"Zoom Cities" Fuel North Carolina Real Estate Market
North Carolina is home to various top “Zoom cities” that continue to see rising popularity.
Cities like Raleigh, Charlotte and Durham have all seen tremendous growth since the start of the pandemic. That growth isn't slowing down.
The rise of “Zoom cities”
As returning to work in-person becomes a distant memory for many members of the workforce in our post-COVID world, “Zoom cities” continue to see impressive growth and housing demand. The term "Zoom city" references the video meeting application that’s become a staple in remote work schedules worldwide. What is remote work exactly? While some companies have begun the process of bringing employees back to work in person, many have remote, hybrid, or remote possible schedules in which employees can choose the frequency of their in-person work or not come in at all.
Real estate experts identify Denver, Tampa, Raleigh and Charlotte as just a few on the Zoom towns list of urban areas enjoying growth that seemed unlikely before the pandemic. Each of these places have a great quality of life and a variety of amenities to offer, while also coming in with a lower cost of living compared to the coastal hotspots many movers are vacating. People are looking to live near downtown areas, but slightly outside city limits, in order to enjoy more space — especially since working from home means there’s a necessity to spread out.
These motivators don’t seem to be going anywhere, since many large companies have announced a remote work option for the foreseeable future. Though the market may continue to fluctuate as inventory and demand change, these cities are unlikely to lose their appeal and popularity.
The pull toward North Carolina
Now that employers aren’t attracting workers to cities like San Francisco and New York that tend to require a much higher cost of living, people are free to choose locations that speak to their priorities. For those with priorities like stable climate and outdoor opportunities, North Carolina is an appealing option. With fewer fires than California or Colorado and less hurricane risk than other coastal locations, North Carolina is a sunny and reliable state full of mountains, reservoirs, trails and everything in between.
In addition to the amenities and environmental factors pulling people toward North Carolina and working their jobs from home in NC, Zoom towns like Charlotte, Raleigh, and Durham are some of the best places to live for remote workers because of the lower bills and expenses. Even though the North Carolina housing market is driving home prices higher than they've been in the past, prices remain lower than in most coastal cities and other bill expenses remain competitive. Those living in a Zoom town like Charlotte, for example, can expect to pay a bit less in living expenses, meaning they'll purchase food, gas, and other necessities at a price much lower than they would in San Francisco.
The challenge for in-state buyers
Because those moving from New York and San Francisco generally enter the North Carolina housing market with higher budgets, in-state buyers are left grappling for homes in an already-competitive market. During the pandemic, builders on the whole did not keep up with inventory demands. Plus, low interest rates created even higher demand — and higher budgets — than before.
For some in-state buyers, entering a market this competitive feels like a lost cause. Fortunately, there are other options besides engaging in one bidding war after another to try to land an existing home. In order to purchase homes that will truly meet their needs and fulfill their family’s priorities, many are opting to custom build their homes instead.
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