Real Estate Experts Say The Coronavirus Is Actually Accelerating Housing Market Growth In Charlotte
CHARLOTTE, NC. — Roughly 100 people move to Charlotte every day according to Census data. We see it in our daily lives, but that was before the coronavirus pandemic.
Laura Ullrich is an economist with the Federal Reserve Bank of Richmond. She says despite the economic crisis, we could see even more growth. From corporate migration, with big companies like Honeywell and Truist calling Charlotte home. To people looking to trade in their expensive, high-density cities and move to a different pace.
“There’s been a trend of people moving from those places in different parts of the country to Charlotte. This might speed up some of that,” says Ullrich.
Brandon Lawn has seen it in his own business. He’s a broker for Cottingham Chalk Realtors. He says around mid-March, he started getting inundated with calls from people living in high-density cities, seeking rental properties in the Charlotte area to quarantine in or to move here.
“I think the big reason for this change was the density in these larger cities. If you’re living in New York City and you’re in a large apartment tower you are really unable to get out much,” says Lawn.
According to a Homes.com report, the average list price for a home is down 4.1%. But the original list price to sales price ratio has increased to 97.7%. Charlotte is still a seller’s market. But Lawn believes there are opportunities for buyers, too.
“I think depending upon the price point, depending upon what you’re trying to do and what your end goal is. I think it can be a buyers market and it can be a seller’s market.”