While West Coast cities dominate a new study of the best places in the U.S. for real estate agents, the Queen City is one of two Southeastern markets to make it high on the list.
Nashville, Tenn., at No. 9, lands just a few spots ahead of 14th-place Charlotte in the new analysis by personal finance website WalletHub, which sought to determine the best markets for agents based on more than a dozen indicators of a healthy real estate environment. WalletHub, headquartered in Washington, D.C., ranked nearly 180 cities on factors including sales per agent, annual median wage of real estate agents, median home price and days on the market.
The top five markets for real estate agents, according to the report, are San Francisco; Seattle; San Jose, Calif.; Fremont, Calif.; and Oakland, Calif. The full rundown can be found here.
Says WalletHub: “Last year’s real estate market was very healthy, with 5.57 million sales of existing homes, the best year for the industry since 2006. And we predict that trend will continue into 2018. But even as the market changes as a whole, certain cities remain hotspots. In the coming year, real estate agents may want to relocate to places with the highest demand for housing, and that pay the best for their expert guidance.”
Charlotte, which ranks 20th in job opportunity and competition and 15th in real-estate market health, places above markets like Boston; Los Angeles; Austin, Texas; Atlanta; Honolulu; and Phoenix.
Charlotte has remained a hot seller’s market, pointedly marked by rising home prices and a depleted housing inventory. Just yesterday, the latest Case-Shiller report indicated home-price growth in the Charlotte area is rising again, up 6.4% in February from the previous year. And recent Carolina Multiple Listing Services data showed that in March, local homes sold for an average price of $279,726, up 4.5% from a year ago, and a median price of $235,000, up 7.1%. Inventory dropped 11.2%, leaving the Charlotte area with just a two-month supply of homes on the market.
Elsewhere in North Carolina, WalletHub puts Raleigh as the second-best place in the state for real estate agents, ranking it No. 61 nationwide. Following Raleigh in the overall ranking is Durham at No. 74; Winston-Salem at No. 82; Greensboro at No. 164; and Fayetteville at No. 166.
Charlotte moved up considerably from its spot at No. 68 on last year’s list.
Here’s how the Queen City ranks in each measure used in WalletHub’s analysis:
Sales per agent: 28.71 (No. 57)Median home price: $178,000 (No. 92)Monthly average starting salary for real estate agents: $3,469 (No. 44)Annual median wage for real estate agents: $56,630 (No. 34)Real estate employment attractiveness: (No. 67)Real estate employment growth from 2014-16: down 5.17% (No. 80)Annual median wage growth for real estate jobs from 2014-16: 40.24% (No. 11)Unemployment rate: 4% (No. 96)Projected number of real-estate jobs needed by 2024 per 100 residents: 0.11 (No. 66)Google search index for real estate agents: (No. 20)Home turnover rate: -0.15% (No. 68)Housing-market health index: 6.84 (No. 72)Zillow home value 1-year forecast: 4.5% (No. 39)Days on market: 61 (No. 54)Share of home flips: 5.12% (No. 97)WalletHub ‘fastest growing cities’ rank: (No. 4)
Charlotte’s residential real estate agencies ranked by transactions
Ranked by No. of unit sides closed locally in 2017
Rank Business name No. of unit sides closed locally in 2017 1 Allen Tate Companies 12,640 2 Re/Max Executive 5,147 3 Wilkinson ERA Real Estate 4,150 View This List