1
2
Macroeconomy Overview
Population 2.63%
3000
2.5%
Population (,000)
1.93%
1.93%
1.98%
2.06%
2.04%
2%
1.74%
2000
1.5% 1500
1.21%
1%
1000
Population Growth
2500
0.5%
500
0
0% 2014
2015
2016
2017
2018
2019
2021
2022
4
Source of Population Growth Natural (15.1%)
Natural (16.3%)
International (8.5%) International (21.7%) Domestic (62.0%)
Domestic (76.4%)
2021-2022
2020-2021
5
Households 3.57%
1200
1000
3.5%
3.32% 2.87%
2.74%
3% 2.5%
2.29%
800
2%
1.70%
600
1.5%
1.35%
400
Growth Rate
Households (,000)
2.54%
1%
200
0.5% 0%
0 2014
2015
2016
2017
2018
2019
2021
2022
6
Household size
Household Size
2.65
2.6
2.55
2.5 2014
2015
2016
2017
2018
2019
2021
2022
year
7
Housing units 1200
3.5%
3.32%
3%
Housing Units (,000)
2.50%
800
2.22% 1.85%
600
1.69%
2.44%
2.07%
2.5% 2%
1.63%
1.5% 400
Growth Rate
1000
1%
200
0.5%
0
0% 2014
2015
2016
2017
2018
2019
2021
2022
8
Changes in Household and Housing Units Changes in Households and Housing Units (,000)
70
Households Increase Housing Units Increase
60 50 40 30 20 10 0
2014
2015
2016
2017
2018
2019
2021
2022
9
Underbuilding • Underbuilding since the Great Recession: 30,000-40,000 units • Household Increase: 35,000-40,000 every year
10
Owner-Occupied Market Single-Family
09-2023
08-2023
07-2023
06-2023
05-2023
04-2023
03-2023
02-2023
01-2023
12-2022
11-2022
10-2022
09-2022
08-2022
07-2022
06-2022
05-2022
04-2022
700000
03-2022
02-2022
01-2022
House Prices Charlotte Region Median Price Charlotte Region Average Price Mecklenburg Median Price Mecklenburg Average Price
600000
500000
400000
Median House Price •
From Sept 2021-Sept 2022: 14.2%
•
From Sept 2022-Sept 2023: 5.3%
•
Growth rate to pre-COVID levels
09-2023
08-2023
07-2023
06-2023
05-2023
04-2023
03-2023
02-2023
01-2023
12-2022
11-2022
10-2022
09-2022
08-2022
07-2022
06-2022
05-2022
04-2022
03-2022
02-2022
01-2022
Median Days on the Market
Days on the Market
30
20
10
0
09-2023
08-2023
07-2023
06-2023
05-2023
04-2023
03-2023
02-2023
01-2023
12-2022
11-2022
10-2022
09-2022
08-2022
07-2022
06-2022
05-2022
04-2022
03-2022
02-2022
01-2022
Percent Sold above Listing Price
Sold above Listing Price
60%
50%
40%
30%
20%
>1000000
1000000
950000
900000
850000
800000
750000
700000
650000
600000
550000
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
Frequency 3000
2000 60%
1000 40%
Cumulative %
House Price Distribution 100%
80%
20%
0
16
House price distribution • Under $150,000: 2.5% (4.8% in 2021) • Under $300,000: 22% (36% in 2021)
17
Price Growth Rate 2002-2010
2011-2021
2021-2023
10th Percentile
-1.54%
15.13%
8.65%
25th Percentile
2.60%
10.82%
7.52%
Median
1.75%
8.15%
8.33%
75th Percentile
3.00%
6.02%
10.44%
90th Percentile
6.23%
5.10%
10.27%
18
Income and Affordability Year
10th Percentile Price 25th Percentile Price
Median Price
2018
$45,138
$57,351
$75,917
2019
$46,778
$59,205
$75,668
2020
$50,617
$62,860
$79,014
2021
$57,180
$72,331
$90,181
2022
$83,815
$110,014
$138,582
2023
$93,187
$118,489
$152,218
19
Affordability • 55% cannot afford the 10th percentile price • 75% cannot afford the median price
20
Rental Market
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Effective Rent/Unit Effective Rent/Sq Foot
1400 1.4
1200 1.2
1000
800
Effective Rent/Sq Foot
1600
2002
2001
2000
Effective Rent/Unit
Apartment Rent 1.6
1
22
Single Family Rental 2500
Charlotte Region Median Rent Charlotte Region Average Rent Mecklenburg Median Rent Mecklenburg Average Rent
2000
1500
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
1000
year
23
Comparative Analysis
Population (Regional Competitors) 2.97%
3000 2.48% 2.15%
2.5%
2.04% 1.80%
2000
2% 1.5%
1.37%
1500 1%
0.79%
0.67%
1000
Growth Rate
Population (,000)
2500
3%
0.5%
500
0%
0
-0.5% Asheville
Charleston
Charlotte
Columbia
Greensboro
Raleigh
Richmond Spartanburg
25
Population (National Competitors) 2.92%
3%
2.06%
2.04%
4000
2% 1.5%
1.27%
1%
2000
0.60%
0.45%
0.30%
0.5%
0.22%
1000
-0.06%
0%
pa m Ta
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Sa
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-0.5% Po
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M
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C
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hv ille
-0.41%
Sa
3000
2.5%
1.65%
At
Population (,000)
5000
2.21%
Growth Rate
6000
26
Median House Price (Regional Competitors) 25% 400
22.82%
22.60% 20.09%
19.66%
300
20%
17.49%
250
15.20%
15.09%
15%
200 12.32%
150
Growth Rate
Median House Price (,000)
350
10%
100 50
5%
0 Asheville
Charleston
Charlotte
Columbia
Greensboro
Raleigh
Richmond Spartanburg
27
Median House Price (National Competitors) 23.39%
25% 22.82%
500 20.87%
10%
300
14.86% 14.65% 14.71%
14.24%
15.26%
15%
13.75%
200
price_growth
18.07%
400
10% 100 5% m pa Ta
io
n
An
to n
to Sa
cr am en
d Sa
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as hv ille N
s ph i M em
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Median House Price (,000)
23.18%
22.21%
28
Median Multiple (Regional Competitors) 25.29%
5
25%
4.5
Price-Income Ratio
3.5
15.38%
3
13.09%
15% 12.77%
2.5 10%
2 1.5 1
5.14%
Growth Rate
10%
4
6.98%
6.04%
5% 2.33%
.5
0%
0 Asheville
Charleston
Charlotte
Columbia
Greensboro
Raleigh
Richmond
Spartanburg
29
Price-Income Ratio (National Competitors) 12.86% 13.09% 11.77% 11.91%
6
11.05%
10.49%
8.33%
7.78%
4
8%
7.61% 6.18%
3
6%
5.27%
2
4%
1
2% 0.07%
An
pa m
n
Ta
to ni
o Sa
cr
am
en t
an d Sa
rtl Po
as hv N
o
0% ille
s M
ap an di In
em
ol
ph i
is
ve r en D
ti na ci n in
C
C
ha rlo
tte
in st Au
At
la
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0
Growth Rate
10%
5
Price-Income Ratio
12%
30