The same qualities that appeal to visitors have made Charlotte one of the Southeast’s premier places to live. More than 500,000 people reside in the city, approximately 1.3 million within the metro area, and 6 million within a 100-mile radius. Charlotte is home to 292 of the top Fortune 500 companies and more than 340 foreign firms. Financial experts know it as the nation’s second largest banking center (next to New York City), with more than $362 billion in banking assets. It’s the nation’s fifth largest urban region.
Charlotte has been ranked as one of the hottest and most affordable housing markets by U.S. News & World Report. The Carolinas Multiple Listing Service (CMLS) reports the 2005 average sales price of $219,069 for a single-family home in Charlotte. As of the end of 2005 CMLS reported that over 16,000 homes in the county were sold, totaling $3,711,682,128 in sales volume.
Composite Housing Affordability Index
Average Sales Price Affordability
Houston, TX $151,600 38
Memphis, TN 188,050 47
Charlotte, NC 204,336 51
Dallas, TX 261,325 65
Phoenix, AZ 293,334 73
Portland, OR 304,650 76
Staten Island, NY 596,000 149
Chicago, IL 815,000 204
Irvine, CA 896,125 217
San Jose, CA 1,272,625 318
Source: Coldwell Banker’s Home Price Comparison Index, 2005
Condominiums and Apartments
Multi-story and townhouse condos can be found in the center city; convenient to shopping, schools and entertainment; and in the suburbs near lakes, universities and other amenities. The average closing price was $161,541 in January 2006.
The average rental rate for apartments is $674 for over 76,000 multi-family units in Mecklenburg County.
Historic and Established Neighborhoods
Charlotte’s older neighborhoods exhibit a sense of the city’s past, the city’s spirit. Many have been kept in pristine condition or have been renovated. For example, concerted efforts to preserve and protect Charlotte’s oldest neighborhoods can be seen close to, or in, the center city. Dilworth, a neighborhood of traditional homes, tree-shaded streets and churches centered around Latta Park, has been reborn. Residents, working with local government, are renovating and restoring the old stately homes and a piece of Charlotte’s past.
One of the original neighborhoods in Uptown Charlotte began its rebirth in 1975 when the need for center city housing became apparent. At that time, Fourth Ward’s houses were abandoned or in need of repair. With the creation of a Victorian atmosphere and the addition of brick sidewalks, granite curbs and pedestrian scale streetlights, Fourth Ward is now a vital and lively neighborhood with an eclectic mixture of restored homes, condominiums, apartments and non-profit housing for the elderly.
New Neighborhoods
The Charlotte area has many new home communities in a variety of styles, price ranges and living environments. These communities offer a pleasant overall design and programmed activities where newcomers quickly become an integral and familiar member of the neighborhood.
Popular brick construction is found more extensively in Charlotte than in most cities because North Carolina is a leading producer of brick. It is also the leading producer of textiles and furniture, creating convenient interior design opportunities.
Average lot size for new homes depends on location and land cost. The typical lot is 100\’ X 150\’, although some upscale developments offer half-acre, or larger, lots. Just outside of the city, there is an abundance of large acre lots and farmland.
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