Charlotte Relocation Guide

VOL1ISS1 2017

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Page 49 of 67

THE ORIGINAL RELOCATION GUIDE — CHARLOTTE | VOLUME 1 — ISSUE 1 48 If you are considering relocating to the Charlotte area, you might be aware that the real estate market continues to trend upward. You might not have realized, however, just how hot Queen City real estate is currently. According to a recent report by PwC and the Urban Land Institute, Charlotte is now the third most attractive real estate market in the United States, just behind Dal- las and Austin. Charlotte outranked other southeastern markets including Atlanta, Nashville and Raleigh. Ac- cording to the report: "Good job and population growth along with the development of urban centers continues to make the (Charlotte) market attractive to residents." In fact, U.S. News and World Report analyzed 100 metro areas in the United States to find the best places to live based on quality of life, the job market in each metro area, as well as the value of living there. The Charlotte Metro, with a population of nearly 4 million residents, ranked No. 14 on the list. Yet, despite the high rankings, the average cost of housing in Charlotte is $189,508. When you compare this to average costs of $211,731 for the U.S. as a whole, Charlotte is still very affordable and a great value. Buy- ing a home in Mecklenburg County requires an aver- age mortgage payment that's about 25 percent of the average local wage, compared to a national average of 34 percent. Home prices are still rising though. The Charlotte area once again outpaced the national average, accord- ing to an April report from S&P CoreLogic Case-Shiller. Prices in the market rose 6.1 percent year over year compared with a 5.8 percent average rise across the U.S. REAL ESTATE Queen City Real Estate BY SERENA STEVENS great choices in a thriving market According to the Charlotte Regional Realtor Association, housing inventory was holding at a 2.4-month supply by the end of March 2017. Only about 9,200 houses were listed for sale then — a 20.3% drop from the previous year. There are many great neighborhoods from which to choose inside of Charlotte proper. All of these offer great schools, great locations, and extremely livable communities. While there are plenty of housing options in the down- town area (actually referred to as Uptown), many residents choose to live in the neighborhoods surrounding the metro area's center. According to the website, the 10 most livable neighborhoods in Charlotte include Eastover, Com- monwealth, Barclay Downs, Dilworth, Myers Park, Fourth Ward, Foxcroft, Plaza Midwood, Ballantyne East, and Wessex Square. The report took into account important factors like cost of living, nearby amenities, walkability and crime rates. The Charlotte neighborhood of Eastover has the city's highest livability score is also No. 1 in North Carolina. The neighborhood currently has a 97 percent high school gradu- ation rate, 59 percent lower crime rate than Charlotte's average, and a 318 percent higher income than Charlotte's average (the median household income is $221k). As far as bedroom communities around Charlotte, the South Carolina suburb of Tega Cay is the best place in metro Charlotte to purchase a home, according to Niche, a company that provides housing market research and rankings. Niche factored in home values, taxes, quality of schools, and crime rates in its report. Here are the 10 best places to buy a house in metro Charlotte area, according to Niche's data: Tega Cay (S.C.), Marvin, Weddington, Waxhaw, Harrisburg, Stallings, India Hook, Huntersville, Lesslie (S.C.), and Wesley Chapel. By far, however, the Queen City's fastest growing suburb is Waxhaw. The population of the Waxhaw, which lies to the southeast of Charlotte, grew by 37 percent, according to U.S. Census Bureau figures. During that time, Waxhaw added more than 3,600 residents, bringing the total popu- lation to nearly 13,500. Tega Cay and Fort Mill also saw impressively high growth at more than 20 percent. So no matter which Charlotte neighborhood or suburb in which you choose to buy, you can rest assured that it will provide all of the amenities that you and your family are looking for. You can also rest easy knowing that you are getting a great value for your money as property values continue to appreciate. []

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