The state of the Charlotte market

When it comes to real estate, Carolina has been on many minds in the past few years. For example, Charlotte, NC landed at #15 in a recent census report on population growth between July 2021 and July 2022. And unlike a lot of cities with low home availability post-pandemic, Charlotte was ranked #6 among cities with the most new home construction in 2023. Between the beautiful weather, friendly Southern culture, low unemployment rate, and access to major thoroughfares, it’s no wonder the Charlotte area continues to be a sought-after place to call home.

But don’t just take our word for it. We spoke with local realtors and builders about the Charlotte housing market, and here’s what they had to say: 

“One aspect [of the first half of 2023] that did not surprise me was the continued strong demand for real estate in Charlotte. The city has been experiencing steady population growth, job opportunities, and a favorable business climate, making it an attractive destination for many individuals and families.” — Kristina Delgado, Allure Realty. 

• We found that a solid 62% of Charlotte residents believe that people are moving to Charlotte due to the strong job market.  

“Charlotte has strong in-migration and strong job growth, but unfortunately not enough homes to meet demand. We’re seeing individuals and families under 40 years of age are beginning to dominate the market.  — George Schulmeyer, M/I Homes of Charlotte

• In-migration was a leading factor in our survey. A top concern (33%) for sellers looking to move is the inability to find a new home in their preferred neighborhood. 

“Advice I give to clients is to be diligent with keeping an eye on the market. There is still not an influx of sellers on the market, so if there is that special place that you have been waiting for, chances are that someone else may be too.” — Steven Norris, The Steven Norris Team Brokered by EXP Realty 

• Local experts agree with our respondents, 72% of whom believe that bidding wars and homes receiving multiple competitive offers from buyers will continue. 

We looked at the top neighborhoods in the Charlotte metro area to see where people were moving at the start of this year. Kristina Delgado of Allure Realty said there continues to be strong demand for suburban living near the city. She’s seeing buyers opting for larger homes and yards, access to nature, and an all-around desire for more space. This sentiment strongly coincides with our recent Simple Sizing survey, which found that 67% of respondents would move to a quieter place, 57% prefer a secluded location and 51% want outdoor activities nearby. 

In the Charlotte area, here are the most popular ZIP codes where people are moving: 

1. 28269 – Charlotte (Highland Creek)

2. 28078 – Huntersville

3. 28277 – Charlotte (Ballantyne)

4. 28205 – Charlotte (Eastland)

5. 28027 – Concord

6. 29715 – Fort Mill

7. 28173 – Waxhaw

8. 29732 – Rock Hill, SC

9. 28227 – Charlotte (Matthews/Mint Hill)

10. 28210 – Charlotte (Beverly Woods)

    

Whether you’re moving from one neighborhood to another, have your eye on a new construction home, or coming from out of state to the Charlotte metro, Opendoor can help get you started on your next journey. Visit Opendoor.com to learn more.

Methodology:

Top ZIP codes methodology: Top ZIP codes are identified by analyzing data from the local Multiple Listing Services (MLS) where Opendoor Brokerage operates. ZIPs were ranked by total homes which went into contract within 90 days of listing in 2023.

*In May 2023, Opendoor surveyed 302 current and prospective (over the next 12 months) home buyers and sellers, age 25 or older, with a household income of $50,000 or more, and who are household real estate decision-makers, in Atlanta, Charlotte, and Dallas-Fort Worth.