An interesting article was recently written by Tara-Nicholle Nelson that explains the idea of a Real Estate Microclimate. It is the perfect example of how Dilworth has been able to weather the housing market slump. As I have written before, Dilworth continues to grow in value and attract many new residents each year. The concept of her article, “Signs of a real estate microclimate“, explain that not all real estate markets are not the same and do notreact the same way at the same time.
In the article, it is briefly explained how certain neighborhoods or communities can have such varied real estate markets. Some of the indicators that are highlighted are jobs, universities, population shifts and new home construction.
Jobs:Cities that are job centers and have major employers in the area, with low unemployment rates and current or projected job growth, have different real estate market dynamics than other real estate markets because people want to buy homes where jobs are. Being the second largest banking center in America and the headquarters of both Bank of America and Wachovia Charlotte was especially hit hard by the recession because many area banks began shedding excessive employees.
Universities: Cities or towns with centers of higher education tend to be recession-proof compared to other towns. Universities and collegesmaintain asteady and robust economic center and a constantly replenished demand for housing both for sale and for rent. Charlotte has several area colleges like UNCC, Queens University, Kings College and Johnson and Wales University.
Population booms: Cities that are experiencing an increase in population often experience varied real estate microclimates. Many cities across America are experiencing a population decreases, as people move out for various reasons, including lack of jobs and affordable housing.
Overbuilding: Where homes are vastly overbuilt, certain neighborhoods will develop a microclimate of oversupply. South Charlotte neighborhoods like Ballantyne and the surrounding areas have experienced this especially due to the steady population and housing boom over the last decade.
Though there are many areas across the country still suffering from the real estate market meltdown, Dilworth is rebounding at an amazing rate. The Dilworth neighborhood continues to be one of the best places to live in Charlotte and the Dilworth homes for sale make for an amazing investment. If you’re interested in checking out any homes for sale in the Dilworth neighborhood or selling your Dilworth home, feel free to email me.