Townhouse Development on the Rise in Charlotte
Inventory continues to be in high demand in the Charlotte market where available homes for sale just cannot keep up with the number of interested buyers. There is only so much space for new development, making townhouses increasingly more popular among big-time developers.
High density property development is on the rise as many developers have recently “filed rezoning petitions to build more than 400 new townhouses throughout Charlotte, from urban areas in South End to more suburban areas in University City.”
The discrepancy between supply and demand is evident in the low inventory and the drop in the number of houses sold just last month alone, which decreased 4% from September of the previous year. While the number of homes sold fell, the average sales price increased 6.1% in year over year numbers, further emphasizing the supply shortage.
Uptown is going to soon be home to a new townhouse development on West Tremont Avenue near South Tryon Street. The property totaling 5.8 acres next to Brookhill Village will potentially soon be home to as many as 100 new townhomes, which is in addition to the 74 town homes already under construction where Tremont Music Hall used to be, just across West Tremont Avenue.
Another 132 town houses are slated for a large 23-acre vacant property on Research Drive, off W.T. Harris Boulevard. Many more are in the works, and this is just one way to help balance the market and to increase available inventory.
For more details and information on townhouse development across Charlotte and what it means for the housing market here, be sure to read the full article at Charlotteobserver.com.