Wake County March Market Stats [2024]
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Wake County March Market Stats [2024]
Are you interested in moving to Wake County or selling your home and wondering what the market will be like this year? Keep reading to learn more about Wake County, NC's market in March.
In March 2024, Wake County saw significant activity in the real estate market. The median sales price in Wake County in March reached $459,000, reflecting a $27,000 increase from the previous month. Changes in the median prices are divided by the activity in the market.
In the past month, real estate lending activity in Wake County has increased compared to previous months, indicating that the local housing market is gaining confidence. Although the market is still considered a seller's market, it is starting to become more favorable for homebuyers.
Wake County offers a diverse range of places to live, from bustling cities to charming small towns, and from majestic mountains to breathtaking coasts. This place has been thriving in recent years, and this trend is expected to continue. Wake County is among the fastest-growing counties in the United States, with people moving to it from all over the country.
Wake County is a great place to live, offering a perfect mix of affordability, convenience, and culture. With a population of over a million people, there are 13 unique communities located throughout the area, each with its own distinctive personality and charm. This region has become increasingly popular in recent years, and as a result, the housing market is feeling the effects of a growing population.
Here are the Wake County March Market Stats this year.
Chapters
1. Wake County March Market
Over the past year, the housing market in Wake County has been classified as a seller's market, implying that prices are generally higher and homes are sold faster. There are several reasons for this, but the primary one is that many people are looking for homes in this region since it is a highly desirable place to live.
The median sales price in Wake County in March reached $459,000, reflecting a $27,000 increase from the previous month. Changes in the median prices are divided by the activity in the market. There are various cities and neighborhoods throughout Wake County that vary in number; overall, the housing market is hot and will continue to be so in the upcoming years.
Wake County has been consistently ranked as the best county in North Carolina for several years now, and it still maintains its position. Due to its growing popularity, many people are moving to the area. The real estate trends observed in 2023 are expected to continue in 2024 with minor variations in the market. We recommend contacting a trustworthy agent who can help you navigate the market and find your perfect dream home.
Below is a chart comparing numbers from March 2023 to 2024, according to the MLS.
| Key Metrics | March 2023 | March 2024 | % Change |
| Closed Sales | 1,583 | 1,322 | -16.5% |
| Median Sales Price | $455,000 | $459,000 | 5.5% |
| Days on Market | 50 | 41 | 018.0% |
| Inventory of Homes for Sale | 2,571 | 1,990 | -22.6% |
| Housing Affordability Index | 103 | 94 | -8.7% |
2. Wake County Housing Market Forecast 2024
The housing market here is driven by the hub for technology, education, and research, making it a very attractive area for residents as investors. With the predicted economic growth, the population is also expected to increase, leading to a high demand for housing, just like the previous year.
Wake County has been a seller's market since last year and is predicted to stay a seller's market. There was a total of 1,133 homes sold in March in Wake County, which is a 12.2% change from February. Of those homes, 43% were sold under asking, 26% were sold at asking, and 31% of the homes were sold over asking.
Over the past few years, the average time that homes have stayed on the market has remained relatively consistent. In March 2024, the average time on the market was 79 days, which is a 21.9% change from the previous year.
Homebuyers are increasingly gravitating towards suburban areas due to better home prices and locations since the start of this year. This trend is expected to continue through the current year. In 2023, home values remained consistent, but starting in 2024, there has been an increase in home values, particularly for single-family homes and condos.
Since the beginning of 2024, homes have been selling faster and at higher prices. Therefore, if you are planning to move to Wake County, keeping an eye on the market, as it is constantly changing, is recommended. This year is predicted to be better than the last, but please be aware that it can change at any point.
3. Property Values in Wake County 2024
Property values increased 50.6% across Wake County between 2020 and 2024. As of March, residents of Wake County got a letter about the new property tax values and about the increase in values.
During a meeting, the tax administrator gave the commissioners an overview of the market values. He stated that there will be continuous growth, high housing demand, and limited supply, which will lead to an increase in property values.
According to Wake County officials, the recent property valuations may come as a surprise to property owners. The values of over 420,000 properties have been updated using analysis and data to align them with the fair market value of March 2024.
Wake County conducts a revaluation of real estate properties every four years, and this time around, the results may not be pleasing for many residents. Due to the limited supply of homes and rising prices in the area, the values of properties are expected to increase. This might make it challenging for new homebuyers to find affordable homes.
