CHARLOTTE, N.C. — Charlotte is the number one hottest housing market for 2023 based on forecasted home value growth, solid economic fundamentals and relatively fast-moving inventory with plenty of buyers, according to Zillow.
What You Need To Know
- Charlotte is predicted to be the hottest housing market in 2023
- The prediction is based on home price growth, relatively fast-moving inventory and the number of buyers available
- A Charlotte realtor says with mortgage rates starting to come down, demand has picked up
Jeff Clay is the owner of JClay Realty Group. He's been a realtor in Charlotte for 10 years, and says based on how the market has been looking, he isn't surprised.
"People see the future growth," said Clay. "Millennials... are thinking about settling down and putting some roots down, and Charlotte just seems to be a place where we're getting a lot of people moving here."
Clay says Charlotte isn't as affordable as it once was five to seven years ago, but people from all over the country are still moving here and looking for homes.
"Really the market in the last three years has moved around a lot," said Clay. "Almost every house was getting multiple offers. Homes were selling 20, 30, $40,000 - even more than that - over asking price. And then finally, in the last six to eight months, things have slowed down because mortgage rates have come up."
Clay says buyers are able to negotiate with sellers again, rather than going into extreme bidding wars. He says the housing market in Charlotte will depend on mortgage rates.
"In the last four to five weeks they've kind of tapered off a little bit, and we've already started to see demand pick up," said Clay. "What I expect to see is if rates continue to come down some more, we will likely see more buyer demand because things are more affordable. And, the reserve is true as well. If rates decide to go up again then things will probably slow down."
According to Zillow's predictions, Charlotte is followed by Cleveland, OH, Pittsburgh, PA, Dallas, TX, and Nashville, TN.