East Charlotte is home to some of the area’s most popular neighborhoods like Plaza Midwood, Elizabeth, Chantilly, and the ritzy area surrounding the historic Charlotte Country Club. While the demand for these centrally located neighborhoods is driving redevelopment and higher residential real estate prices there remain other areas of affordable homes in east Charlotte – but maybe not for long.
Country Club Heights, Oakhurst, Windsor Park, Darby Acres, Coventry Woods, Eastway-Sheffield Park, Shannon Park, Plaza-Shamrock, and Holiday Hills are just a few of the neighborhoods that are experiencing dramatic price increases.
One of the factors influencing these increases is a “rising tide” effect. As the prices in the neighborhoods with the most demand go beyond affordability, home buyers are turning to the next best thing – an equally convenient but more affordable neighborhood right down the street. These “best kept secrets” of the Charlotte real estate market are becoming more well known.
While we’re not one of the 20 hottest real estate markets (thankfully!), there are macro-economic issues influencing the hot east Charlotte residential real estate market. Many people think that mortgage rates will go up later this year when the Fed increases itnerest rates. Further, there is not a lot of inventory of homes in the area.
More first-time homebuyers took the plunge in May, helping catapult U.S. sales of previously owned properties to their highest level since 2009.
Closings on existing houses, which usually occur a month or two after a contract is signed, rose 5.1 percent to a 5.35 million annualized rate, the National Association of Realtors said Monday. First-time buyers accounted for 32 percent of purchases during the month, matching the highest share since September 2012.
In addition to the quality-built existing homes in east Charlotte, there are a few small in-fill projects. Take a look at the MODERNA project in Oakhurst. Homes in this new development just off 7th Street are listing for $439-$499K. You can connect with them on Facebook too.
So, for many people, now is the perfect time to buy a home in east Charlotte. You have to act quickly, though! A house down the street from me was under contract in just 6 days!