This year was undeniably one to remember. Despite the health pandemic, record-high unemployment rates, and continued economic uncertainty, the real estate market remained strong. It was a powerful year for most housing markets across the country, and experts predict those markets that remained hot throughout 2020 are poised to carry the same momentum into the new year. At no surprise to the team at Helen Adams Realty, topping that list was our very own Queen City.
Top Housing Market for 2021
According to Realtor.com’s Top Housing Markets for 2021, Charlotte is positioned to continue to be a strong market next year. The real estate website notes that our area’s high quality of life, great weather, strong school system and rich history draw a diverse mix of buyers of all ages. Growth in Charlotte’s suburbs is undeniable, with even young buyers beginning to transition from the downtown city center toward the suburbs as they raise families and take advantage of the increased affordability and extra space. Charlotte’s housing supply has been tight, but new construction is beginning to chip away at the lack of inventory as builders work to meet current demand.
Homebuilder Confidence Continues to Climb Relative to Demand
Single-family home construction is steadily gaining momentum, says Wells Fargo Securities Economic Group in their November 2020 Housing Chartbook. The ongoing shift away from apartment dwelling to more livable space has induced soaring demand for homes which has boosted confidence well above pre-pandemic levels. As housing affordability remains an issue, builders continue to report solid increases in present and future single-family home sales to keep up with buyer demand. Builder optimism is highest in the West and South, according to Wells Fargo, but is solidly increasing year-over-year in all regions.
Helen Adams Realty’s Local Market Perspective
We have seen this expansion firsthand in the real estate market, as total single-family home sales increased 6 percent in 2020 despite the economic uncertainty. Due to a continued lack of inventory and an increasing average sales price, Charlotte is positioned as a hot sellers market. In 2020, Charlotte saw a 5.5 percent increase in closed sales while Helen Adams Realty saw an increase of 11.8 percent.
Helen Adams Realty consistently outperforms the market in other sectors as well. The HAR average sales price this year was $492,688 while the Canopy MLS reported $334,985 for the whole region. Helen Adams Realty gained market share, as well, representing 2.91% of the market in Charlotte’s 8-county area, an increase of 4.3% from the year prior. Thanks to our dedicated real estate agents and the clients who place their trust in us, Helen Adams Realty closed over $1.1 billion in total sales volume, an increase of 22.2% versus MLS’ 16.2% year over year, and marked its first year selling over a billion dollars in home sales.
“Every year our company outperforms the market,” says Jeff Adams, President of Helen Adams Realty. “Wherever we think the market’s going, I think Helen Adams Realty’s agents will continue to outperform it.”
Long Term Growth Expected in the Surrounding Areas
Moody’s Analytics has noticed Charlotte’s desirability as well, stating that long term, the Charlotte-Concord-Gastonia economy will continue to be an above-average performer due to strong demographics and low business costs which will attract investment opportunities for years to come.
With easy access to both the beach and mountains, Charlotte has something for everyone. After announcing an MLS soccer team, the city now boasts four professional sports teams, the U.S. National Whitewater Center, and three lakes for local entertainment and added desirability. Additionally, Charlotte is quickly establishing itself as a rising tech hub with a healthy job market in industries like technology, as well as education, government, and healthcare.
Founded in 1975 by Helen Adams, Helen Adams Realty has excelled in providing adept real estate counsel, transactional expertise and personalized customer service for more than 40 years. Second and third generation family members, led by Jeff Adams, continue to successfully operate four offices serving Charlotte’s finest neighborhoods with a stalwart commitment to perfecting their craft.