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Starmount named hottest neighborhood in Charlotte

Screen shot 2012-01-26 at 4.19.19 PMStarmount is the hottest neighborhood in Charlotte this year for prospective homebuyers, according to Redfin, the Seattle-based real estate brokerage.

The 28210 zip code east of South Boulevard leads the pack for affordability and convenience, followed by South End, Fourth Ward, Elizabeth and center city.

The median sales price for a home in Starmount, which lies between Archdale Drive and Arrowood Road, is $161,000, Redfin said.

That’s lower than the $180,000 median sales price on the 3,050 existing units sold in the Charlotte area in December, according to the Charlotte Regional Realtors Association.

Homes in Starmount spend a median of 66 days on the market, Redfin reports.

“Starmount is already getting a lot of buyer action and the development is going to be on fire in 2015,” said Valli Smith, a Charlotte agent for Redfin. “Buyers are targeting the area for town homes and old bungalows with character, as well as tearing down older homes and building new ones.”

Valli said the expanding light rail and the neighborhood’s close proximity to Dilworth and uptown make Starmount a convenient and attractive place to buy property.

Redfin based its analysis on web traffic on its site’s listings, as well as input from Redfin agents. The company then compiled a list of the hottest neighborhoods in 27 metros.

The company said the national trend of opting to live in convenient and affordable neighborhoods is a shift from the past two years, when the hottest areas tended to be more urban, more expensive and home to the most coveted schools.

“Affordable inventory remained low throughout most of 2014,” Redfin said, “so homebuyers have to look a bit further afield to find the perfect home without sacrificing the conveniences of being close to an urban center.”

Housing costs continue to outpace wage increases, making it more difficult for potential buyers to save for a down payment.

The national median price for existing properties in December was $208,500, according to the National Association of Realtors. That’s the highest level since 2007, when it was $219,000.

Starmount is more affordable than the other sites on Redfin’s list of the top five Charlotte neighborhoods.  The median price of a home in South End is $301,000, while in Fourth Ward it is $242,000, Redfin said. Those in Elizabeth carry a $273,000 median price tag, while a home in center city will cost $270,000.

The company said properties stay on the market for a median of 72 days in South End, 76 days in Fourth Ward, 69 in Elizabeth, and 78 days in center city.

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