March 22nd, 2023
Average Price of Homes in Charlotte
What is the median home price in Charlotte, NC? If you are considering purchasing a home in Charlotte, learn about what to expect when buying a home and the average home price.
If you are unaware, Charlotte is the largest city in North Carolina. More than 100 people are moving into the city daily, bringing Charlotte to a population of nearly 880,000. To understand why people are moving to this sought-after city and purchasing homes, keep reading to learn more about Charlotte.
Overall, Charlotte is affordable when comparing its factors to the national averages. The cost of living in this city is 3% lower than the national average. This includes utilities, healthcare, transportation, food/groceries, housing, etc. Some people have the misconception that living in a large city means spending tons of money, and that is only sometimes the case.
Charlotte has become a prime destination for young professionals and families to relocate to. It has a booming job market because it is home to hundreds of large companies. There are almost always job opportunities right in front of you when you are living in Charlotte. It also has a great housing market that is very stable. Home to many beautiful neighborhoods, you can live directly in the city's heart, downtown or uptown, or on the city's outskirts for a more suburban feel.
Now let's get into the home prices of Charlotte
Home Buying Process
Before we get into the average cost of purchasing a home in Charlotte, let's cover the home-buying process. There are a handful of steps within this process. For most of these steps, we highly recommend hiring a local Real Estate professional to help guide you. Some people think purchasing a home is easy; they find the home they like, submit an offer, and poof, it's theirs. But no. There are a lot of little steps in between that need to happen for the transaction to go smoothly and successfully.
|Figuring out what you want in your home. This is when you need to think about home logistics. Would you like a townhome, condo, or single-family detached home? What size? A lot of land or a lot of square feet in the house? A pool? A basement?
|Getting pre-approved for a mortgage. This is essential to do before shopping around for a home. You are going to need to figure out some budget to look within.
|This is where you start looking and shopping around to hire a trusted local Real Estate Agent. You will want to work with someone with your wants and needs at the forefront of this transaction.
|Now, the fun part. During this step is when you will be searching for that perfect home. This is when you will attend showings and view homes that fit your interests and are affordable.
|Once you find that perfect home after looking and comparing, this is the time when you make the offer. This is when having that Realtor will come in handy. They are there to advise on what they think a reasonable offer is to win a home.
|If your offer gets accepted, you move on to step 6. This step is when you schedule any inspections that you would like. The most common inspections are a pest inspection and a home inspection.
|This is where you will be obtaining your mortgage. This is a simple step if you have already been pre-approved for a mortgage. This is when your chosen lender hands over funds you will pay off within a specific time.
|In this step, you would like to obtain title insurance. This insurance protects you and your lender if things don't go smoothly. If it turns out that the seller didn't have ownership of the house, this insurance will protect you, your mortgage lender, and anything you have put into the home.
|Your final walk-through. This is the last time you can walk through the home and double-check everything before closing. This is an essential step if the seller is supposed to make any repairs or ensure the house is still in the same condition it was during all your inspections.
|The final step is the closing day. This is when the home deed is transferred to you, and all the paperwork is signed.
Median Home Prices in Charlotte
It is predicted that 2023 will be Charlotte's hottest housing market. This is based on their forecasted home value growth, stable economy, booming job market, and fast-growing inventory with plenty of residents moving in.
The more growth this city has, the more the home prices will increase as the years go on. Charlotte has become a highly desirable place for hundreds of people every day. The home prices in Charlotte have significantly increased the average home purchase cost.
To lay it out in numbers, a couple of years ago, the average cost for a home was around $270,000, and at the end of 2022, home prices increased to an average of $400,000. If you are planning to move, now is the time.
Experts are seeing that the real estate market in Charlotte has no plans to slow down any time soon, which is an excellent thing for the city itself and the businesses thriving here
What to expect when living in Charlotte?
When living in Charlotte, it is essential to note that it is the largest city in North Carolina. This means you will be surrounded by a large community, traffic, and many establishments right around the corner. However, there are a variety of places to live in the town. If you would like to live in the downtown or uptown areas, you can. But if you are moving to Charlotte and want to have that suburban feel still, the city has fantastic neighborhoods on the outskirts of the city.
Life in Charlotte is fantastic if you are a young professional. Many of the people that make up Charlotte's population, especially in the downtown areas, are young professionals. This is all because of Charlotte's booming job market that has attracted young people to the city for careers. It is also still a great place to raise a family. Charlotte has many excellent schools, parks, and some of the best neighborhoods.
