2024 Housing Market Overview for Real Estate Investors
Charlotte Real Estate Market 2024
Get insights about the 2024 Charlotte real estate market to determine if it’s the best location for your next single-family or multi-family home investment.
Charlotte Real Estate Market Trends and Statistics for Real Estate Investors 2024
Charlotte is North Carolina’s biggest city and the 17th largest nationally. Its metro area is the 10th fastest growing in the country, with a population of 2.8 million.
Charlotte’s population is growing fast and expected to increase by almost 50% from 2010 to 2030. The area offers a high quality of life with an affordable cost of living, museums, theaters and parks, as well as easy access to the Appalachian Mountains.
The Charlotte metro area is the second-largest banking center in the United States. Beyond banking, Charlotte boasts a strong presence in healthcare, energy, manufacturing, and tech. Siemens Energy, GE, and Honda Manufacturing have operations in the area. Big tech companies like Microsoft and Red Ventures are also here.
The Charlotte real estate market in 2024 remains hot, with home values increasing by over 120% since 2014. Rental demand in the area is also rising due to an influx of young professionals and families.
Data Sources:
- www.census.gov
- www.deptofnumbers.com
- www.zillow.com
- RealWealth Property Team Data
- 25 Best Place to Buy Rental Property in 2024
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Charlotte Housing Market Trends
Last year, North Carolina was a top destination for movers, ranking fourth nationally and third among U.S. cities with the most influx of new residents. Census data shows the Charlotte metro area added 45,000 new residents last year alone. The ongoing rapid population growth underscores the enduring appeal of the Charlotte real estate market in 2024
This section explores the city’s home value and rent trends in 2024 and over the last ten years for those considering investing in the Charlotte’s real estate market. The following data will help investors understand the Charlotte housing market, its affordability, and equity growth potential in the Charlotte metro area.
Home prices in Charlotte are just above the national average.
Median Home Value
The data in this chart is based on the average single-family home in Charlotte and the United States as of January 2024.
As of January 2024, the average single-family home price in Charlotte was $367,281, 6% above the national average. In RealWealth’s investment neighborhoods, the average home price was a bit higher at $383,000, 11% above the national average. It’s important to note that these are new homes that rent for an average of $2,000.
Job growth fuels demand for homes in Charlotte. New home permits were up 0.8% in 2023. But affordability and limited lots are dampening sales. According to the Carolina Journal, home sales in the broader Charlotte combined statistical area fell 17.3% between February 2023 and 2024.
Charlotte rents are more affordable than other U.S. markets.
Median Monthly Rent
The data in this chart is based on the average single-family home in Charlotte and the United States as of January 2024.
Charlotte rents are affordable at $1,778, 10% lower than the U.S. average. Investors seeking appreciation should consider Charlotte. The rent-to-value ratio is 0.48%, lower than the national average, and Charlotte’s price-to-rent ratio is 17, signifying that renting is more affordable than buying. Home prices and rent prices in Charlotte are increasing much faster than the national average. Charlotte has high rental demand, with over 47% of households in the city renting their homes.
Charlotte home values are appreciating rapidly.
Median Home Value (2014-2024)
120%
41%
Zillow’s market forecast shows that Charlotte’s real estate market is one of the fastest-growing in the U.S. Charlotte housing prices have grown by 120% over the last decade, outperforming the national average by nearly 41%. Prices continue to rise at a rate of 9.2% annually.
As of February 2024, the Charlotte metro area saw an impressive 8.2% year-over-year growth. Within the city of Charlotte, Redfin reported a much slower year-over-year growth rate at just 1.8% as of March 2024. The current median home price in the city is $402,000. These figures are crucial for those interested in real estate in Charlotte, NC.
Invest in Charlotte real estate today.
Charlotte rents are rising quickly.
Median Monthly Rent (2014-2024)
53%
28%
Charlotte’s rents have grown 53% in the last ten years at a pace of 4.86% annually, 28.3% greater than the national average. Between January 2020 and July 2023, the median rent in Charlotte skyrocketed from $1,550 to $1,986. But there has been a slight cooling recently. December 2023’s median rent of $1,839 is over 7% lower than the July peak. Experts say a surge in new apartments in the metro area is causing this decrease in rents.
Charlotte Population Trends
One of the most promising signs of a strong real estate market is population growth. In this section, we’ll discuss what’s happening in the Charlotte metro in that area.
Charlotte's population has been growing rapidly.
Population Growth
23%
191%
The Charlotte metro area is rapidly growing. On average, about 113 people move to the area daily. This influx will significantly impact the Charlotte housing market in 2024 as increasing demand drives property appreciation. New Yorkers top the list of movers to Charlotte, followed by Miami, Winston-Salem, and D.C. residents.
People are attracted to Charlotte’s lifestyle quality, which includes over 75 breweries, more than 200 parks, and a pro-business environment.
The Charlotte metro area population has grown at 2.05% annually for the last 12 years, expanding by 22.5%, 190% faster than the U.S. average. The metro area is home to about 2.8 million residents, with the wider combined statistical area reaching nearly 3.4 million.
