Charlotte, North Carolina's growth has been nothing but short of explosive in the past couple of decades. Those of us who moved here in the past 20 years can attest to the growth and major changes in our landscape. The Queen City ranked #2 among the country's 25 largest cities for population growth between 2010 and 2013. Of the top 10 fastest growing cities in North Carolina, Charlotte ranked #1 in growth from 2010-2015, increasing population by 12.4% during these five years. In fact, Charlotte added more residents in 2016 than all but 10 cities in the USA, according to the U.S. Census Bureau.
So what will Charlotte's population growth look like over the coming seven years and what will Charlotte look like in 2025? The infographic below from Lawnstarter provides a "sneak" peak at projected population growth by county. Mecklenburg, Union, Iredell, and Cabarrus Counties on the North Carolina side of the Charlotte "border" and York County on the South Carolina side of the Charlotte "border" are projected to see double digit growth between now and 2025. And Lancaster County in South Carolina, just south of Charlotte's Ballantyne area is not far behind double-digit population growth at 9.4%.
This population growth is expected to increase Charlotte area's economic growth by 25% by 2025 with the health care and social services sectors projected to grow by 42.6%. Charlotte has been a financial powerhouse for almost 20 years, and the banking/financial sector also is projected to grow by another 28% by 2025. It's worth pointing out that a new ranking report by financial website WalletHub has ranked North Carolina as the 15th-best overall economy in the country. With Charlotte being the largest city in the state, it's logical that the Queen City enjoys and will enjoy continued growth in the years to come.
What does this mean for home buyers and sellers in the Charlotte area? Demand for homes will remain steady; home values should increase; new construction will increase in importance to maintain inventory for increased housing demand.
If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that: