JUST GETTING STARTED: WEEKLY UPDATE 1/10/25

Just a couple minutes north of the city center by car or LYNX light rail you’ll find NoDa; Charlotte’s arts and entertainment district. The neighborhood began development in 1903 (wealthy textile leaders of Highland Park Mill #3 developed a mill village) on rolling farmland about two miles north of the Charlotte city limits.  Today NoDa offers brightly colored murals, galleries filled with local artwork, live performance venues, top-rated restaurants, coffee shops, bars, and breweries. NoDa is one of Charlotte's most pedestrian-friendly neighborhoods; walkability score of 82, has experienced a 20% increase in population since 2010, and here are the 3 things you need to know this week. 

Top 10 Plays: Charlotte, NC; 1 of 2 Southern cities named to Zillow’s to 10 hottest markets for 2025.

Zillow just released their annual rankings of hottest housing markets for 2025, and Charlotte, NC is the top ranked southern city; coming in at no. 7 overall. The other southern market to make the top 10 list is Richmond, VA in the 9th position.  For the second year in a row Buffalo, NY comes in at number one to lead the 2025 housing market rankings. This is due to its high job growth per new home permitted and strong home value appreciation. Indianapolis ranks second with a rising home value appreciation forecast, increasing from 2.8% in 2024 to 3.4% in 2025.  Cities like Providence (3rd), Hartford (4th), and Philadelphia (5th) remain attractive due to their relative affordability compared to expensive Northeastern metros.  Of the markets studied, the coolest metro areas of 2025 are expected to include New Orleans, San Francisco, San Jose, Portland, OR.

Zillows Hottest Markets - 2025

Rising Rent-er:  Renters earning over $100,000 annually is the fastest-growing segment of renters over the past 10 years. 

According to a recent report by the Aspen Institute the renter population is now at over 45 million households; a new all-time high.  Of those renters 20% earn over $100,000 annually, and more than 50% earn less than 50K  annually. Despite the rising annual income there remains a massive wealth gap as homeowners boast a median net worth of $396,500, while renters sit at $10,400. Additionally the renter demographic is younger than homeowners, with one-third renters under 35. Renters are spread across the county with (as you might imagine) the largest proportions in heavily concentrated metropolitan areas (i.e. New York 46% renters).  

Homes Gone Wild: 2024’s wildest home searches—wait ‘til you hear what made the list!

This year, most homebuyers stuck to the basics. The top-searched features? Ranch style, lake, duplexes and cabins. Other commonly searched features included “Pool" - among the three most common searches in 38 states this year, and "garage" made the list in 46 states. But then things got interesting with some unusual trends! In Colorado, one buyer searched for a home with a “roller coaster” while someone in Michigan was looking for “laser tag”. If the home shopper who searched all over the country for a "party barn" found what they were looking for, their house could be the place to be in 2025.

While our market may turn hot, right now it’s cold!  So stay safe, stay warm, and remember; We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble. 

Steve