Charlotte’s State of Housing — Reading the Market Signals

Each year, the UNC Charlotte Childress Klein Center for Real Estate, led by Dr. Yongqiang Chu, releases its State of Housing in Charlotte report, a comprehensive look at housing supply, pricing, rental trends, and affordability across the region.

The 2025 edition paints a picture of a market that is stabilizing after years of rapid growth, but still struggling to meet affordability needs. While new development has expanded the region’s housing supply, costs and access remain major challenges for many working households.

Key Findings from the 2025 Report

• Population Growth: The Charlotte MSA grew by 78,255 people (214 per day) from 2023 to 2024, a 2.79 % growth rate, the highest since 2014.
• Supply Catching Up: Developers added 28,951 housing units in 2024, outpacing household growth (24,837) and creating a surplus of about 4,100 units.
• Home Prices Still Rising: The median home price rose from $429,945 (Sept 2024) to $443,850 (Sept 2025), a 3.24 % year-over-year gain.
• Affordability Remains Scarce: Only 1.88 % of homes sold in 2025 were under $150,000 down from 4.75 % in 2021 while just 17.8 % were below $300,000.
• Rental Rates Stabilized: Average effective apartment rents declined slightly from $1,591 in 2022 to $1,566 in 2025 thanks to the delivery of 19,754 new units between Q3 2024 and Q3 2025, the largest annual increase on record.
• Income Growth vs Affordability: Household incomes have grown faster than home prices, offering slight relief, but affordability challenges persist.
• Future Supply Challenges: A slowdown in housing starts during 2022–2023 is expected to cause a sharp drop in deliveries by 2026, which could rekindle affordability pressures.

Looking Forward

While recent years of heavy construction have helped balance supply and demand, affordable housing remains critically scarce.

Dr. Chu noted that addressing the ongoing affordability gap will require stronger public-private partnerships to finance and produce attainable units.

Building upon Charlotte’s Upward Mobility Initiatives, we must also continue to invest in workforce development programs that equip residents with the skills needed to acquire employment that provides access to affordable housing and long-term stability. Expanding opportunities for education, job training, and career advancement helps ensure that progress in housing supply also leads to real economic mobility, enabling more families to achieve lasting self-sufficiency and resilience in a rapidly changing economy.

Together, these efforts will ensure that Charlotte’s housing market remains both resilient and inclusive, laying the foundation for sustainable growth in the years ahead.

👉 Read the Executive Summary of the Report: 2025 Executive Summary

👉 Access the Full Report: State of Housing in Charlotte – Full Report (UNC Charlotte)