Some homeowners’ next move: Staying put

A version of the following article appeared in the May 15, 2026, edition of The Charlotte Ledger, an e-newsletter with local business-y news and insights for Charlotte, N.C.

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by Ashley Fahey

Anna and Graham Rich moved into the Governor’s Square neighborhood near SouthPark in 2019. In the seven years since they bought their house, they’ve come to love their neighborhood, including neighbors who have become friends, and being within walking distance of Brixx Wood-Fired Pizza, Ben & Jerry’s or date-night spots.

Also since they moved in, the Riches, who are now 35, have had two children: a daughter, who will turn six next month, and a 3-year-old son. Their three-bedroom, two-bathroom, 2,700 sq. ft. ranch house does not comfortably accommodate the four of them, let alone any guests.

“We realized, once kids’ toys piled up, how much space they need,” Anna Rich said.

Traditionally, growing families would put a “For Sale” sign in front of their starter home, hire a real estate agent and begin the search for a bigger home. But the Riches are taking a different approach, one that more Charlotte households are pursuing: take out a home equity loan or line of credit and go into major renovation mode.

Although home-price appreciation has moderated since the pandemic, Charlotte’s housing market is still tough for many buyers, given how quickly prices have grown. The median sales price of homes in the Charlotte region at the end of 2020 was $280,000 — that’s grown 43%, to $399,990, at the end of 2025, according to Canopy Realtor Association data.

But some homeowners who purchased early in the pandemic, or who refinanced when mortgage rates hit rock-bottom lows in 2020 and 2021, are seeing an opportunity in how much equity they’ve gained in their home.