Metropolitan Statistical Area (MSA):
Shelby, NC is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Shelby, NC metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, strong job growth, and limited new construction has resulted in rapidly rising home prices and rental rates. While this is good news for those who already own property in the area, it is creating challenges for those who are looking to buy or rent.
The average sale price of a home in Shelby MSA increased by 12% in 2017, and is on pace to increase by an additional 8% in 2018. This rapid appreciation is being driven by strong demand from buyers who are being priced out of markets like Charlotte and Asheville. The limited supply of homes available for sale is also contributing to the price increases. The number of homes listed for sale in Shelby MSA was down 9% in 2017, and is down another 5% so far this year.
Rental rates are also on the rise, as demand for apartments continues to outpace new construction. The average rent for a one-bedroom apartment in Shelby MSA increased 4% last year, and is expected to increase another 3% this year. With rents rising faster than incomes, many residents are finding it difficult to keep up with their monthly payments.
The current trends in the Shelby MSA housing market are not sustainable long-term, but they are likely to continue for the next few years as population growth continues to outpace new construction starts. Those who already own property will see their investment appreciate at above-average rates, while those who don't will find it increasingly difficult to afford a place to live.