Is Wake County, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Wake County is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Wake County has remained a Seller's Market.

Key Takeaway

Wake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Wake County, NC

How much do homes in Wake County, NC cost?

Median Sold Price

$469,456

$222/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$7,757(+1.7%)

Key Takeaway

Homes in Wake County have sold for 1.7% more than they did a year ago.

Summary: The median home sold price in Wake County was $469,456 in February 2024, up 1.7% from last year, and the median price per square foot was $222.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $245K$249.9K
+2.0%
2 $315K$315K
0%
3 $400K$401.4K
0.4%
4 $564.9K$569.5K
+0.8%
5+ $731.9K$735.8K
0.5%

Summary: Wake County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes did not change, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes increased by 0.5%.

Median Sold Price Compared To Nearby Counties

Wake County
+1.7%
Durham County
+0.7%
Franklin County
-0.1%
Granville County
-2.2%
Johnston County
-3.5%

Housing Supply in Wake County, NC

How many homes are available in Wake County, NC?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3,9064,009+2.6%

Summary: The Wake County real estate market had 4,009 homes for sale in February 2024, a 2.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 3842
+10.5%
2 384392
+2.1%
3 1,6561,706
+3.0%
4 1,2581,273
+1.2%
5+ 570596
+4.6%

Summary: The Wake County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 4.6%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
790901+14.1%

Asking Price vs. Sold Price

427 Homes Were Sold
Under Asking

249 Homes Were Sold
At Asking

224 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Wake County, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.

Summary: A total of 901 homes were sold or pending in Wake County in February 2024, up by 14.1% month-over-month. Of the 900 sold homes, 47% were sold under asking, 28% were sold at asking, and 25% were sold over asking.

Days on Market for Wake County, NC

How long does it take to sell a home in Wake County, NC?

Average Sale Time

Feb 2023Feb 2024CHANGE
105 Days85 Days-18.9%

Summary: Homes in Wake County had an average of 85 days on market in Feb 2024, down by 18.9% compared to last year.

Breakdown of Home Sale Times

110 Homes Were Sold
Under 30 Days

475 Homes Were Sold
In 30 - 90 Days

316 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Wake County has remained consistent over time.

Summary: During February 2024, 901 homes were sold in Wake County; 12% of homes were sold within 30 days, 53% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Wake County, NC

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