Apex Real Estate Trends + Forecast for 2023
Apex Real Estate Trends + Forecast for 2023
Do you want to know how competitive the Apex, NC, housing market is? Let's dive into market conditions, real estate prices, and more to understand the current trends.
Apex, North Carolina, is repeatedly named one of the best places to live in North Carolina and the United States. To receive these rankings, Apex must have a healthy economy and housing market.
There's no doubt that Apex is one of the most famous towns in North Carolina. It is consistently growing and becoming a hot spot for those looking to relocate from out of state. Those who are moving here are coming as either first-time home buyers or young families needing more space and looking to upgrade. Before deciding to move, it's essential to understand the current and future status of the housing market.
So how's the local real estate market doing? This guide will examine the current real estate market at Apex and North Carolina data.
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Apex Real Estate Trends
Although Apex, NC, is one of the best places to live and raise a family, the housing market is somewhat competitive, scoring 63 out of 100. The average home sells for roughly 1% above the list price; however, "hot homes" can sell for around 4% above the list price.
Across the Triangle area, the housing market continues to boom with no signs of slowing down anytime soon. With Research Triangle Park, Large universities, and new businesses continuously moving to the area, we continue to see growth in the region and market shifts with the latest additions.
Apex is the 17th largest community in North Carolina, with a population of roughly 60,000 people, according to the latest US Census. The home prices in Apex are among some of the most expensive in North Carolina and consistently rank among the most expensive in America.
Experts recommend that if you're considering buying a home and you're in the right place financially, you should do so sooner rather than later.
A significant change the real estate market in the Triangle has seen is the area in which homes are in demand. The housing market has shifted away from the city and into the suburbs for the first time. Suburban home values are rising faster than city homes, some gaining nearly $10,000 more.
Another factor that influences the market is income. According to the Triangle Multiple Listing Services executive director Matt Fowler, the Triangle's affordability index hit an all-time low of 67 in May 2022. This meant that the region's median income was just 67% of what is needed to qualify for a median-price home at current interest rates.
We also see an increase in mortgage rates. The average fixed rate on a 30-year mortgage reached 5.27% in early May, which was the highest level over a decade. Increasing mortgage rates and rising home loan costs may help cool the market. The higher rates will result in borrowers losing their mortgage eligibility due to banks' strict debt-to-income ratio.
Aside from the town of Apex, the North Carolina housing market is also booming. In June 2022, the typical home in North Carolina was valued at $320,291, which is a 27.4% increase year-over-year. In the same month, home prices were up 14.5% compared to last year, and 57.3% of these homes sold below the list price.
In this article, we are going to look at real estate trends in Apex, including:
- Apex, NC, is currently experiencing a seller's market.
- Homes in Apex have sold 40.9% more than they did a year ago.
- 44.4% of homes in Apex sold above the list price.
- On average, homes in Apex sell after 33 days on the market.
- The median home sales price in Apex, NC, is $585,000.
Apex Real Estate Demand
The demand for real estate in Apex, NC, continues to increase as the population continues to grow. With the proximity to Research Triangle Park and countless job opportunities, Apex sees people from all over the world moving to the area. This is also thanks to low property rates, mild winters, and small-town charm. Niche ranks Apex, NC, as the third-best suburb to raise a family in North Carolina.
Population and job growth continue to raise the demand for real estate. Apex, NC, is currently in a seller's market, meaning that more people are looking to buy than homes available. The demand exceeds the supply.
Population Growth
Over the last ten years, the population growth rate in Apex had an annual average of 4.46%. During the same time, the rate of increase for the entire population in Apex was 40.16%. From 2020 to 2021, North Carolina ranked #4 in the nation for population increase.
Take a look at some of the population statistics.
- From June 2022 to August 2022, 75% of homebuyers looked to stay within the area.
- Across the nation, 0.90% of homebuyers searched to move into Apex from outside metros.
- Fayetteville homebuyers searched to move into Apex more than any other metro, followed by New York and San Jose.
- Greensboro was the most popular destination among Apex homebuyers, followed by Charlotte and Myrtle Beach.
The median age in Apex, NC, is 37.2. Among the residents, a homeowner vacancy rate of 0.9% and a rental vacancy rate of 5.2% from 16,883 units.
The population in Wake County as a whole is also seeing a spike in growth. With the population growing more than twice as fast as the rest of the state, Wake County is now home to more than 1 million people. It is said that the population grows by approximately 62 people per day.
Apex Real Estate Supply
The supply of available homes in the Apex and Cary area is ever-changing. Looking at the most recent MLS (Multiple Listing Service) reports, there were 441 new listings available in august 2022. As a whole, from January 2022 to August 2022, there were 3,752 new listings. Compared to the number of available properties in August, there were only 410 closed sales with a median price of $569,500. Both new listings and closed homes in August 2022 were lower than those in June 2022. In September, 7.7% fewer homes were sold than in August.
