The construction boom has been evident all over Charlotte, and first quarter numbers revealed that home building is not slowing down. In fact, there was a 16.4 % increase in the construction of new homes as compared with the first quarter of last year.
However, development did not move as quickly as many were hoping for, as many of the first quarter housing market jumps can be attributed to “job growth and in-migration of residents.”
And while new home construction saw an overall increase, homes priced under $200,000, which make up approximately 18% of Charlotte’s new construction home projects, actually saw a decrease in activity by 18% as compared with last year’s numbers. Furthermore, townhome development was up 5% in the first quarter as compared with 2016’s numbers, and townhome closings were up a whopping 68% in the first quarter.
Additional positive first quarter stats include the 23.5% increase in the number of previously vacant new homes that are now occupied, the 7% increase in the number of annual starts surveyed through the end of the quarter, and the 10.6% increase in the number of annual closings.
For more details on the first quarter stats of the Charlotte housing market, be sure to read the full article at bizjournals.com.