CHARLOTTE, N.C. — For years, Charlotte’s real estate market has been booming. But Charlotte has been dropped from the top 10 real estate markets to watch in 2024, according to a list compiled by the Urban Land Institute and solutions firm PricewaterhouseCoopers.
The recently released list, now in its 45th year, is comprised of approximately 2,000 interviews and surveys from experts, including real estate agents and home builders. Looking at the top real estate markets to watch, Charlotte has fallen from 10th place last year to 13th place. The Queen City has been in decline for the past four years. It was 6th in 2021 and 5th in 2020.
Charlotte real estate agent David Hoffman of David Hoffman Realty said despite the drop in rankings, real estate in the Charlotte metro remains very attractive.
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“The cost of living is not as low as it used to be,” Hoffman said. “We still have a very diverse workforce, a warm climate, and a very good business climate.”
The real estate agent, however, pointed out that Charlotte is not cheap Like it used to be.
“Lastly, we are now competing with a larger market,” Hoffman explained. “Charlotte used to compete with the mid-market. Some of his smaller MSAs [metropolitan statistical areas] It now competes with Austin, Texas. Now we’re competing with Chicago. ”
Hoffman said another reason for the decline is that the secret is already out in the open.
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“A lot of buyers are already buying here. The cost of living is higher than it’s ever been in Charlotte. And it’s still very attractive. Like you said, 13 is still very good. “But there just aren’t as many buyers as there used to be.” ”
Hoffman added that remote work also has something to do with slips. Competition to get into the top 10 is even more intense as people from the north and west can still keep jobs.
“This is still one of the most popular places to live,” Hoffman said. “But we have to bring people here to see the four seasons and the warm weather in the fall and winter. There are a lot of opportunities. But again, with remote living, you can live anywhere.”
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