Wake County February 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 February.

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 a diverse range of places, from bustling cities to charming small towns and from majestic mountains to breathtaking coasts. This place has been flourishing in recent years, and this trend is expected to continue. Wake County is among the fastest-growing counties in the United States, with people flocking to it from all corners of 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 distinct communities located throughout the area, each with its own unique 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 February Market Stats this year. 

1. 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 sales price in Wake County is $432,000, down $4,500 from January 2024. These changes tend to be caused by activity in the core market. 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 consistently ranked as the top county in North Carolina for several years now, and it continues to maintain its position. Due to its increasing popularity, many people are relocating to the area. The trends that were observed in 2023 are expected to continue in 2024 with minor 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 numbers from February 2023 to 2024, according to the MLS. 

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. Homes in Wake County have sold for 1.7% more than they did a year ago and have about a 1.7% change. In February 2024, there were about 4,009 homes for sale, which is a 2.6% increase from the prior month. 

With 901 homes sold this month, there has been a significant increase from January. If you are buying a home in Wake County, you may find a good deal because about 47.4% of homes were sold here below the asking price. 

Over the past few years, the average time that homes have stayed on the market has remained relatively consistent. In February 2024, the average time on the market was 85 days, which is an 18.9% change from the previous year.

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.

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 2024, there has been an increase in home values in single-family homes and condos. 

Starting at the beginning of 2024, homes were selling faster and for more, so if you are searching to move to Wake County, keep an eye out on the mahttps://raleighrealtyhomes.com/blog/wake-county-march-market-stats/rket 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. Population Increase in Wake County

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 rise in population necessitates the construction of more homes in the region. According to projections, due to population growth, Wake County will require approximately 125,000 to 175,000 new housing units 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. 

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.

4. 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 conducts a revaluation of real estate properties, and this year, the results may not please many residents. The values of properties are expected to increase due to the limited supply of homes and rising prices in the area. This increase in property values may make it challenging for new homebuyers to find affordable homes.

However, despite the increase, Wake County is still projected to 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, which will attract more people to the area and drive up demand for housing.

5. Should You Move or Sell in Wake County in 2024?

There are many options available for investing in real estate in Wake County, with numerous companies expanding and thriving in the area, resulting in increased profits and the growing popularity of real estate in Wake County. The cost of housing is affordable, and the region offers a wealth of job opportunities, quality education, and a high standard of living.

The recent drop in interest rates is positive news for buyers, as it leads to more affordable property prices. However, it is important to remember 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. 

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 MLS Tool
• 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 in February. 

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 February Market Stats [2024] - The Bottom Line

Wake County has been consistently ranked as the top county in North Carolina for several years, and this trend is expected to continue due to its increasing popularity. Many people are relocating to the area, which is likely to result in similar trends to those observed in 2023, with minor changes in the market.

The housing market in Wake County has been a seller's market since last year, meaning that prices are generally higher and homes sell more quickly. The county is highly sought-after for its quality of life, which leads to a high demand for homes. The median home sales price in Wake County is currently $432,000, which is a decline of $4,500 from January 2024.

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.

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 for this year's property values and trends. 

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.