In October 2023, Wake County’s real estate market showcased some intriguing trends. Let’s break it down:

  1. Median Price Rise: The median price for Wake County real estate ticked up by $2,500 to reach $452,500, a positive sign for homeowners.
  2. Steady Deed of Trust Activity: Deed of Trust activity remained consistent, showing no significant change from September 2023 levels.
  3. High-Value Transactions: The very high-value segment in Wake County (transactions worth $30 million and above) had two standout deals:
    • Novel Cary Apartments, Cary NC: A remarkable transaction at $105.3 million.
    • North City 6 Apartments, Raleigh NC: Another significant deal at $64.2 million.
  4. High-Value Segment: Transactions in the range of $1 million to $30 million totaled 145, amounting to $323.7 million. Although this segment experienced a minor dip of $1.4 million, it remained active.
  5. Core Market: Transactions for properties valued at $1 million or less amounted to 1,761, with a total value of $804.9 million. While this was 25 transactions fewer than September, it still reflected a resilient market, showing just a 1% decline from the previous month.
  6. Total Sales Value: The combined sales value of all three segments equaled slightly over $1.3 billion in October 2023, just under September’s total sales of $1.4 billion. There were 1,908 transactions in October, a modest decrease from September’s 1,921.

Median Sales Prices:

  • In October 2023, the median sales price of a Wake County real estate parcel increased by $2,500, reaching $452,500.
  • Changes in median prices are typically driven by activity in the core market, with high-value transactions having minimal impact due to their rarity. In fact, a significant 92% of October’s transactions occurred in the core market.

Real Estate Lending:

  • Real estate lending activity in October showed no increase from September levels and marked a 16% decline compared to October 2022.
  • Real estate lending activity comprises two primary components: transactions coinciding with a transfer of ownership and those where a new loan secured by real estate is taken out without a change in ownership. A higher ratio of deeds of trust to deeds signifies increased refinancing of mortgage loans.
  • Trends suggest that the refinancing market is either slowing down or picking up, with August showing a noticeable gap between deeds of trust and deeds volume.

Long-Term Trends:

  • Real estate transactions tend to follow a seasonal pattern, so comparing monthly results to the corresponding month in previous years is informative.
  • Charts provide a visual representation of the aggregate value of real estate transfers, deed volume, and real estate lending from January 2021 through year-to-date 2023.

Methodology and Additional Information:

  • The statistics in this report are sourced from the Wake County Register of Deeds, recording property rights and real estate transactions.
  • Property value is assessed based on excise tax, calculated at $1 for every $500 of consideration. About 99% of transactions involve property transfers by deed.
  • A comprehensive view of Wake County real estate activity involves considering data from various sources, such as rezoning applications and building permits, along with information published by the Register of Deeds.

For any inquiries or further insights, please don’t hesitate to reach out. We’re here to keep you updated on Wake County’s dynamic real estate market!