Charlotte & Lake Norman Real Estate Market Trends 2022
Nicole Leininger July 10, 2022
Nicole Leininger July 10, 2022
The national real estate market has been on fire for the past two years, and the Charlotte and Lake Norman areas have been no exception. This has left many buyers and sellers wondering what effect this will have on Charlotte housing market trends for 2022 and beyond.
While we do expect the frenzy of 2021 to calm down this year, experts are predicting steady growth and a strong market for the rest of 2022. According to the National Association of Realtors, existing home sales are down 2.4% nationally this month and pending sales are down 3.9%. In Charlotte, new listings have increased by 4.4%.
Below, we will discuss what you can expect to see in the Charlotte and Lake Norman real estate market this year.
The Charlotte, NC real estate market is consistently ranked as one of the hottest markets in the country. In fact, Charlotte and surrounding areas have seen record growth over the past several years. That is thanks to the relatively low cost of living, the diverse economy, and the excellent quality of life residents enjoy. The Charlotte, NC real estate market trends prove that our growth isn’t slowing down.
The population growth Charlotte is still going through directly affects Charlotte, NC real estate market trends. In 2020, Charlotte recorded a population of 925,290. That’s a population increase of more than 25% since the 2010 census. With an annual growth rate of 1.45%, we expect the same steady growth to reflect in Charlotte housing market trends.
Charlotte’s job market correlates with its healthy, diverse economy. The area boasts strong energy, health care, travel, and financial sectors that provide residents in the area with tens of thousands of jobs. Charlotte residents enjoy working for energy companies, medical facilities, airlines, and banking corporations. The unemployment rate in Charlotte continues to be lower than the national average.
While Charlotte, NC real estate market trends are showing increased home prices and interest rates as we move through 2022, the affordability of homes in Charlotte keeps the market strong. The median sales price in Charlotte rose to $349,700 in 2022, which is a 22.7% increase from 2021, yet we are still ranked as one of the more affordable cities in the US.
Since the Charlotte housing market trends continue in an upward trajectory, now is as good a time as ever to buy real estate investment properties. Experts have predicted that the market fire will cool down some but continue to grow.
The slight downturn in sales has increased the national inventory by 10.8% this month, so the market has somewhat stabilized. Properties purchased now will continue to appreciate at a solid and steady pace so that they can be flipped or held to rent out.
An experienced and proven real estate agent will help you through every step of the home buying or selling process from beginning to end. Because the Charlotte, NC market trends are creating a seller’s market, you need experience in your court. Whether you are looking to buy or sell in the Charlotte or Lake Norman area, Nicole Leininger is the agent to help you navigate this ever-changing market.
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