Latest news with #ChuckMcShane
Axios
21-04-2025
- Business
- Axios
Average Charlotte apartment rents drop by $1
With a record number of new apartments opening in Charlotte, rents were expected to fall as supply briefly outpaced demand. And they $1. Why it matters: Renters expected a breather from high prices as excess supply came onto the market. But the relief was minimal. Demand was higher than anticipated, and asking rents have returned to their most stable level in nearly two years. By the numbers: Charlotte's average monthly asking rent at the end of Q1 2025 was $1,644 — just $1 less than the first quarter of 2024, according to commercial real estate information company CoStar. Vacancies are relatively stable at around 12.8%, per CoStar's report — another reason price changes are steady. What they're saying: A tight for-sale market is keeping people in place, which has prevented a plunge in demand for rentals, says Chuck McShane, senior director of market analytics at CoStar. Charlotte-area home prices now exceed the national median, according to a recent report from "People are less likely to put their homes on the market now, which I think is keeping prices rising in the for-sale market, while leveled off in the for-rent markets," McShane says. State of play: More than 17,000 new apartments opened in the Charlotte area in 2024, and roughly 4,400 new units opened in the first quarter of 2025. The heightened competition drove annual rent growth down in the second quarter of 2023. Rent growth stayed negative for seven consecutive quarters, though the declines began slowing after a 1.4% drop in early 2024. Zoom out: Suburban areas with less supply saw rents rise, according to CoStar. For example, Gaston County rents are up 2%, and rents in the Huntersville-Cornelius market grew by 2.2%. The suburbs have seen slower construction activity than hot urban neighborhoods. For instance, Lower South End, which expanded its multifamily inventory by more than 50% over the past year, saw rents fall by 3.1% to an average of $1,777 a month. Reality check: Renters are increasingly offered promotions, such as one-month free rent, reducing the overall rent. This past March, 37% of properties had concessions, slightly up from 32% a year earlier. In November 2024, competition for tenants became so intense that more than 50% of landlords were advertising deals, the highest rate in five years. What's next: Expect more impacts on rents as apartment construction continues to slow through the rest of the year and into 2026.
Axios
18-04-2025
- Business
- Axios
Charlotte is no longer a housing bargain
Charlotte-area home prices now exceed the national median by about $5,000, according to a recent report from Why it matters: This marks a notable flip from pre-pandemic days, when the gap between the median home price in Charlotte and nationally was significantly larger. By the numbers: For-sale home prices in the Charlotte metropolitan area reached $385,000 in March 2025 — up about 2.7%, or $10,000, from the year before, according to That's slightly higher than the national median home price, which rose $8,000 from $372,000 to $380,000, or 2.2%, over the same period. Flashback: In March 2019, the median home price in the Charlotte metro area was $225,000, compared to roughly $247,000 nationwide, says Chuck McShane, senior director of market analytics at CoStar. Yes, but: Charlotte prices are growing slower than the 6% annual gain seen through 2024. The big picture: Historically, Charlotte's relatively affordable real estate market has attracted out-of-state movers. But that demand from migration is now driving home price increases that outpace the rest of the country. What they're saying:"We're still affordable compared to some of these larger markets, like larger coastal markets, major dense urban markets," McShane says. "But it is going to become a less affordable market for people who've been here for a while." Zoom out: The Charlotte metro's 2.7% price growth in March tied with Dallas-Fort Worth, was behind Nashville at 2.8% and ahead of Raleigh at 2.4%, per CoStar. Meanwhile, Florida markets — such as Orlando, Jacksonville and Tampa — are seeing prices drop off. Floridians are increasingly moving to North Carolina, contributing to the state's population growth. Plus, the rising cost of insurance is also driving coastal homeowners to list. Northeastern and Midwestern cities, such as Chicago and New York, lead in the largest price jumps.
