Charlotte facing tight housing market with low buying options in 2024, experts say

Charisma Southerland moved to Charlotte from Chicago in the 1990s to attend Johnson C. Smith University, and along the way saw parts of the iconic uptown skyline come alive.

“I watched them build the Bank of America tower right in front of my dorm room,” she said while talking about the city’s progress and growing population, which was 1.2 million for the region at the time. Now, it’s 2.7 million. Much of that growth came from people moving into homes for work and to experience what Charlotte offers.

Southerland is now a broker and president of Canopy Realtor Association. As newcomers continue to flock to the region, real estate professionals like Southerland are facing the challenge of working in a housing market where demand outpaces supply — an issue that continued throughout 2023.

“Unless we get some new homes on the market, it’s still going to be a very tight market out there for us,” she said.

But there’s optimism over the possibility of interest rates coming down, according to several experts whom The Charlotte Observer spoke with about the state of the 2024 housing market here.

Read more at The Charlotte Observer