The housing market, which has been slowly cooling nationally over the last several months, is expected to continue to cool well into 2023. That might have you questioning everything when it comes to your home’s value. Is it worth investing in? Should you buy? Is it a terrible time to sell? There are several factors that play into the market cool down, but primarily, the high cost of mortgages is to blame. However, there are some markets that are expected to thrive despite everything. In fact, Zillow predicts that Charlotte will be the hottest market in 2023. So, what does that mean for you?
Zillow predicts that Charlotte, North Carolina to be the hottest housing market in 2023
Cleveland, Pittsburgh, Dallas and Nashville follow the Charlotte market, filling out the rest of the top 5 hottest housing markets in 2023. This ranking is based off of an analysis of many different factors, including:
- Forecasted home value growth
- Recent housing market velocity
- Projected changes in the labor market
- Home construction activity
- and the number of homeowner households.
The factor that’s pushing Charlotte to the top of the list is the forecasted annual home price growth. Cleveland’s rank is attributed to its high market velocity and expected job growth. Even though it’s the only market in the top five with a forecasted decline in households, Pittsburgh makes up for that drop with the fourth-highest ratio of jobs added per new home permitted.
So, what does all of this tell us?
The housing marketing in Charlotte, NC is hot
Charlotte debuted as the 3rd-fastest growing city in the U.S in 2019 according to Forbes, and it is only continuing to grow, remaining popular for both Millennials and their Baby Boomer parents. WalletHub and Realtor.com rated Charlotte’s real estate market as one of the best nationally and the best market in the Southeast overall in 2021. Despite the pandemic and the downturn in the economy, both 2020 and 2021 were huge years for home sales in Charlotte, NC, and it is forecasted that even more houses will go on the market through 2023.
The area has added tens of thousands of jobs and hundreds of millions in manufacturing investments; these factors have contributed massively to the growth we’ve seen in Charlotte.
Homes are holding their value in Charlotte, NC
The Charlotte housing market will continue to be a robust market in 2023. Data indicates that the area will continue to grow, keeping home values high which will allow for new buyers to build equity quickly.
Opting to invest in your home is also predicted to be a worthwhile investment through 2023. With homes maintaining their value, it is predicted that choosing to opt for a remodel or renovation is still a wise choice as both will continue to have high returns on the investment.
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