Charlotte NC Real Estate - Charlotte NC Homes For Sale | Zillow (2024)

FAQs

Are house prices dropping in Charlotte? ›

Charlotte Housing Market Trends

In June 2024, Charlotte home prices were up 4.7% compared to last year, selling for a median price of $445K. On average, homes in Charlotte sell after 36 days on the market compared to 32 days last year. There were 1,027 homes sold in June this year, down from 1,220 last year.

Using this model and data from the MIT Living Wage Calculator, SmartAsset found that a single adult in Charlotte would need an annual income of $101,338 or an hourly wage of $48.72 to live comfortably here.

Homebuyers in Charlotte need to make $111,051 to afford a mortgage, which is nearly double what it was four years ago: Income needed to afford a mortgage in 2024: $111,051. Change in needed income since 2020: $55,239.

Uptown is considered one of the best neighborhoods in Charlotte, NC, as it's truly the city's heartbeat, pumped full of tech startups, creatives, restaurants, bars, the city's top museums, gobs of nightlife and entertainment options, and a true big-city feel.

Is it a buyer's or seller's market in North Carolina? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.9%, making the average house payment $2,560, which is $25 lower than a year before.

In fact, Queen City is growing quickly, which attracts families and young professionals because of the vibrant culture, excellent schools, and diverse neighborhoods. Overall, the Charlotte real estate market is highly competitive. Home prices are on the rise, there's less inventory, and everyone wants to be here.

The NC middle class

Here's how much you would need to earn to be considered middle class in North Carolina, according to GOBankingRates: 2022 middle-class income range: $44,124 to $132,372.

How much does an Upper Class make in Charlotte, North Carolina? As of Jul 31, 2024, the average annual pay for the Upper Class jobs category in Charlotte is $53,503 a year. Just in case you need a simple salary calculator, that works out to be approximately $25.72 an hour.

In Charlotte, an individual must make an annual salary of at least $101,338 — or an hourly wage of $48.72 — to achieve a comfortable lifestyle as defined in the study. That breaks down to nearly $50,700 going toward needs, about $30,400 toward wants and close to $20,300 toward debt/savings.

One rule of thumb is that the cost of your home should not exceed three times your income. On a salary of $70k, that would be $210,000. This is only one way to estimate your budget, however, and it assumes that you don't have a lot of other debts.

What do I need to make to afford a 250k house? ›

Based on these figures and the 28% rule, you would need to earn about $66,903.57 per year to afford a $250,000 home with a 20% down payment — or about $81,171.43 per year to afford it with no down payment.

Assistance for new homebuyers

Housing is considered affordable if a family spends no more than 30% of their income to live there. See area median income limits for Charlotte.

As a general rule, the safest neighborhoods to live in Charlotte are in East and South Charlotte. That doesn't mean many communities in other areas, including downtown or Uptown Charlotte, aren't also safe! However, you'll find the lowest crime rates in these communities.

CHARLOTTE — The Charlotte Business Journal has mapped out the most affluent areas of the region, ranked by 2021 median household income. Charlotte's wealthiest enclave is the 28207 ZIP code, which includes parts of the Myers Park and Eastover neighborhoods. The median household income in 28207 is $192,500.

There are many things to love about living in Charlotte, but its affordable cost is the best! The city's cost of living is 1% lower than the national average, while cost of housing is 2% lower than the national average. In fact, the median home price in Charlotte is $178,000, and the median monthly rent is $966.

The Charlotte real estate market in 2024 remains hot, with home values increasing by over 120% since 2014. Rental demand in the area is also rising due to an influx of young professionals and families. Data Sources: www.census.gov.

Report rates Charlotte and Raleigh housing markets. Housing unit shortage, plus newcomers with deep pockets, have made homes in biggest NC metro markets too costly for many people.

New construction equates to growth, and Charlotte is a city continually on the rise. In a new national survey, moveBuddha's 2023-2024 Migration Report ranked Charlotte as the No. 1 most moved-to big city in the country from 2023 to 2024.

CHARLOTTE, N.C. (QUEEN CITY NEWS) — A new report from realtor.com shows Charlotte rent prices are falling at a faster rate than many major cities. The data shows that the average 2024 rent price dropped 5.2 percent from the average 2023 prices.