The environment and atmosphere of Charlotte are a little different than Raleigh. Charlotte is a newer city that has more modern architecture throughout the city. It also has more skyscrapers than Raleigh does. This is why we say that Charlotte is the perfect place to move to in NC if you want that "big city" vibe.
Charlotte is also home to large universities. They have colleges and universities like the University of North Carolina Charlotte, Davidson College, Queens University of Charlotte, and Central Piedmont Community College. A mix of private and public colleges, four years and two years.
This city has a little bit of everything for everyone, which is why it is such a loved community.
The heart of Queen City is Uptown, also known as Central City. This part of Charlotte is where you will see and enjoy hundreds of restaurants, local shops, museums, bars, and so much more.
This part of the city is where you will find the NASCAR Hall of Fame and the Bank of America Stadium, home to the NFL team, the Carolina Panthers. Living in Uptown gives you quick access and beautiful views of these buildings from almost anywhere.
If you are thinking of buying a home in Uptown Charlotte, you will be looking more at apartments, condos, and townhomes. This area has few single-family homes because it is a big city. For them to accommodate all of their residents, you will find more community-style homes.
On average, you can find some of these homes for prices between $400,000 - $1 million. Most of these layouts have 1-3 bedrooms and a few bathrooms. This is where you will find most of the young or single professionals.
If you are considering moving to the suburbs of Charlotte, there are plenty of options! Charlotte has some of the best family-oriented neighborhoods right outside the city. Here are the best suburbs of Charlotte:
|Fort Mill, SC
|Tega Cay, SC
In addition to the best suburbs of Charlotte, here are some of the top neighborhoods to live in within city limits.
- Fourth Ward: Located in "Uptown," this neighborhood has charming Victorians and quiet streets. There are plenty of housing options within this neighborhood, and it is close to the Uptown area of Charlotte.
- Ballantyne: This is an upscale neighborhood in Charlotte near the South Carolina border. This neighborhood is perfect for golf lovers and families.
- South Park: A large neighborhood located on the city's edge. This residential area has a population of around 18,000 residents.
- Elizabeth: This is a smaller, quieter neighborhood in Charlotte with nearly 4,000 residents. Within this neighborhood, you will find the National Register of Historic Places. This neighborhood also contains two major hospitals and historic places converted into new restaurants, shops, and offices.
Pros and Cons of living in Charlotte
- Great job market
- Non-competitive housing market
- Great schools
- If you are a Carolina Panthers fan, you are close to their stadium
- Home to the NBA Hornets
- They have MiLB Charlotte Knights
- Tons of traffic throughout the city
- An influx in median home prices
- High crime rate if you live in the city
- Humid weather
What is a liveable salary in Charlotte?
An excellent comfortable salary in Charlotte, NC, is anything over an average of $45,000. Now, a lot goes into what a person needs to live comfortably in a city. Some people want to know what they need to make to get the best of the best in Charlotte, and some people are okay with living on the outskirts for a cheaper cost. It all just depends on the person and what they consider comfortable living.
Is Charlotte better than Raleigh?
It depends on who you ask! Both cities are unique and offer so much to their residents and visitors. Both areas have an abundance of housing, jobs, and things to do to occupy your time.
However, the atmosphere and vibe of the cities are different. If you want to live in a big city that feels like something other than a big city, Raleigh is your place. But if you want to live in a large city and it feels like a city with skyscrapers, then you would lean towards Charlotte.
If you want to learn more about Raleigh, read our guide on moving to Raleigh.
What part of Charlotte is the best to live in?
The known best places to live in Charlotte are Southend and Dilworth Uptown. Please read our blog that covers some of the best neighborhoods in Charlotte to decide which area best suits you!
What is the weather like in Charlotte?
Charlotte's weather is like most places in North Carolina. The summers are usually hot and humid, and the winters and cold and wet. However, it is generally partly cloudy year-round in Charlotte.
Home Prices in Charlotte - Our Final Thoughts
We covered a lot in this guide on home prices in Charlotte. Not only did we go over the housing market, but we hope this blog helped you better understand the home-buying process, the best places to live in Charlotte, and, overall, why Charlotte is so desirable.
If you are considering relocating to Charlotte, contact us today to get connected with a local Real Estate Agent for more guidance. When we started this blog, we discussed the home-buying process and why having a Realtor by your side is crucial.
Hi there! My name is Ryan Fitzgerald, and I am a REALTOR®. My goal is to help you learn more about real estate through our Real Estate Blog! Hopefully, you enjoyed the above blog post and it found a way to provide help or value to you. When you're ready to buy or sell a home of your own let us know here. Please feel free to join the conversation by dropping us a comment below.