In the Triangle region, 4,506 new listings hit the market in August 2022 with 1.6 months of supply inventory available. Out of those new listings, 3,948 of them closed.
At the end of September 2022, there were 185 single-family homes on the market in Apex, NC. There were about 32 Condos/Townhouses on the market. New construction neighborhoods are beginning to advertise inventory with no bidding, and builders are finishing homes in a more reasonable time frame. According to New Home Source, 31 new communities are coming to Apex, NC, and the Triangle region.
In Apex, NC, 74.86% of homes are owner-occupied, while 25.14% have renters.
To help with some of the demand, Apex is working on new construction to aid those making 40% to 60% of the area's median income. Broadstone Walk on South Hughes Street is expected to be completed in 2024. The complex will provide 164 one, two, and three-bedroom apartments. Apex's housing program manager Christopher Valenzuela says that the development will be the largest affordable housing project ever in the town.
Apex Pricing Trends
Home prices in Apex, NC, and Wake County as a whole shift with the demand for real estate and the inventory of homes available. We have seen rapid growth over the last few years. The surge in demand and supply chain issues have increased prices. In January alone, the Triangle region saw a 24.2% increase in median sales prices.
- Home values in Apex range from $31,834 to $9,050,324.
- Home prices were up 19.8% compared to last year.
- The median price of real estate was 569K in the Apex/Cary/Morrisville area in August 2022.
- In June 2022, the median sales price of all real estate transactions was $470,000 in Wake County.
Renters make up roughly 25% of the local housing market. The average price of an apartment rental in Apex, NC, is $1,723, while rent for a single-family home is around $2,384 monthly.
The average rent in Apex, NC, is as follows:
| Number of Bedrooms | Price |
| One Bedroom | $1,499 |
| Two Bedrooms | $1,569 |
| Three Bedrooms | $1,739 |
To afford to live in Apex, NC, it's essential to research the real estate market and the cost of living while considering factors like your career, salary, and everyday expenses. Compared to the neighboring city of Raleigh, Apex is 10.6% more expensive, and housing costs are 28.5% more expensive.
New Hill is one of the most expensive neighborhoods in Apex, NC. Consisting of mainly large (four, five, or more bedrooms) and medium-sized (three and four-bedroom) single-family homes and townhomes, the median price is $648,874. The average rental price in New Hill is around $3,264, which is higher than 98.5% of the neighborhoods in North Carolina.
Another expensive yet popular neighborhood in Apex is Apex West. Homes in the area consist of large and medium-sized single-family homes and apartment complexes/high-rise apartments. The median price of real estate in Apex West is $602,259, and the majority are owner-occupied.
Residents in Apex, NC, should expect to spend anywhere from $1,300 to $2,000 monthly on housing costs. Renters and homeowners spend relatively that amount on their rent or mortgage payments.
Apex Housing Market Predictions
Although real estate in the Triangle region is beginning to shift to a more balanced market, we are still experiencing a seller's market.
The percentage between the list price of homes and the sale price of homes has begun to close; however, it hasn't officially closed.
While the market may be beginning to balance, the demand for real estate is still high. With continuous growth and economic expansion in the Triangle, the market will remain seeing an increase in demand. This constant demand could result in home prices continuing to rise.
The housing price in the Triangle region keeps increasing for renters and buyers. The second quarter of 2023 will see higher home prices in North Carolina than in the current year's second quarter. North Carolina will remain one of the top-ranked states and relocation areas leading into 2023.
Current data does not support or show a potential housing market crash.
FAQ
Is it expensive to live in Apex, NC?
Housing expenses in Apex are 8% higher than the national average.
Are real estate prices dropping in North Carolina?
While the housing market still factors sellers, North Carolina is not quite seeing any significant changes in home prices.
Is Apex, NC, an excellent place to live?
Known as the "Peak of good living," Apex, NC, is consistently ranked one of the top places to live in North Carolina and the United States.
Find Your Next Home With Raleigh Realty
Apex, NC, is a great place to live and raise a family. With multiple rankings, such as the best place to live and the best suburb, there's no doubt that you will enjoy everything that Apex has to offer. Apex is an excellent town with countless opportunities between highly ranked universities, a diverse community, a small-charm feel, recreation, shopping, restaurants, etc.
With the past, current, and future real estate trends in mind, you can now comfortably decide to buy your next home. If the town of Apex aligns with all of your needs and desires, Raleigh Realty would be more than happy to help you find your dream home. Whether you're in the market to buy your first home or move to a new area, you can contact us to be connected to some of our top agents!
Check out the available homes for sale in Apex on our website.
You can also check out our guide to the best neighborhoods in Apex, NC!
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!