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Cornelius News

Zillow says Charlotte No. 1 hottest US market

Charlotte is No. 1 ‘hottest market’

Feb. 26. By Dave Yochum. Charlotte is the nation’s hottest housing market for 2023 according to Zillow, the high-tech real-estate marketplace company with nationwide listings, analysis and information.

The rest of the Top 10, after Charlotte, are: Cleveland, Pittsburgh, Dallas, Nashville, Jacksonville, Fla., Kansas City, Miami, Atlanta and Philadelphia.

Charlotte jumped from No. 5 on Zillow’s Hot Market list last year. Still, mortgage rates are up, and the market is cooling off, so being No. 1 this year is not quite the same as being No. 1 last year.

What’s happening

Zillow ranked 2023’s hottest markets based on growth in home value, relatively fast-moving inventory and plentiful likely buyers as well as buyer demand and job growth. This means even given the overall chill in the national housing market, the top cities will see substantial demand for desirable homes.

“Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work,” said Anushna Prakash, economic data analyst at Zillow.

Zillow’s five coolest markets: San Jose, Sacramento, Minneapolis–St. Paul, Denver and San Francisco.

What about the reval?

What does all this mean with Mecklenburg County’s new property reval coming out in March? No one knows exactly, but any government entity can set the new rate at “revenue neutral.”

That means the town, city or county can cut the tax rate in half if property values double—netting the same amount in taxes AKA revenue neutral. Individual properties, or course, can vary.