors alike.
People are also attracted to North Carolina’s weather. It is warmer than states in the Northeast but still offers its residents all four seasons.
Charlotte has the best of both worlds in terms of lifestyle. Residents can take a short road trip to the Smokey Mountains or the Atlantic Ocean.
The tax code is attractive for people fleeing states with a high cost of living. North Carolina ranks #32 for its state and local tax burden. This is opposed to high-taxed states like New York and Connecticut, which rank #1 and #2.
Real Estate Market
The real estate market in Charlotte is still strong. Sales are slowing down from their blistering pace earlier in the year. However, this is a long-term positive as it allows inventory to catch up with demand.
Home prices continue to rise due to the demand and low inventory conditions. Based on the population growth forecasts cited, there is no reason for investors to expect that strong demand is not sustainable.
Your Guide to the Charlotte Real Estate Market
Clearly, Charlotte is a popular place to move to. Investors should view this growing city as an opportunity to cash in. The state’s low cost of living and location is appealing to millions.
If you are interested in property management in the Charlotte real estate market, contact us today to speak with a specialist.