Millennials like to take their dogs to the local breweries and enjoy a craft beer. Millennials like to buy organic that’s produced locally. Millennials also like to live close to work in smaller homes that provide convenience and low maintenance. And, Millennials like to buy townhomes, according to recent market data for the Charlotte region. A study by the National Association of Realtors, has documented the trend I’ve been witnessing as a Charlotte Realtor for over a year now. For the past three years millennials have been the largest group of home buyers in Charlotte and across the country.
Builders in Charlotte are taking note of the Millennial buying trend and answering that demand with new projects popping up throughout the region. As of the end of June, builders had filed permits for 665 townhomes in the Charlotte region. That’s a 32% increase in townhome development over last year.
As a Charlotte Realtor, first-time home buyers are a big part of my business. Many of my clients come to me frustrated with apartment living, in part because of high rents that continue to climb. Average apartment rents in Charlotte have increased more than 6% just since March, 2016! Millennials have started to realize that they can buy a home, start building equity, and have a mortgage payment that,in some cases, is lower than the monthly rent they are paying.
Interested in buying a townhome in Charlotte? You’re in luck! The Queen City has lots of communities to choose from. National builder David Weekly Homes has three projects going up that are close to Uptown and the Dilworth neighborhoods. Central Living at Ideal offers townhomes priced from $397,000; Central Living at Iverson from $449,000 and Central Living at Carson priced from $790,000. Each of these communities offer convenience to work, the LYNX light rail, breweries, restaurants, retail shopping and night life.
And on a more organic scale, local developers Selwyn Property Group and Briar Patch Advisors are partnering up on a project called Helix Southend which offers a lower price point in the popular South End area of Charlotte. Helix Southend townhomes are available from $215,000 for a one-bedroom and up to $460,000 for a three-bedroom.
When buying a townhome, there are several things to take into consideration. For instance, how much are the home owners association dues, how often are they billed, and what does the HOA take care of? I can help you weed through the many choices Charlotte has to offer and analyze which project has the best amenities and property management for your money. I can also assist you with your questions about financing a townhome, which is a little bit different than financing a single family home. Contact me today for a no obligation consultation. I’m here to help!