by John Egan
When it comes to expensive homes, which places come to mind first? San Francisco, CA? New York, NY? Undoubtedly, those are two of the priciest home markets in the country.
So it might come as a surprise that among 46 major metro areas, Charlotte, NC, saw the second highest rise in home construction costs from 1986 to 2016, according to a data analysis by LawnStarter. The costs include items like excavation, concrete and retaining walls, but do not land prices.
Just how much did home construction costs go up in the Charlotte area during that period? A gargantuan 377 percent. That’s not a typo, folks. Only San Francisco witnessed a bigger jump in home construction costs during that time span -- 458 percent.
The cost to build the average single-family home in the Charlotte area soared from $37,303 in the first quarter of 1986 to $177,889 in the first quarter of 2016, according to our analysis of data compiled by the Lincoln Institute of Land Policy. By comparison, the value of an average single-family home in the Charlotte area climbed 134 percent, from $103,458 in 1986 to $241,816 in 2016.
In the graphic below, you can follow the history of home construction costs and home values in the Charlotte area from 1986 to 2016.
Top Photo: Kimpton Hotel
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