Charlotte Housing Market: Trends & Prices
Charlotte Real Estate Market Overview
(Last Updated – 10/2020)
Charlotte offers the perfect mix of southern charm and high-energy city life! This on-the-rise metro region has a unique culture and food scene that attracts tourists and locals alike. Free events are easy to find on the weekends and taking a family out to eat is very affordable, so there is plenty of fun to be had in this city without breaking the bank.
The median home price in Charlotte is less than the national median, but some more desirable neighborhoods like Myers Park can have houses with prices that surpass $1 million. The summers in Charlotte can be sweltering and humid, but locals appreciate the mild winters and pleasant fall seasons.
Beer lovers will be thrilled to learn that Charlotte has a thriving craft brewing scene. Enjoying a nice cold beer is a refreshing way to top off an afternoon spent enjoying the thirty-seven miles of greenway trails that locals use for biking, rollerblading and running.
To learn more about the Charlotte real estate market, keep reading for some helpful fast facts about real estate trends, home prices, and neighborhood demographics.
Overall Charlotte Market Trends
The real estate pros at Redfin consider the Charlotte real estate market to be somewhat competitive and report that homes for sale in this area typically receive multiple offers.
Generally, Charlotte homes sell for 0.8% below their list price and spend around 43 days on the market.
$285,000
Avg. Home Price
$151
Avg. Price Per Sq. Ft
43 days
Avg. Time on Market
Charlotte Housing Market Forecast
For those curious what Charlotte house prices could look like in the near future, consider this handy housing market forecast.
The median home price in Charlotte rose by 5.3% over the past year, but Zillow predicts the median prices could fall by 1.2% within the next year.
Demographics of the Charlotte Market
Charlotte sprawls across 297 square miles and has tons of great neighborhoods to explore. While each neighborhood will have its own distinct benefits, shops, restaurants, schools, parks, and housing market, it can be helpful to look at the overall demographics of this city.
Median Income: $60,764
Median Age: 34.7
College Educated: 44%
Homeowners: 52.5%
Married: 45%
Popular Charlotte Neighborhoods
Charlotte is a big city, so narrowing down a search for the perfect home to preferred neighborhoods can be helpful! To make wading through the Charlotte housing market easier, we rounded up some handy facts about five of the most popular neighborhoods in this city.
Sharon Woods
Located in the heart of Charlotte, this well-established community is growing quickly. Homeowners will surely appreciate being within close proximity to great schools, restaurants, and shops.
This diverse and active neighborhood was built in the 1970s and neighbors play a vital role in making this community feel so tight-knit.
Quick Facts
Population:
48,304
Median Age:
35.2
Housing Units:
22,057
Bike Score:
29
Walk Score:
14
Transit Score:
22
Average Household Income:
$99,497
Sharon Woods Housing Market
In Sharon Woods’ somewhat competitive housing market, it isn’t unusual for homes to receive multiple offers and typically homes sell for around 1.6% below their list price.
On average, homes in Sharon Woods sell in about 40.5 days, but more popular homes sell in about 23 days.
Average Home Price
$230,000
Average Price Per Sqare Ft.
$205
Oxford Hunt
Ready for the word on the street? According to locals, the Oxford Hunt neighborhood is diverse, has great housing options, is a good area for families, and has amazing public schools.
Both families and young professionals gravitate towards Oxford Hunt, lending the area a young and modern feel.
Quick Facts
Population:
35,059
Median Age:
39.5
Housing Units:
13,769
Bike Score:
32
Walk Score:
15
Transit Score:
27
Average Household Income:
$133,976
Oxford Hunt Housing Market
The Oxford Hunt housing market is considered to be “somewhat competitive”, as some homes for sale in the area receive multiple offers from buyers.
Generally homes sell for about 0.7% below their list price and sell in around 48 days in Oxford Hunt.
Average Home Price
$442,000
Average Price Per Square Ft.
$182
Providence Park
House hunters looking for a neighborhood with a suburban feel will appreciate Providence Park. This neighborhood attracts a lot of families.
There are some highly rated public schools in the area that are likely one of the reasons why families with children love this neighborhood.
Quick Facts
Population:
26,147
Median Age:
38.1
Housing Units:
11,309
Bike Score:
36
Walk Score:
36
Transit Score:
33
Average Household Income:
$54,720
Providence Park Market
Providence Park is another Charlotte neighborhood that has a somewhat competitive housing market.
Generally in this neighborhood, homes for sale receive multiple offers, sell for about 2.8% below their list price and sell in around 56 days.
Average Home Price
$915,000
Average Price Per Square Ft.
$231
Cherry
Cherry is one of Charlotte’s oldest surviving African-American neighborhoods and is located near the Myers Park suburb.
This historic neighborhood honors its past with plaques and historic landmark designations while looking to the future. The Cherry Community Organization is committed to preserving the historic nature of this community, while providing housing opportunities for families from all backgrounds.
Quick Facts
Population:
1,263
Median Age:
36
Housing Units:
715
Bike Score:
80
Walk Score:
56
Transit Score:
66
Average Household Income:
$120,200
Cherry Housing Market
On average, homes for sale in Cherry sell in around 46 days for 1.3% below their list price, but more popular homes can sell in around 17 days for 1% above their list price.
Average Home Price
$329,000
Average Price Per Square Ft.
$237
Dilworth
The lovely neighborhood of Dilworth is known for having historic bungalows, friendly neighbors, and low crime rates. This neighborhood is Charlotte’s oldest streetcar suburb and its history dates all the way back to the late 1800s.
Dilworth is home to top-rated schools such as Dilworth Elementary (K-4) and St. Patrick Catholic School (K-8), making it an ideal neighborhood to raise a family in. Don’t forget to stop by the Bank of America Stadium or the NASCAR Hall of Fame on the weekends for even more family fun.
Quick Facts
Population:
7,666
Median Age:
31
Housing Units:
4,526
Bike Score:
77
Walk Score:
48
Transit Score:
61
Average Household Income:
$106,585
Dilworth Housing Market
Buyers probably won’t have to move too quickly when it comes to making an offer on a home, as generally homes in Dilworth stay on the market for around 48 days.
That being said, some homes do receive multiple offers and more popular homes sell in around 29 days.
Average Home Price
$442,000
Average Price Per Square Ft.
$310
SoFi Home Loans
It’s easy to see why Charlotte has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Charlotte could be your home sweet home, then you may need to consider your mortgage loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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