The median sales price of real estate in Wake County July 2024: $468,000

July 2024, the real estate market in Wake County, North Carolina, experienced several notable trends:

• Median Sales Price: The median sales price of real estate in Wake County decreased slightly to $468,000, down $3,000 from June 2024. This change is primarily attributed to fluctuations in the core market, which comprises 91% of transactions.

• Transaction Volume: There was a decrease in the number of real estate transactions in July, with 2,126 transactions compared to 2,345 in June. The total sales value from all segments was just over $1.4 billion.

• High-Value Transactions: The very high-value segment (transactions worth $30 million and above) saw only two transactions in July, while the high-value segment (transactions between $1 million and $30 million) had 192 transactions totaling $418.2 million, a decrease of $95.6 million from the previous month.

• Real Estate Lending: Lending activity saw a decrease from June 2024, with 2,916 deed of trust transactions in July, down from 3,019 in June. However, compared to July 2023, lending activity was up by 3%.

• Demand and Supply: Despite Apple's delay in its RTP campus project, demand in areas like Cary, Apex, and Morrisville remains high, keeping home prices elevated. There is a significant imbalance between supply and demand, with not enough inventory to meet buyer interest.

  
  

Overall, the Wake County real estate market in July 2024 was characterized by a slight decrease in median prices and transaction volumes, alongside continued high demand in specific areas despite broader market fluctuations.

Source: Wake County Register Deeds, TriangleMLS

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