In spite of Charlotte’s recent housing boom, the Queen City still has plenty of room to grow.
According to a new report by RedFin, Charlotte has been ranked as one of the top 4 metros “primed for growth over the next decade”.
The report analyzed 78 metros across the United States and ranked the top 4 cities based on average share of land value be less than 30%, home price growth be more than 4%, home sales growth be greater than 4%, and percent of searches from outside the metro be at least 40%.
“In Charlotte, home sales are growing at an annual pace of 14.5%. With 40% of search activity coming from outside of the metro, Charlotte—where household incomes are growing 5% annually and jobs grew 2.9% in 2019, well above the national rate of 1.4%—will continue to attract job seekers. Charlotte is well positioned to absorb growth given that land comprises only 28% of home values on average in the metro. Notably, Charlotte is home to one of 2019’s hottest neighborhoods in the country (Wildwood), and that neighborhood has a new housing development under construction,” the report notes.
Top 4 Growth Metros For The Coming Decade
| Metro | Average Land Share of Home Value | Median Sale Price Growth | Homes Sales Growth | Median Household Income Growth | Job Growth | Percent of Searches from Outside the Metro | Median Sale Price – New Construction | Median Sale Price – Existing | City Compete Score™ |
|---|---|---|---|---|---|---|---|---|---|
| Spokane, WA | 0.23 | 0.142 | 0.055 | 0.047 | 0.017 | 0.73 | 350000 | 255000 | 85 |
| Las Vegas, NV | 0.25 | 0.065 | 0.157 | 0.035 | 0.024 | 0.47 | 388000 | 285000 | 60 |
| Charlotte, NC | 0.28 | 0.091 | 0.145 | 0.051 | 0.029 | 0.4 | 325000 | 248000 | 66 |
| Orlando, FL | 0.29 | 0.07 | 0.147 | 0.054 | 0.032 | 0.51 | 316000 | 250000 | 75 |