Charlotte Employment Trends
Another sign of a good place to invest in real estate is a strong economy. In this section, we’ll discuss what’s happening in with jobs in Charlotte.
Charlotte is experiencing moderate job growth.
Job Growth
103,800
2%
Charlotte is seeing robust job growth. Unemployment in the metro area is low at just 3.2%. The area added 103,800 new jobs in the past year, a job growth rate of 2.14%, 27% above the national average.
While hiring has slowed in the financial services sector due to high interest rates, industries such as tech, healthcare, and hospitality are thriving and posting significant job gains. Charlotte has also seen major investments from company expansions and relocations, creating new jobs in the area. One is Eli Lilly’s $1 billion pharmaceutical plant in Concord. Another is the recent relocation of TTX Corporation’s corporate headquarters from Chicago to Charlotte’s South End area.
The future looks bright, too, with analysts forecasting that job growth from now to 2028 will be about 6.3% despite potential short-term volatility in the finance sector.
Why Investors Should Consider the Charlotte Real Estate Market
With a rapidly growing population, a strong market for appreciation, and a thriving rental market, the Charlotte housing market in 2024 is expected to be strong. Let’s see what makes the Charlotte metro area one of the best places to buy real estate in 2024.
1. Rapid population growth
The 14-county Charlotte metro area includes counties in both North and South Carolina. The metro area boasts over 2.9 million residents as of 2023. Charlotte has been growing by over 2% annually. The metro area’s population surged 22.5% in the last 12 years, outpacing the national average by 190%. On a statewide level, South Carolina was the fastest-growing state in the nation in 2023, with a growth rate of 1.7% compared to the previous year. North Carolina was also ranked in the top five, with a growth rate of 1.3%, suggesting that Charlotte’s growth will remain strong for the foreseeable future.
2. Strong market for appreciation
Charlotte’s booming population growth (over 100,000 annually) is driving up housing demand and property values in the area. Infrastructure upgrades and commercial investments in Myers Park and Dilworth further boost property values.
Home prices in the Charlotte metro area have grown by 120% in the past decade, significantly outpacing the national average. In the city, NeighborhoodScout reports that home prices have grown by 157% over the last decade, with an average annual appreciation rate of 9.88%. This long-term appreciation trend shows the promising prospects of Charlotte’s real estate marketing for investors.
3. Strong rental market
Charlotte’s strong job market and population growth are fueling an increase in rents. Rents in Charlotte have grown 53% over the last 10 years at nearly 5% annually, outpacing the national average by 28%. This robust rental market presents a lucrative opportunity for real estate investment in Charlotte, NC.
4. Top-ranked schools and universities
The Charlotte metro area boasts 25 colleges, universities, and technical schools across the cities of Charlotte, Concord, Gastonia, and Rock Hill (NC & SC). These institutions employ 7,475 people, generate over $1 billion annually, and hold $3 billion in assets.
Charlotte’s UNC Charlotte has risen in rankings in recent years, climbing 41 spots overall. Three local high schools—Highland School of Technology, Providence High School, and Ardrey Kell High School—are also ranked among the top ten in North Carolina.
Davidson College, a liberal arts college 20 miles from the city, pioneered replacing loans with grants in financial aid, enabling debt-free graduation.
5. Strong and well-diversified economy
The Charlotte region is a central corporate hub, with 10 Fortune 500 companies and 17 Fortune 1000 companies headquartered there, including Lowe’s, Bank of America, Duke Energy, Albemarle, Nucor, Brighthouse Financial, and Truist. Charlotte’s economy is well diversified into the following sectors:
- Banking & Finance: The second-largest U.S. banking center after NYC.
- Healthcare: Major hospital systems in Charlotte include Atrium Health and Novant Health.
- Energy: Duke Energy powers much of the Southeast.
- Manufacturing: Siemens Energy, GE, and Honda have operations here.
- Technology: Microsoft and Red Ventures are among the tech giants in Charlotte.
- Entrepreneurship: Supported by organizations like the Charlotte Regional Business Alliance and Ventureprise.
Newsworthy Projects and Developments in Charlotte, NC
Planned developments can help investors estimate how the value of their investment properties might change in the future. Here are some notable projects in the Charlotte real estate market right now.
1. The Pearl
Atrium Health and Wexford are building The Pearl, a mixed-use development in Charlotte’s Midtown area. The project features a new medical school (Wake Forest University School of Medicine Charlotte), offices, labs, shops and apartments (including affordable housing). The Pearl is located in Brooklyn, a formerly thriving African American community impacted by urban renewal, which displaced residents and businesses in the area between 1950-1960. The project is expected to create over 5,500 jobs over the next 15 years, 40% of which do not require a college degree. Phase one opens in 2025.
