Market spotlight: Cherry

There has been a lot of news about the notably low inventory in Charlotte, with new construction unable to keep up with demand. With so many seller’s market neighborhoods in Charlotte, it is great to find an area of town with ample inventory and a huge amount of potential for appreciation.

screen-shot-2016-09-20-at-5-19-15-pmCherry is one of the most historic neighborhoods in Charlotte with a rich history and tons of recent growth, as well as more on the horizon. Plenty of homes here have been purchased and renovated to perfection, with many keeping the classic bungalow features, such as multiple fireplaces, large front porches and shingle-style siding.

The neighborhood is conveniently located between Myers Park, Elizabeth and Charlotte Center City, with easy access to everything you could need in town. Plus, Cherry is home to the Metropolitan Midtown, which is an urban community that includes shopping, dining, modern homes and plenty of art. The Met has all the big store basics you need, including Target, Trader Joe’s, Best Buy, Staples, and so much more. There are also great parks in the area if you want a bit green space.

screen-shot-2016-09-19-at-9-35-14-pmThe big news for the housing market in Cherry is the inventory here–with 16 homes on the market, Cherry has 9.1 months of inventory, which is significantly higher than many neighborhoods in town and higher than Charlotte’s overall four months of inventory.

screen-shot-2016-09-19-at-9-35-22-pmThe average price per square foot has remained fairly consistent over the past year, however there has been a slight dip in the average sales price in the last six months, so now may be a good time to buy in this neighborhood.

Cherry has undergone a significant transformation in the past few years and the market here just continues to improve. With so much potential and room for growth, as well as many renovation opportunities, Cherry is definitely worth checking out.

 

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