Analyzing the Latest Trends and Median Prices.
Welcome to the Wake County real estate market update for March 2024. As your trusted local real estate agent at BRAZOBAN Realty Group, I’m here to break down the latest trends and median prices, helping you stay informed about the ever-changing landscape of our real estate market.
March 2024 Market Overview
In March 2024, Wake County saw significant activity across various segments of the real estate market. The very high-value segment, including transactions worth $30 million and above, witnessed notable transactions totaling $153 million. This includes properties such as multiple car dealerships in Raleigh and Cary, reflecting the diversity and scale of real estate investments in our area.
High-Value Segment
Transactions in the high-value segment, ranging from $1 million to $30 million, surged with 164 transactions totaling $558.2 million. This represents a substantial increase of $290.4 million compared to previous months, indicating robust activity in this segment.
Core Market Activity
The core market, encompassing properties valued at $1 million or less, experienced a surge in transactions, totaling 1,920 and amounting to $889.9 million. This marks a 13% increase from February, highlighting sustained momentum in residential real estate transactions.
Median Sales Prices
The median sales price for Wake County real estate in March 2024 reached $459,000, reflecting a $27,000 increase from the previous month. Changes in median prices are primarily driven by activity in the core market, where 92% of transactions occur.
Real Estate Lending Activity
March 2024 witnessed a rise in real estate lending activity compared to previous months. With 2,798 deed of trust transactions recorded, lending activity increased, signaling continued confidence in the local housing market.
Long-Term Trends
Examining long-term trends, real estate transactions in Wake County exhibit seasonal patterns. Comparing monthly results to previous years provides valuable insights into market dynamics and fluctuations.
Methodology and Additional Information
The data presented in this report are derived from instruments recorded in the office of the Wake County Register of Deeds. These statistics capture changes in property rights and reflect the volume and value of real estate transactions in our county.
As your dedicated real estate partner, BRAZOBAN Realty Group is committed to keeping you informed about the latest developments in the Wake County real estate market. Whether you’re buying, selling, or investing, understanding market trends and median prices empowers you to make informed decisions.
Stay tuned for our next market update, and remember, we’re here to support you every step of the way. Contact us today to explore your real estate goals and discover how we can help you achieve them. Please like, comment, and share below, and don’t forget to sign up to receive fabulous FREE content in your inbox, every week.
Resources: Tammy Brunner for Wake County Gov. and Wake Gov. Register of Deeds
