Housing in the Queen City is in high demand. UNC Charlotte Childress Klein Center for Real Estate released the 2024 State of Housing Report. The data illustrates the city’s housing market growth, the median income needed to afford living in the 704, and predictions for 2025.
According to the report, housing prices have stabilized. The median home price increased from $414,000+ in Sept. 2023 to $429,000+ in Sept. 2024.
So how much do you need to earn to afford living in Charlotte? A family income of $138,000 would be needed for a median-priced house. The study’s authors warn only 2% of houses sold for under $150,000 and 19% sold for under $300,000 in 2024..
The good news: The Charlotte metro had a surplus of 5,000 housing units last year. That trend is predicted to continue into 2025.
Fun fact: More than 100 people move to Charlotte per day.
Regarding affordability, rents have been decreasing in 2023 and 2024 due to multifamily developments increasing over the last several years.
The report comes the same day City of Charlotte marked a major milestone for housing — the first residential space at Eastland Yards is welcoming tenants.
Evoke Living at Eastland Yards is for active adults + includes a mix of market-rate and affordable apartments, addressing the city’s goal of providing accessible housing options.
Editor’s note: CLTtoday got a tour of the space after the ribbon cutting. Check it out.
Evoke Living’s model unit, staged by Kelly Vaughan Design, boasts an open floorplan, walk-in closets, and laundry room.
Photo by CLTtoday
“Evoke Living at Eastland Yards is more than just a housing development; it’s a symbol of Eastland’s bright future and our efforts to enhance East Charlotte,” said District 5 Council Member Marjorie Molina.
Eastland Yards, a multi-phase redevelopment project, will revitalize the former Eastland Mall area. The project is a $97 million investment from the city and Mecklenburg County + will include a sports complex, park, residential, and retail space.
