Building Costs Per Square Foot in the City of Charlotte (NC), USA

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Residential Construction Market Analysis in the City of Charlotte (NC), USA

With the arrival of the pandemic, one lesson we learned is that our home is a very important place. For some people, it became their place of work, study, and rest, so almost all their life passes through the home.

A good house is much more than just a place to sleep, and there are some people who only recently began to see it that way with the pandemic. This caused the real estate market to see a boom in the midst of a crisis that seemed to put the whole world on pause.

In the United States, those states with small cities and lots of nature are the ones that saw the largest increase in the number of people who want to live there. Therefore, the values ​​of the real estate market increased and the demand soared.

This trend occurs precisely in Charlotte, the beautiful city of North Carolina. In this article, we will tell you everything you need to know about the real estate market here, the construction outlook, the market projections, and the projects that are coming in the next few years.

Charlotte (NC) Construction Outlook

Charlotte is the largest city in North Carolina, but it is not its capital. The state capital is Raleigh, however, Charlotte stands out because it has a large number of inhabitants and also its construction outlook is similar to that of large cities (although on a scale, of course).

Charlotte shares its metropolitan area with other cities, thus forming the trio known as Charlotte-Gastonia-Salisbury. The most populous counties, other than downtown, are Mecklenburg, Gaston, Lincoln, and Cleveland. On the other hand, York, Lancaster, and Chester are important counties for Charlotte since they are in the bordering areas of South Carolina.

Downtown Charlotte has a large number of buildings, some reaching easily over 20 stories. These tallest buildings were made in the last 4 decades, so they are among the most modern in the state in general.

Those big buildings are in the center, so the panoramic view of Charlotte is mostly single-family houses, 1 to 2 stories. These houses are usually spacious, and most of them have a garden. It is rare for a home in Charlotte to not have even a small space that is a grassy yard.

Charlotte (NC) Housing Market Analysis and Forecast

North Carolina in general is becoming a state that attracts more and more new people. It is no longer just tourists who want to enjoy the natural beauty of this state, in addition to the aesthetic architecture, now some people choose this place to live.

To be more precise, the Charlotte real estate market saw a positive increase in the number of property sales, which translated into higher prices. It is a seller’s market since there is demand but there is not as much supply.

To give you an idea, in this year more than 1400 properties were sold, but there are not that many properties currently listed, so there was no replenishment of the amount. This caused prices to increase by 14% when compared to this same period but in 2021.

The increase in values ​​was general and affected median homes, apartments, lots, and all types of real estate. There is still a month of summer left and it is expected that more houses will appear, but it is not certain.

It is expected that the annual price increase this 2022 will be a total of 15%, so it is expected that between November and December there will be a drop in prices, in order to match the values ​​that have been seen recently.

Charlotte (NC) Average House Price (Median Home Price)

The price of the median home in Charlotte is $400,000. This is 14% higher than the values ​​that were handled last year when the average value of the median home was $318,000. However, do not forget that this is an average, so in some parts of Charlotte, these prices are higher, while in other parts they are lower.

The above was the average price of the median home, that is, houses for single-family. If we evaluate the prices of condominiums or apartments, there is also an increasing trend, but the prices are not that high. The median value of condo/coop properties is $340,000, up from $284,000 last year in this same period.

The average price of median homes located on the outskirts of the city is $364,000 in July, while in June it had reached values ​​of $400,000. So as you can see, it’s a changing market.

You must be attentive to the new properties listed, and observe in which neighborhood each one is located. Although Charlotte is a good place to live overall, in some cases there are homes that are cheaper but mostly because they are located in less safe areas, and that is the reason for the low price.

Proposed Residential Building Projects in Charlotte (NC)

In North Carolina in general there are many people who are choosing this place to live, so it is not surprising that in its largest city, Charlotte, there are several residential construction projects.

The main case is the one around the University of North Carolina at Charlotte. There, 10-story residential buildings, or condominiums, are being prepared. Its purpose is mainly to accommodate university students.

This works great as the university campus doesn’t have the space to house everyone, and even if it did, there are plenty of people who choose to live off campus but close by. However, not everything is college life in Charlotte, so there are several projects.

In the outskirts, there are some projects of private neighborhoods with luxury houses. These houses have between 2 and 3 floors, with a large number of rooms, a garage and a large garden, including a swimming pool. Being luxury houses, their prices are quite high, which is why they are located in the most exclusive areas on the outskirts of the city.

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Building Costs Per Square Foot for Single Family Homes in the City of Charlotte (NC), USA

Building costs are 7% above the national average in the City of Charlotte in North Carolina.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Charlotte City ranges from $369.03 per sqft to $565.71 per sqft, with the average being $435.51 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Charlotte City ranges from $224.28 per sqft to $343.79 per sqft, with the average being $264.68 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Charlotte City ranges from $144.99 per sqft to $220.22 per sqft, with the average being $169.75 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Charlotte City ranges from $105.81 per sqft to $162.27 per sqft, with the average being $124.88 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Charlotte City ranges from $85.89 per sqft to $131.54 per sqft, with the average being $101.28 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Charlotte City ranges from $67.74 per sqft to $103.83 per sqft, with the average being $79.91 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.