Charlotte’s housing market is worth $338B — up $71B in 2021

Why it matters: We’ve been saying home values are rising because supply can’t keep up with demand for years. This report contextualizes just how explosive the growth we keep talking about has been.

What’s happening: In 2021, home values in Charlotte grew by $71 billion, bringing the area’s total home value to $338 billion. This includes all for-sale homes, from condos to single-family houses.

• Charlotte is the 25th most valuable out of the 50 largest U.S. metros.
• And North Carolina is one of 14 states with a housing market value over $1 trillion. Our state housing market is worth  $1.1 trillion.

Zoom out: The Charlotte market isn’t an outlier. The U.S. market also had a record-setting 2021, with home values nationwide growing by almost $7 trillion (yup, with a “t”).

• “The U.S. housing market is now worth twice as much as it was 10 years ago in the middle of the Great Recession,” a press release from Zillow stated.

What’s next: Experts predict 2022 will be a little easier on potential buyers, but sellers will still have the upper-hand as home values steadily increase this year.

• Axios related story: Demand will keep pushing Charlotte home prices up in 2022

If you’ve recently purchased or rented a home in this wild market and want to share your story, email me at [email protected]. We’re looking for people to feature in our series called The Chase.