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Propelled by low interest rates, demand for homes shot up while builders struggled to complete enough new homes to satisfy buyers. skyrocketed in 2021, rising faster in one year than they have in recent history.
Some speculate that North Carolina’s relatively low property tax rate is driving its recent real estate boom, but as home values go up, so too will the effective taxes residents are on the hook for. Similar to Atlanta, investors accounted for a considerable portion of home purchases-around 1 in 3 home sales in Charlotte during the fourth quarter of 2021 went to an investor, according to Redfin data.
Home prices in Charlotte are hitting record highs this year after a considerable jump in 2021.