What factors do you believe are shaping the residential market in Charlotte?

The most profound influence on our market is the sheer influx of people desiring to relocate here. Charlotte consistently ascends the ranks among the top cities to live in across the U.S., significantly bolstering our local market. Historically, moves to Charlotte were often job-related or driven by the proximity to family. However, in 2020, a noticeable trend emerged—buyers relocating solely for the sake of living in Charlotte have become prominent.

What steps or initiatives could be taken to augment the inventory in the city?

The solution to bolstering inventory is a clear one—constructing more residential units, encompassing both single-family homes and multifamily dwellings. However, this endeavor encounters hurdles due to supply chain constraints and a limited workforce in the construction sector. Addressing these challenges is intricate, and I anticipate this issue persisting in Charlotte throughout 2021.

How do you evaluate the current performance of the rental market?

The rental market exhibits robust and consistent performance. The scarcity of available properties has elevated the significance of temporary housing options. With an increasing number of individuals relocating to Charlotte from various parts of the country, the demand for rental accommodations has surged. To accommodate this influx, new apartment complexes are under construction. However, existing complexes have restricted availability. Furthermore, there’s a substantial portion of the population interested in renting single-family homes, which pose an even greater challenge to secure. As long as our inventory remains constrained, the rental market will likely sustain its strength.