Market spotlight: Belmont

Welcome to Belmont, one of the most up-and-coming neighborhoods in Charlotte. It is charming and affordable, and it is located right next to Uptown and is only minutes from the east side of the I-277 loop.  Belmont is full of historic bungalows boasting quaint front porches, some of which even feature skyline views.

Belmont is bordered by North Davidson Street, Parkwood Avenue, Hawthorne Lane and 10th Street. The Little Sugar Creek Greenway runs through Belmont and offers wonderful walking and biking opportunities.

The neighborhood is undergoing a revitalization, as it was the fortunate recipient of the Hope 6 Grant, and it has since seen an influx of condos as well as single-family homes. Many historic homes have been renovated and there is also plenty of commercial real estate development in the works in the neighborhood, including restaurants and retail. With such close proximity to the city, it is a neighborhood not to be missed.

The market here is pretty stable, with home sales averaging two sold per month.  However, there has been a steady and fairly significant increase over the past twelve months in the average price per square foot, which has jumped almost 17 dollars per square foot, and the average sales price of homes, which has gone from averaging approximately $211,000 to averaging $270,000.

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With 7 homes currently on the market and 3.1 months of inventory, Belmont skews towards a seller’s market, much like Charlotte and Mecklenburg County as a whole, which have about four months of inventory.

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On the upside for buyers, the average seller discount has been on the rise, which at a low was at 1.41 percent but has recently been as high as 4.09 percent.

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Belmont is a great neighborhood with lots of investment opportunity and plenty of appeal.

 

 

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