Charlotte is an appreciating real estate market!
A wealthy physician living outside Washington DC told me more than 30 years ago, “Terry I’ve always made a good living, but all of my real money has come from my houses.” I listened.
Zillow reports a 7.3% year over year increase in price. And this is an average, some areas did better, some worse. S&P/Case-Shiller reports a 17% increase over 3 years, March 2016-March, 2019.
Here are a list of some of the fastest appreciating neighborhoods in the city, since 2013- and home searches to go with them. Please remember, not every part of the ‘hood is equal, and your return is particular to the condition, street location and other indiviudal variants. Consult your real estate professional for more details. Also, because they doubled in the past 6 years, is not saying they will double again in the next 6 years. Some will, most will not.
However we do expect continued strong appreciation in many of them:
Biddleville 136% Biddleville Homes For Sale
Seversville 271% Severseville Homes For Sale
Villa Heights 173% Villa Heights Homes for Sale
Starmount 122% Starmount Homes For Sale
Colonial Village 115% Colonial Village Homes for Sale
Wilmore 73% Wilmore Homes for Sale
Sedgefield 71% Sedgefield Homes for Sale
Not seeing your ‘hood here? You might ask, where are Dilworth and Myers Park on the list? This is just a sampling, however Dilworth and Myerpark, two standard bearers started at much higher prices per sf, so they are much lower in percentage terms, but still healthy returns. We have solid appreciation throughout the area. As us for additional neighboroods.
I live in a house in Sedgefield, that with a few improvements (no additional sf) has doubled in value since 2013. That’s right, doubled in 6 years, using the “rule of 72’s”, that equates to an average 12% per annum! That is what we call appreciation! And of course we didn’t pay cash for the house- we put down about 20%, so our cash on cash return is astronomical.
Another question, “Where would I move to to double my money in the next 6 years?” That’s a great question, one we’ll consider in a future post.
Terry Seven Oh Four 390-6221
Trilogy- The Active Adult Over 55 Community in Charlotte area