Construction and housing booms are happening in major markets all over the country, many of which are fueled by the technology sector, which is one of the fastest growing job markets in the country. Cities like Nashville, San Francisco, Cambridge and others are boasting thriving real estate markets. Charlotte is one of the leading cities in the middle of a major real estate boom, as the financial services sector has been a major player in the market here for a long time. Charlotte construction is flourishing.
Now, more than ever, Charlotte’s tech sector is growing at an extremely rapid pace, and with so many new start-up businesses entering the market as well as major research universities present in the area, the market here is thriving.
Tech jobs in Charlotte grew 33.2% from 2013 to 2015, which was up 18.6% from 2012 to 2014. Of 30 major US markets surveyed, Charlotte had the second highest improvement in growth. Furthermore, the tech talent pool in Charlotte has grown by almost 75% in the last six years. This, coupled with historically low interest rates, is creating an ever-increasing rise in property prices and contributing to a major construction boom all over the city.
Over 12,300 apartments are ready to be built in the Queen City, and an additional 13,500 apartments are in the planning stages. The average price of homes is up 7.2% from September 2015. Prices are up a whopping 53% since September 2011.Furthermore, inventory is at a record low, as evidenced by the number of homes that were on the market in September 2016 as compare with September 2015, where inventory dropped 22.1%.
So far, there are no signs that the market is slowing here, and Charlotte is one of the major players on the booming real estate scene across the nation. For more info on how the technology sector is affecting not only the real estate market in Charlotte but in other cities around the country, read the full article at WashingtonPost.com.
Feature photo Courtesy of Ken Turco HD Visual Solutions
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© Jennifer Monroe, Realtor®/Broker 2016
Savvy Girl LLC