Apartment construction in 2024 was record-breaking, both in the Charlotte area and across the nation. In Charlotte, 16,000 new apartment units were completed, toppling last year’s 13,000, and nearly doubling the numbers from just two years ago. With more units on the market, apartment vacancies are up, nudging rents down for the first time in over a decade.
Like the rental market, inventory is up in the single-family housing market, which along with slightly lower mortgage rates and more price reductions, signal good news for buyers. But affordability remains a challenge, even as more people continue to put roots down in Charlotte.
And what about commercial real estate? Earlier this month, the nearly vacant Wake Forest University office building uptown sold for just half of its previous price. Meanwhile, progress has stalled on high-profile developments like the Price’s Chicken Coop tower and 10 Tryon, as the industry contends with inflation and high interest rates, and the impacts of Trump’s policies on tariffs and immigration on construction remain unclear.
Guest host Ely Portillo and our panel take a look at where Charlotte is following — or bucking — national real estate trends and what to expect in the coming year.
GUESTS:
Tony Mecia, executive editor of The Charlotte Ledger
Chuck McShane, director of market analytics at CoStar
Charisma Sutherland, president of Canopy Realtor Association
Andi Dirkschneider-Bliss, president of Home Builders Association of Greater Charlotte
