Wake County January 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 the market in Wake County, NC, in January.

Wake County is a place where you have it all, from the big cities to the small-town communities, to the mountains, and even to the coast. This is a place that has been thriving over the years and is predicted to continue to thrive. Wake County is one of the fastest-growing counties in the country, with many people moving to it from all over the United States.

According to the Wake County Housing Authority, Wake County is a beautiful place to live and work. Being one of the largest counties in the Research Triangle region, this area is home to a wide range of businesses, including Fortune 500 and many other small and mid-sized companies. 

Wake County offers the ideal blend of cost, comfort, and culture. Home to over a million people, there are over 13 different communities that are spread across the area, offering something different for everyone. This has been a highly sought-after area, and the population is only going to continue to grow, which does have an impact on the housing market. 

Here are the Wake County January Market Stats this year. 

1. 2023 Wake County Market

Since last year, Wake County's housing market has been considered to be a seller's market, which means prices tend to be higher and homes sell faster. There are many reasons for this, but primarily because many people are searching for homes in this area since it is a highly sought-after place to live. 

The median home price in Wake County was $467,025, and the homes here have sold for 1.4% more than they did the previous year. There are various cities and neighborhoods throughout Wake County that do vary in number; overall, the housing market is hot and will continue to be in the upcoming years. 

Wake County has been ranked as the number 1 county in North Carolina for years now and continues to stay that way. With many people relocating to this booming area, the trends of 2023 are predicted to continue in 2024 with slight changes in the market. We recommend you get in contact with a trustworthy agent to help you around the market and help find you that perfect dream home. 

Below is a chart comparing the number of homes for sale from December 2023 to January 2024. 

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. 

There was a total of 721 homes sold or pending in January 2024 in Wake Couty, which was down by 26% month-over-month. 59% of the homes were sold under asking, 25% were sold at asking, and about 17% were sold over the asking. If you are buying a home in Wake County, you may get a good deal. 

Over the past couple of years, the average time of homes for sale in the market has stayed relatively consistent over time. In January 2024, there was an average of 88 days on the market, which was down by 20% from last year. 

The tax administrator gave the commissioners an overview of the market values. He stated that there will be non-stop growth, high housing demand, and short supply, which will lead to an increase in property values. 

The total number of properties in Wake County has expanded by 51% since 2020. Certain areas, such as Wendell, Holly Springs, and Knightdale, have seen a higher increase in property value. 

Buyers are flocking to the suburbs in search of better home prices and locations. This trend does not appear to slow down this year. Throughout 2023, the home values stayed at a consistent linear line, but going into January 2024, there has been an increase in home values in single-family homes and condos. 

Starting in January, homes were selling faster and for more, so if you are searching to move to Wake County, keep an eye out on the market since it is constantly changing. This year is predicted to be better than last, but just be aware it can vary at any point. 

3. Property Values in Wake County 2024

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 January 2024.

Property values increased 50.6% across Wake County between 2020 and 2024. As of January, residents of Wake County got a letter about the new property tax values and about the increase in values. 

Every four years, Wake County revalues real estate, and this year, many residents are not going to be happy. This may also make it harder for new homeowners to get a home. These values are increasing because of the limited supply of homes and the increasing prices. 

However, it is still predicted that the demand for housing here because of the lower taxes that are coming this year, which will attract more people to the area. With the increase in property values and other things, Wake County will still be an affordable place to live compared to many other places in the state and county. 

4. Population Increase

The population in Wake County as of now is 1,220,349, which is a growth of 22,664 since last year. Among retirees, North Carolina is a highly sought-after location, and with more companies relocating to the area, the population is predicted to increase. 

With more than a million people to call Wake Count home, the county is growing more than twice as fast as the rest of the state. The county grows at approximately 62 people per day. The increase in population leads to an increase in needed homes in the area. Wake County is projected to add about 125,000 to 175,000 new housing units within the next 10 to 15 years due to the increase in population. 

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. 

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 You Move or Sell in Wake County in 2024?

The choices for investing in real estate in Wake County are abundant. Companies are coming and growing in the area drastically, making profit increases and the appeal of real estate here. The housing market is affordable, and the area is entire of endless job opportunities and excellent education, and it offers a high quality of life.

With interest rates dropping, this news is good for buyers, leading to more affordable property prices; however, we still need to keep in mind that there is still a low inventory. However, when it comes to stability, the Wake County housing market may seem like it has been struggling recently, but it is one of the most stable housing markets 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. 

It is predicted that home prices will continue to appreciate, but their growth rate will be slower in comparison to 2023. The prices of homes situated in preferred neighborhoods and locations will see higher growth, and the number of homes sold is expected to stabilize with an increase in sales.

The market is forecasted to be more accessible for first-time buyers due to a slight price decrease and lower mortgage rates than the previous year. The luxury market will experience slow growth and decline, and the rental market will remain very strong with a continued high demand in 2024. However, keep in mind that these are predictions and that the housing market and economy change all the time

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. 

• Wake County Official Website
• Raleigh - Wake Gov
• World Population Review
• Wake Gov Government Planning

Above are a few sources that we used to gather most of our information about the Wake County region market. 

FAQS

Is the Raleigh Real Estate market slowing down?

With the rest of the country, Raleigh has a slowdown in moving property and homes, spending more time on the market due to the high prices and rates. However, in the new year, prices and rates are predicted to lower, so more people are going to start moving again. 

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. 

Wake County January Market Stats [2024] - The Bottom Line

Wake County, consisting of Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forest, Wendell, Zebulon, and the RTP, is a highly sought-after area and is a great place to relocate to. Keep in mind the housing market is constantly changing, so keep an eye out on the property values and trends of this year. 

Wake County offers the ideal blend of cost, comfort, and culture. Home to over a million people, there are over 13 different communities that are spread across the area, offering something different for everyone. This has been a highly sought-after area, and the population is only going to continue to grow, which does have an impact on the housing market. 

Wake County is a place where you have it all, from the big cities to the small-town communities, to the mountains, and even to the coast. This is a place that has been thriving over the years and is predicted to continue to thrive. Wake County is one of the fastest-growing counties in the country, with many people moving to it from all over the United States.

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.