12 Jun June Mortgage News Roundup
The Queen City makes the top 5 of most popular cities to live in. Home sales slow and inventory is still low in the Charlotte, North Carolina area for the month of May, and millennials are moving to the Charlotte-Concord-Gastonia region. The City of Concord, North Carolina is finalizing plans to redevelop and revitalize the downtown, and New Hanover County moves up in the North Carolina Health Rankings. Here are some of the stories we are watching:
Charlotte Included in Top 10 Most Popular Cities
Charlotte is listed at the No. 5 spot out of 10 of the 2017 most popular cities to live in by Business Insider. To determine which cities Americans are flocking to, realtor.com used three data sources: migration ratio from the Census Bureau, views ratio from search traffic on realtor.com, and growth rate from population growth estimates. Charlotte’s ranking is based in part on a growth ratio of 4.4%.
Charlotte-Area Homes Sales and Inventory Continue to Lag in May
There is a slight drop in home sales in the Charlotte region’s housing marketing during the month of May as compared to last year. According to the Charlotte Regional Realtor Association (CRRA), inventory continued to be low with just a 2.5-month supply on the market. Roger Parham, president of CRAA, stated:
“Our market has been dealing with low inventory for the past two years, and typically in prolonged low inventory situations we expect sales to be slower.”
Millennials Are Choosing the Charlotte Region
The Charlotte-Concord-Gastonia region has seen a 4.0% growth in the millennial population from 2010-2015. Urban Land Institute’s report shows that millennials are not only moving to urban centers like New York City and Los Angeles, but they are also relocating to smaller cities such as Charlotte, Richmond and Raleigh. Millennials are looking for cities that have easy-to-use transportation, great restaurants, an active nightlife, and thriving city centers. The Charlotte region ranked 18th out of 25.
The Changing Face of Concord’s Downtown
The Downtown Concord Urban Design plan has been around since 2008. It includes five key projects: 1) revitalized Union Street, 2) market plaza behind old city hall, 3) proposed county parking deck, 4) Bicentennial lot parking deck, and 5) lakeside living downtown. These plans for a public/private partnership to redevelop the downtown are being finalized by the City of Concord.
New Hanover County is 11th in NC Health Rankings
Ranking 11th out of 100 counties in North Carolina, New Hanover bumped up three places in overall health of its residents. The rankings are based on two factors: how healthy people feel and how long people live. Another driving force is close access to physicians, dentists, and mental health providers.
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication is top notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do – with fairness and their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change the way that you think about mortgages.
“Charlotte makes Realtor.com list of top cities to live.” Web blog post. WCNC.com. 7 June 2017. Web 7 June 2017.
DelaCourt, Hannah. “Report: New Hanover 11th healthiest NC county.” Web blog post. StarNews Online. 30 May 2017. Web 30 May 2017.
Jensen, Scott. “Downtown Concord’s $194.5 Million Redevelopment Plan Will Forever Change The City.” Web blog post. Charlotte Stories. 9 June 2017. Web 9 June 2017.
Johnson, David. “The 25 Cities Where Millennials Are Moving.” Web blog post. Time. 2 June 2017. Web 2 June 2017.
Martin, Jenna. “Local home sale activity over the year slows again in May.” Web blog post. Charlotte Business Journal. 9 June 2017. Web 9 June 2017.