People hear news about real estate all the time. Sometimes it is factual, sometimes it's what your neighbor's cousin's wife said at a party. The stories can make you excited or scare you, and they might even affect your real estate decisions.
I attended a conference a couple of weeks ago, hosted by UNCC's Real Estate department. They put together a LOT of research and gave a presentation called "State of Housing in Charlotte Report 2019". The report encompassed Charlotte and the surrounding region. Here are a few tidbits from that 85-page report:
- The Charlotte region has seen a 2% population growth every year since 2007. Iredell County saw a 10% increase between 2011-2017. The population is growing faster than the number of housing units.
- Migration accounts for 58% of the growth in our region.
- Nationally, the Charlotte region has some of the lowest land prices.
- Locally, land prices are rapidly rising. This equates to a stronger desire for people to commute to work, trading commute for less expensive housing. That's good news for Iredell County and the surrounding areas outside of Charlotte. People are being forced to the outskirts and beyond in order to own a home.
- The area has added an additional 42,000 apartments since 2007.
- The supply of lower-priced homes continues to be severely constrained. In fact, the first time home buyer could purchase a home for $150,000 in 2007. Today they will pay $250,000.
During the housing peak, the region saw 8-10 months of inventory of homes for sale. Today, we are at less than 90 days. New jobs are being added regionally, which means more people moving to the area, and that helps the economy stay strong. We live in a great area!
If you would like to discuss anything real estate related, or you would like a copy of the report, just let me know!
My Real Estate (and other stuff) Rant for today Vlog 162
