Charlotte, NC..A Strong Growth Market Even In This Economy

Charlotte may seem like a sleepy southern city to some, but this could not be further from reality. Charlotte is a market that is gaining a tremendous amount of attention, and for good reason. First of all, Charlotte is the second largest city for banking in the U.S.; second only to New York City! Both Bank of America and Wachovia tout Charlotte as their headquarters and home city. In addition to such a strong business base, Charlotte is in a key location. It is in the middle of North Carolina, major state/interstate highways pass through Charlotte, it has a very comfortable southern climate, the gorgeous North Carolina mountains are a couple hours to the West, and great North and South Carolina beaches a few hours to the East. The city itself is full of old southern charm, quaint historical homes, and an abundance of tree-lined streets, and flowering bushes and trees that bloom from March through October.

From a real estate perspective, Charlotte avoided the large price increases of the real estate boom that were seen across the country. Charlotte has maintained steady growth for years on end, but it has not seen any large jumps…until now. Over the past couple years, Charlotte has garnered increased national attention, and with that increased attention has come an influx of motivated buyers and investors. Charlotte is now poised for great growth, especially compared to the stagnate or declining markets around the country. The strongest aspect of this continued and impending growth is the fact that the appreciation and growth that Charlotte’s real estate market, and the city as a whole, is experiencing is based on solid job/population growth trends. One of the most, if not the most, important factor to consider about emerging real estate markets is the job/population growth that is taking place in that market. Real estate is subject to supply and demand; so as the demand rises, supply falls, and prices in turn rise. When job growth is strong in any real estate market people and businesses will be attracted to that market and as a result demand and prices will rise. The City of Charlotte is taking the right steps to welcome businesses and develop the city to attract business and the inevitable influx of people that come with those businesses. One example of the quality planning and growth that the city is executing is the new Light Rail system that was opened for the first time in November 2007. Charlotte is one of the strongest real estate markets in the country, but please do not take my word for it. Below are a number of links that support my opinions and offer great information about the Charlotte market.

  • 12/26/2007 – Charlotte Observer - “Charlotte is One of Three Places Where Home Values are Up” - http://www.charlotte.com/109/story/420456.html
  • 5/14/2007 – Investment News – “Local Hot Spots Boost Real Estate Market” - http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20070514/FREE/70514012/1015/TOC&ht=local%20hot%20spots%20boos%20real%20estate%20market%20local%20hot%20spots%20boos%20real%20estate%20market%20local%20hot%20spots%20boos%20real%20estate%20market%20charles%20paikert
  • 5/9/2007 – Wall Street Journal – “Where Home Prices are Hot Now” - http://www.owncharlottehomes.com/wp-content/wsjarticle.html
  • Charlotte Chamber of Commerce - http://www.charlottechamber.com/


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