There are a number of reasons that home prices and rents are rapidly rising in Charlotte.
The metro area is home to the second-largest financial center in the U.S., with popular professional sports teams and one of the best year-round climates the country has to offer. In fact, Charlotte is known as an “18-hour magnet city,” with robust population and job growth attracting a growing number of residents and businesses to the metro area.
We recently looked at Charlotte neighborhoods in which to find great investment properties based on the best overall ranking, along with popular areas.
In some of these neighborhoods, home sale prices have increased by more than 40% over the past year; in others, 70% or more of the households are occupied by renters.
Key takeaways
- Charlotte is home to 165 neighborhoods, with home prices ranging from $305,000 to $1.1 million.
- Home prices in Charlotte have increased by 25.5% year over year, which may be one reason more people rent than own in many neighborhoods.
- In popular neighborhoods, such as First Ward, Fourth Ward, and Uptown, 70% or more of the households are occupied by renters.
>>Explore Roofstock's Charlotte investment properties.
Why invest in Charlotte?
Charlotte is one of the fastest-growing cities in the U.S., adding thousands of new residents each year. The city was ranked as one of the best real estate markets in 2021 by WalletHub and the best housing market in the Southeast by Realtor.com.
The growing demand for housing in Charlotte is driving home prices and rents higher. Home values in the metro area have increased by nearly 26% over the past year, while monthly rents for 3-bedroom homes have grown by 9% year over year, according to Zillow (December 2021) and Zumper (February 2022).
15 great areas in Charlotte for investment properties
The Charlotte metro area is home to 165 different neighborhoods, with home sale prices ranging from $305,000 to more than $1.1 million.
To make searching for investment property in Charlotte a bit easier, here’s a list of 15 neighborhoods worth considering. Data at the neighborhood level comes from Redfin, Realtor.com, and Niche.com.
Ballantyne West
The Ballantyne West neighborhood in Charlotte is ranked as one of the most popular by Realtor.com and is also highly rated by Niche.com. Located south of the city, along the border with South Carolina, Ballantyne West has a dense suburban feel:
- Population: 19,336
- Median sale price: $360,000
- Change in sales price (year over year): 16.5%
- Days on market: 32
- Median rent: $1,649
- Renter-occupied households: 41%
- Median household income: $101,929
- ZIP code: 28277
Highland Creek
Highland Creek is a suburban neighborhood located northeast of the city, next to the neighborhood of Mallard Creek/Withrow Downs. The neighborhood has a sparse suburban feel and receives top grades from Niche.com for housing and public schools:
- Population: 29,366
- Median sale price: $370,000
- Change in sales price (year over year) 27.6%
- Days on market: 27
- Median rent: $1,495
- Renter-occupied households: 24%
- Median household income: $99,709
- ZIP code: 28269
Prosperity Church Road
Located south of Highland Creek, the Prosperity Church Road neighborhood is popular and nearly half of the residents rent their homes:
- Population: 22,197
- Median sale price: $360,000
- Change in sales price (year over year): 37.9%
- Days on market: 21
- Median rent: $1,337
- Renter-occupied households: 49%
- Median household income: $70,610
- ZIP code: 28269
Back Creek Church Road
Back Creek Church Road is a suburban neighborhood located east of the city, along I-485. The area has a sparse urban feel and is considered by Niche.com to be one of the best places to live in North Carolina:
- Population: 18,440
- Median sale price: $346,000
- Change in sales price (year over year): 28.1%
- Days on market: 10
- Median rent: $1,438
- Renter-occupied households: 13%
- Median household income: $87,444
- ZIP code: 28213
Provincetowne
Located south of the city, next to the popular Ballantyne West neighborhood, Provincetowne is ranked by Niche.com as the sixth best Charlotte neighborhood in which to buy a house. The area has a sparse suburban feel and a good percentage of renters:
- Population: 24,651
- Median sale price: $432,500
- Change in sales price (year over year): 13.2%
- Days on market: 31
- Median rent: $1,737
- Renter-occupied households: 32%
- Median household income: $107,330
- ZIP code: 28277
Fourth Ward
