Stable & Strong: Wake County Market Update (May 2024)

Hello neighbors!

We’re back with another update on the Wake County real estate market. Let’s dive into the data for May 2024, provided by the Wake County Register of Deeds.

Median Sales Price Dips Slightly

The median sales price of a Wake County property dipped slightly in May, coming in at $470,000. This is a decrease of $4,750 from April’s median price. It’s important to remember that median sales prices are most affected by activity in the core market, which tends to be steady.

Core Market Shows Strength

Speaking of the core market (properties valued at $1 million or less), this segment saw a slight increase in activity in May. There were 2,177 transactions, up 23 from April. The total sales value for the core market also rose slightly to $1 billion.

High-Value Segment Sees Decrease

The high-value segment of the market (transactions between $1 million and $30 million) saw a decrease in activity in May. There were 207 transactions, totaling $419.9 million, which is down from April’s numbers.

Very High-Value Segment Up Slightly

The very high-value segment (transactions of $30 million or more) ticked up slightly in May with 3 transactions compared to April’s 1 transaction.

Overall Sales Value Steady

The total sales value from all three segments (core market, high-value, and very high-value) came in at just over $1.7 billion for May. This is a relatively steady number compared to April.

Real Estate Lending Activity Down

Real estate lending activity dipped in May compared to both April 2024 and May 2023. There were 3,134 deed of trust transactions in May, down slightly from April.

Breaking Down the Market by Price

Wake County Aggregate Value of Real Estate Transferred Monthly by Parcel Price Range

This chart shows the dollar value of real estate transfers by month broken down into three price ranges. This allows us to see how each segment of the market (core, high-value, and very high-value) is performing. By analyzing this data, we can gain insights into buyer preferences and overall market activity.

Understanding Deed of Trust Activity

Wake County Deeds & Deeds of Trust Number of Recorded Monthly

Deed of trust activity can offer valuable insights into the refinancing market.

The relative strength of the second type of lending activity, which involves securing a new loan with real estate as collateral but without a change in ownership, can be quantified by comparing the ratio of deeds of trust to deeds in a period. Relatively more deeds of trust signify an increasing number of mortgage refinances. This chart shows the number of deeds of trust compared to deeds recorded in Wake County. By analyzing this data, we can gain a better understanding of refinancing trends in the Wake County real estate market.

Aggregate Value of Real Estate Transactions

Aggregate Value of Wake County Real Estate Transactions Monthly ($ millions)

Real estate transactions tend to be seasonal, so it’s important to compare monthly results to the corresponding month of prior years to understand long-term trends.

The following chart shows the aggregate value of real estate transfers in Wake County linearly (month by month) from January 2022 through year-to-date 2024. By analyzing this data, we can see how the overall market value has fluctuated over time.

Deed Volume

Wake County Deeds Number Recorded by Year and Month

The number of deeds recorded provides a measure of real estate activity without considering the dollar value of each transaction.

This chart shows the number of deeds recorded in Wake County for each month from January 2022 through year-to-date 2024. Analyzing this data helps us understand the pace of real estate activity in Wake County. Higher deed volume indicates a more active market.

Real Estate Lending

Wake County Deeds of Trust Number Recorded by Year and Month

Deeds of trust play a key role in real estate lending. A deed of trust is the legal instrument used in North Carolina to secure loans with real estate used as collateral. By analyzing the number of deeds of trust recorded, we can track trends in real estate lending activity within Wake County.

Looking Ahead

The Wake County real estate market continues to show signs of stability. While there have been some slight fluctuations in median sales price and lending activity, the overall market appears to be on solid ground.