Charlotte, NC, once a hotbed of real estate activity, has fallen out of the top 10 most promising markets for the coming year, according to a new report by the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC).
The 45th edition of the Emerging Trends in Real Estate report, based on nearly 2,000 interviews and surveys with real estate professionals, ranks Charlotte as the 13th most promising market to watch in 2024. This marks a significant drop from its previous ranking of 10th place in 2023 and a continued downward trend since 2021, when it held the 6th spot.
The report identifies a new category of “18-Hour Cities” – medium-sized metropolises like Charlotte, Denver, Minneapolis/St. Paul, Portland (Oregon), Salt Lake City, San Diego, and Fort Lauderdale – that have shown resilience during the pandemic recession. These cities attract residents with their vibrant downtowns, suburban nodes, diverse economies, and strong workforce quality. While becoming more expensive due to an influx of residents from higher-priced areas, they remain popular for their lifestyle and development opportunities.
Within the 18-Hour Cities category, Charlotte ranks high, falling just behind San Diego and Denver in overall prospects. As a group, the 18-Hour Cities rank fourth among the 12 market subgroups, demonstrating continued appeal for developers and investors.
The full report is available here.