Fourth Ward is ranked as the third best Charlotte neighborhood by Niche.com, receiving high grades for housing and nightlife. Located north of Charlotte Center City and Third Ward, the neighborhood has a dense urban feel and is an area where more residents rent than own:
- Population: 6,003
- Median sale price: $312,000
- Change in sales price (year over year): 17.7%
- Days on market: 48
- Median rent: $1,535
- Renter-occupied households: 70%
- Median household income: $106,018
- ZIP code: 28280
Dilworth
The Dilworth neighborhood is just south of Charlotte Center City, near other popular neighborhoods like Cherry. Dilworth is ranked as the second best Charlotte neighborhood by Niche.com and is another neighborhood where more residents rent than own:
- Population: 10,109
- Median sale price: $477,500
- Change in sales price (year over year): -4.5%
- Days on market: 36
- Median rent: $1,445
- Renter-occupied households: 56%
- Median household income: $115,316
- ZIP code: 28203
First Ward
Located adjacent to Charlotte Center City and the Fourth Ward, the First Ward neighborhood is occupied mainly by renters. The area has an urban feel, a lot of bars and restaurants, and receives an overall A+ grade from Niche.com, with high marks for nightlife:
- Population: 3,045
- Median sale price: $312,500
- Change in sales price (year over year): 9.6%
- Days on market: 49
- Median rent: $1,253
- Renter-occupied households: 85%
- Median household income: $47,909
- ZIP code: 28202
Uptown
Uptown is ranked as the fourth best Charlotte neighborhood, and more than 80% of the residents are renters. The Uptown neighborhood encompasses Charlotte Center City and Second Ward:
- Population: 8,928
- Median home value: $347,500
- Change in sales price (year over year): 26.8%
- Days on market: 50
- Median rent: $1,535
- Renter-occupied households: 83%
- Median household income: $82,361
- ZIP codes: 28202, 28204, 20206, 20208
Cherry
Cherry is another Charlotte neighborhood that is popular and has more residents renting rather than owning. Located south of Uptown, Cherry has an urban feel with a lot of restaurants, bars, and coffee shops:
- Population: 2,182
- Median sale price: $467,500
- Change in sales price (year over year): 53.3%
- Days on market: 59
- Median rent: $1,286
- Renter-occupied households: 67%
- Median household income: $59,749
- ZIP code: 28204, 28207
Pawtuckett
Pawtuckett is a suburban neighborhood in Charlotte, located northeast of the city and just north of the Charlotte Douglas International Airport. The area has a sparse suburban feel:
- Population: 5,823
- Median sale price: $289,500
- Change in sales price (year over year): 40.4%
- Days on market: 35
- Median rent: $1,118
- Renter-occupied households: 20%
- Median household income: $46,484
- ZIP code :28214
Marlwood
Located south of Windsor Park and Becton Park, the Marlwood neighborhood receives above-average ratings from Niche.com for housing, public schools, nightlife, and diversity. The neighborhood has a dense suburban feel with a good percentage of renters:
- Population: 7,964
- Median sale price: $295,000
- Change in sales price (year over year): 46.4%
- Days on market: 22
- Median rent: $1,028
- Renter-occupied households: 38%
- Median household income: $50,476
- ZIP code: 28227
Windsor Park
Windsor Park is a suburban neighborhood north of Marlwood and east of Charlotte. The area has a mixed urban-suburban feel, is popular and is a neighborhood in Charlotte where most residents rent their homes:
- Population: 12,393
- Median sale price: $325,500
- Change in sales price (year over year): 15.2%
- Days on market: 35
- Median rent: $969
- Renter-occupied households: 65%
- Median household income: $40,912
- ZIP codes: 28205, 28215
Becton Park
Becton Park is another suburban neighborhood in Charlotte, located east of the city. The neighborhood has a spare suburban feel, is popular, and has a good percentage of renters:
- Population: 9,244
- Median sale price: $283,056
- Change in sales price (year over year): 28.7%
- Days on market: 9
- Median rent: $1,165
- Renter-occupied households: 42%
- Median household income: $51,650
- ZIP code: 28227
Mallard Creek-Withrow Downs
Mallard Creek-Withrow Downs is located near the Charlotte Motor Speedway and is north of Atrium Health University City. The neighborhood is popular, with more than 40% of residents renting their homes:
- Population: 12,991
- Median sale price: $367,750
- Change in sales price (year over year): 27.7%
- Days on market: 27
- Median rent: $1,467
- Renter-occupied households: 42%
- Median household income: $74,404
- ZIP code: 28262
>>Explore Roofstock's Charlotte investment properties.
