University City Real Estate: What’s the Outlook? 

Ellen Morgan has worked in Charlotte real estate since 1999. About a year ago, she joined Allen Tate’s University City office as the branch leader and broker-in-charge. As we move into the second quarter of 2023, we asked her to break down University City’s real estate outlook. 

What kind of growth have you seen in University City versus the rest of Charlotte?

The area has definitely grown exponentially over the last five to 10 years. And the university of course—UNC Charlotte—has expanded so much. They have about 30,000 students now, which is huge. It used to be a bit of a separate entity, but now it’s a big part of the community. That alone has fueled growth. And obviously, the light rail, and lots of multifamily housing.

How does University City stack up against Charlotte as a region or metro area?

At around $360,000, University City average sales price is a bit lower than the Charlotte region ($444,600) and the Charlotte metro area (roughly $385,000), and we have seen an even higher appreciation rate year over year at around 17 percent. 

As far as days on the market, in University City, our average is 18-19 days, compared to 22 in the Charlotte region. The median of days on market is only 6, which I feel is a better measure since it eliminates the extremes. This is still very much a sellers market!

What community traits do you clients ask for when looking at University City?

A main draw to the area is the business climate—the research. And for the light rail to connect the two largest business centers in Charlotte—uptown and University City—is huge. A lot of our clients are connected with the university in some way. The campus is beautiful, plus we have greenways, lots of cultural events, and people like the diversity of the area. 

Many people come to our area to be closer to work. Plus we are so close to I-485; we are accessible to everything. We are also slightly more affordable than the average area in Charlotte. I’m really excited about the plans to make everything more pedestrian friendly. People like that modern, urban feel, and that’s going to be good for the area.

Do you anticipate anything changing dramatically anytime soon?

No one has a crystal ball, but I think we’ll stay on pace with the growth of Charlotte. Our values continue to appreciate. Our numbers now are similar to 2019, which were good coming out of the holidays. Inventory continues to rise, though we still could use more inventory. I’m really excited for the future of University City.

What does University City need?

I’d love to see more single family residential housing. We have so many apartment complexes, and some are wonderful, like the new Waters Edge project that we’re excited about. It’s going to be beautiful and add to the area, but we’d love for those renters to become homeowners. 

0 Comments


Receive Up to Date News


Receive Economic Development News


View Past Newsletters


View Post by Category


Press Releases

UCP Annual Report: Mobilizing the New Urban Center

2015 has been exceptional for University City and University City Partners, as our fresh-off-the-digital presses “2015 Annual Report” makes clear with exclamation marks! The report chronicles the opening of I-485, rapid progress on the LYNX light-rail line, strong...

UCP welcomes four new board members

University City Partners welcomes four new members to our Board of Directors: Shannon Dixon of Casto, Leslie Johnson of Mecklenburg County, Bobby Shields of Shielb PLLC, and Ryan Wetherington of Allen Tate. Each new member brings unique skills that will advance the...

Say hi to our new UNC Charlotte interns

University City Partners welcomes two very needed extra sets of hands – interns Abby Armstrong and Luis Martinez from UNC Charlotte. Abby, a senior marketing major, will help us share the news about UCP. Luis, a sophomore, hopes to gain insights into planning and...

UCP’s 2014 Annual Report captures our breakout year

What an amazing year! With light rail under construction, University City’s stretch of I-485 set to open next spring, dramatic jobs growth and resurgence in our neighborhoods, University City is being transformed. Our new 2014 Annual Report (CLICK to view or download)...

EPRI in University City wins the Jerry Award!

Congratulations to the Electric Power Research Institute (EPRI) for being one of two winners of the Charlotte Regional Partnership’s annual Jerry Awards for their contribution to the regional economy! From the Jerry awards: "The Electric Power Research Institute...

Fast growing Yodle comes to URP Cambridge Center

Online ad and marketing company targets small business If you haven’t heard the name Yodle until now, get used to it. One of the fastest growing advertising and marketing companies in the U.S. recently moved its 120-employee Charlotte operation into the Cambridge...

Run like Rudolph through the University Research Park

Fun 5K/10K on Saturday will benefit Brain Tumor Fund for the Carolinas You can win three ways at the inaugural Run Run Rudolph 5K/10K race this Saturday in University Research Park: Finish first in either race OR win the crowd’s loudest applause as “best seasonally...

University City Partners Welcomes a New Executive Director

After working with us for ten years, our founding Executive Director, Mary Hopper, decided to leave University City Partners (UCP). In her time with us, Mary was completely devoted to supporting our focus on enhancing the economic vitality of University City. UCP has...