2. Link Apartments NODA 36th
A new apartment community in NoDa developed by Grubb Properties features three buildings, with a mix of 534 apartment units, 130,000 square feet of office space and 11,000 square feet of retail space. It will also contain a 566-space shared parking garage. Phase one of the project, which includes 292 apartments, opened in September 2023. The second phase is currently underway. Photo credit: Grubb Properties
3. Northwood Ravin’s Midtown Apartment Tower
Charlotte developer Northwood Ravin plans to build a high-rise apartment tower in Midtown at the corner of Metropolitan Avenue and South Kings Drive. The luxurious 27-story building will contain 283 apartments. It will include two-story penthouses with private hot tubs on terraces offering city views, multiple outdoor pools, a private bar, and a rooftop speakeasy. Photo credit: Northwood Ravin
4. South End Mixed-Use Development
In June 2023, Hoffman & Associates announced two projects on Distribution Street in South End. The first, at 2500 Distribution Street, features 330 apartments on 330,000 square feet of residential living space. The project breaks ground in Spring 2024 and is expected to be completed by Fall 2026. The second project, located nearby, will start in 2025 and be completed by summer 2027. This project will contain 410 apartments across 425,000 square feet of space plus 5,000 square feet of retail space. Photo credit: Hoffman & Associates
5. The Pass
The Pass is a mixed-use development in No-Da that brings over 260,000 square feet of office and retail space and upscale apartments to Charlotte’s art hub. The first phase, labeled Pass41, is currently in progress. It offers 80,000 square feet of retail, entertainment, and office space. No-Da residents can expect businesses like Soul Gastrolounge, Borderline Bar & Billiards, and PINE to open in The Pass once the first phase is complete.
Best Places to Buy Investment Property in Charlotte Metro & Surrounding Areas
Is investing in the Charlotte real estate market a good idea? With some of the highest home appreciation rates in the country, it is piquing investors’ interest. Here are some of the best places to find profitable investment properties in Charlotte and the surrounding areas.
1. Salisbury
Salisbury, the county seat of Rowan County, lies in North Carolina's Piedmont region. It sits along I-85 between Charlotte and Greensboro. Its strategic location makes it attractive to logistics businesses. DHL is expanding its presence in the area with a new 713,000-square-foot warehouse. The $40 million project is expected to create 80 new jobs. Salisbury also offers affordability. The average home price in the city is $266,141, and the average monthly rent is $1,358. Photo credit: Visit Rowan County
2. Statesville
Located 51 minutes from Charlotte, Statesville is in Iredell County in the Charlotte metro area. The city has a population of about 30,000 people and boasts a charming, walkable downtown with a mix of restaurants, breweries, shops, and annual events. Fortune 500 companies like Lowe’s, Hanesbrands, and Yadkin Valley call Statesville home. The city also has a thriving manufacturing sector with many textile, furniture and plastic companies. Sherwin-Williams is planning a significant expansion in Statesville. The company plans to add about 36,000 square feet to its manufacturing facility on Side Track Drive and a new 800,000-square-foot distribution facility at Larkin Regional Commerce Park. Rich in history, Statesville has several districts on the National Register of Historic Places. The city also has a growing arts and small business scene. Future job growth in Statesville exceeds the national average. BestPlaces predicts 42.3% job growth in Statesville over the next ten years, higher than the U.S. average of 33.5% for the same period. Photo credit: Our State
3. Cherryville
Cherryville is a vibrant city in Gaston County, 38 miles from Charlotte. It is home to local businesses such as Cherryville Hardware, G&G Electric Motors, and Rawls Auto Parts. Since introducing its Main Street Program in 2014, Cherryville has attracted many new businesses, such as The Fuzzy Cow, Five Spur Steakhouse, and Noble Artistry. Its local economy is well diversified, supported by a mix of manufacturing, commercial, institutional, services, and government jobs. Its largest manufacturing businesses are Keystone Powdered Metal, which employs 220 people and Bradington Young Company, which employs 187 people. Most of its residents work in the government, institutional and construction sectors. Cherryville’s real estate is affordable. The average home price in the city is $237,941, and the average rent is $1,640. Photo credit: City of Cherryville
4. Kings Mountain
Kings Mountain’s location along the Charlotte-to-Atlanta rail line and next to the Catawba Two Kings Casino makes it a hot investment in the Charlotte metro area. The city is undergoing revitalization with the Dixon Ridge project, a new development featuring industrial, research and development, and residential spaces near the Two Kings Casino. The city is also drawing interest due to its reopened lithium mine. This mine positions it as a key player in the nation’s battery supply chain, supporting electric vehicle production. A new rail connection, currently under construction in the area, will improve transportation between Kings Mountain, Charlotte and surrounding areas. This will potentially boost population and increase demand for housing, services and retail in Kings Mountain.
5. Catawba
Catawba is located near major highways and rail lines. It’s just about a 55-minute drive from Charlotte. Major companies like Apple and Microsoft have invested hundreds of millions of dollars to build data centers in Catawba, boosting the rural economy. Microsoft recently broke ground on their new $1 billion project in Catawba. This project will bring four data centers to Hickory, Conover, and Maiden in Catawba County. Beyond tech, Catawba County attracts manufacturers, logistics businesses, and other industries. Major employers include Shurtape Technologies, McCreary Modern, and Century Furniture.
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