“The Queen City”
Discover Charlotte's Real Estate
Charlotte is North Carolina’s largest city and is home to more than 800,000 people. The city of Charlotte is among the top 25 metropolitan areas of the US, with roughly 2.5 million residents. Also, Charlotte is the 16th biggest city in the US.
Culture, History, and Business
The first known settlers of this city were the Native Americans, Catawba, around 1567. However, by 1759, the settlers were attacked by smallpox and lost over half of its population. The city was later developed by some Presbyterians from Ireland and Scotland.
Historically, Charlotte’s economy was based on transportation and distribution, but in the recent past, there has been growth in knowledge-based industries such as biotechnology. The Greater Charlotte region has 48 firms that are focused on biotech. Another hot sector in the city is the technology and IT services. The city hosts the facilities for 291 of the top Fortune 500 businesses. The headquarters of ten companies from the Fortune 1000 businesses and seven from Fortune 500 businesses are located in Charlotte.
The best part of Charlotte’s growing business economy is the expansion of its industrial base, which has attracted many business owners in the city. From 2015 to 2025, the expected growth rate in the Social and Healthcare Services, Insurance and Finance, and Technical and Professional Services are 43%, 28%, and 25%, respectively.
Real Estate Appeal
Home prices are growing at a rate of about 3% annually. It is one of the USA’s fastest-growing metro areas that offers a hot housing market for investors who are willing to renovate & flip, buy to hold & rent and invest in multi-family properties.
As of October 2019, Charlotte’s home value has risen by 6.5% compared to 2018 and is expected to rise by 4.1% in 2020, according to Zillow. The cost of an apartment in the city center is $2,938.08 per sq. meter while outside the city center cost $1,623.38 per sq. meter. Rental rates have continued to rise, with higher profit margins anticipated for investors.
Rental yields in the city center are at a rate of 10.30% while outside the city center it is 13.30%. The cost of renting a one-bedroom in the city center and outside the city is $1,463.32 and $1,029.20, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is $2,328.32 and $1,694.83, respectively. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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