However, despite the expected increase, Wake County will still remain a relatively affordable place to live compared to many other areas in the state and county. This is because of the lower taxes that are expected to come into effect this year. These lower taxes are expected to attract more people to the area and drive up the demand for housing.
4. Population Increase in Wake County
The population in Wake County as of now is 1,209,772, with a growth rate of 1.64% in the past year, according to the most recent United States census data. Among retirees, North Carolina is a highly sought-after location, and with more companies relocating to the area, the population is predicted to increase.
Wake County is home to over a million people and is growing at a rate that is more than double the rest of the state. With an average daily growth of approximately 62 people, there is a need for more homes in the area to accommodate the increasing population. Projections indicate that Wake County will require around 125,000 to 175,000 new housing units due to this population growth in the next 10 to 15 years.
With the hot real estate market, the housing costs here are still relatively affordable compared to other areas. According to the North Carolina State Demographer, migration has been a critical component of the state's growth. It will likely remain the driver of population growth over the next decade and is going to keep growing.
For the long term, owning a home will be a significant investment in Wake County as the population growth will create and maintain a steady supply of home buyers, so if you are looking to find a new home, start searching to find your dream home.
5. Should I Move or Sell in Wake County in March 2024?
Deciding when to buy a house is important. The housing market is expected to see a continued rise in home prices, albeit at a slower pace compared to 2023. However, homes located in preferred neighborhoods and locations are expected to experience higher growth rates. Meanwhile, the number of homes sold is predicted to stabilize with an increase in sales.
The market may become more affordable for first-time buyers due to a slight price decrease and lower mortgage rates compared to the previous year. On the other hand, the luxury market may experience a slowdown and decline in growth. The rental market, however, is expected to remain strong, with high demand throughout 2024.
It's essential to keep in mind that these are predictions, and the housing market and economy are constantly changing.
There are many options available for real estate investment in Wake County. Numerous companies are expanding and thriving in the area, which is leading to increased profits and the growing popularity of real estate in Wake County. The region offers a wealth of job opportunities, quality education, and a high standard of living, making housing affordable.
The recent drop in interest rates is positive news for buyers as it is leading to more affordable property prices. However, it is important to note that the inventory of available properties is still low. Despite some recent struggles, the housing market in Wake County is one of the most stable in the country.
On the other hand, there has been a lot of new construction, leading to a more excellent supply of homes for rent, which leads to a more excellent rental supply. With the potentially lower rates and increased supply coming this year, the median increase will increase in the area, resulting in a sharp growth within this upcoming year.
Methodology
We used information and data from different sources as well as our own data to determine Wake County's market update for 2024 and the future predictions of the housing market and economy. There were various data to use, so we put them together to predict the trends for this year.
Above are a few sources that we used to gather most of our information about the Wake County region market in March.
FAQS
Is it a good time to buy a house in Wake County?
The housing market in Wake County is relatively competitive and is predicted to continue to stay competitive due to the location, cost of living, and booming economy here. This is a highly sought-after place, and many people are looking to relocate here.
Why is Wake County booming?
With the capital and the Triangle, many Fortune 500 companies and other smaller companies are relocating here, making it a highly diverse area to live in. The economy here is predicted to continue to thrive in the new year.
What is the average price of a home in Wake County?
The median sales price in Wake County in March reached $459,000, reflecting a $27,000 increase from the previous month. Changes in the median prices are divided by the activity in the market.
Wake County March Market Stats [2024] - The Bottom Line
Wake County has consistently been ranked as the top county in North Carolina for several years. Due to its increasing popularity, this trend is expected to continue. Many people are relocating to the area, which is likely to result in similar trends observed in 2023, with minor changes in the market.
In March of 2024, Wake County experienced significant activity in the real estate market, with the median sales price reaching $459,000. This reflects a $27,000 increase from the previous month. Changes in median prices are indicative of changes in activity in the market.
In the past month, real estate lending activity in Wake County has increased compared to previous months, suggesting that the local housing market is gaining confidence. Although the market is still considered a seller's market, it is starting to become more favorable for homebuyers.
These fluctuations are typically caused by activity in. the core market. While there is pricing across various cities and neighborhoods in Wake County, the overall housing market is hot and is expected to remain so in the upcoming years.
If you are considering moving or selling, contact us or visit our website. Our team at Raleigh Realty is here to help you with any home buying or selling needs.
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!
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