Average Home Prices in Wake County June 2020

What is the average home price in Raleigh NC? The most reliable way of finding this number is to use standardized sources such as the Triangle Multiple Listing Service. I have pulled their market report on average home prices in Wake County NC and will explain that data here.

JuneYear To Date
June 2019June 2020+/-(%)2019 2020+/-
New Listings2,3122,256-2.4%13,73912,700-7.6%
Closed Sales2,1522,208+2.6%10,31910,193-1.2%
Median Sales Price$312,500$328,033+5.0%$313,000$329,900+5.4%
Average Sales Price$359,454$375,555+4.5%$355,164$371,803+4.7%
% Of Orignal List Price Received98.8%98.8%0%98.5%98.5%0%
Percent of list Price Received99.6%99.4%-0.2%99.4%99.4%0%
Days On Market2224+9.1%28280%
Inventory of Homes4,3482,738-37%
Months Supply2.51.5-40%
Data from the Triangle Multiple Listing Service

New Listings in Wake County NC June 2020

There were 2,256 new listings in Wake County in the month of June which is a 2.4% drop from 2,312 listings in June 2019.

There were 12,700 listings in June 2020 year-to-date vs 13,739 from June 2019. Basically, there is less inventory to choose from which means less competition for sellers to find a buyer, but it’s more competitive for buyers to find a house. This has been an ongoing problem in Raleigh and in Wake County NC as a whole.

Closed Sales in Wake County June 2020

There were 2,208 closed sales as compared with 2,152 a year earlier. Year-to-date there are 10,193 closed sales, down -1.2% from last year’s number of 10,319.

Median Sales Price of Houses in Wake County June 2020

The median sales prices of houses in Wake County NC has increased 5% from $312,500 in June 2019 to $328,033 in June of 2020. Price appreciation is still strong in Wake County.

Median Sales Price of Houses in Wake County 2020 Year-To-Date

The year-to-date number for the median price is strong, showing 5.4% appreciation over the last year. The median price of homes has increased from $313,000 to $329,900.

If you need a detailed explanation of the difference between average and median sales price I have a separate article explaining that.

Average Sales Price Of Houses in Wake County June 2020

The average sales price of houses in Wake County rose from $359,454 in June 2019 to $375,555 in June 2020. This is a solid 4.5% increase.

Average Sales Price Of Houses In Wake County 2020 Year-To-Date

The average sales price for houses in Wake County 2020 year-to-date increased 4.7% from $355,134 last year to $371,803 this year.

Percent Of Original List Price Received June 2020

98.8% of original list price received. This is unchanged from last year. The year-to-date figure is 98.5%. This number accounts for changes in listing price, a drop in price for example, and does not include any seller concessions (repair concessions, home warranties, closing costs, etc).

Percent of List Price Received June 2020

99.4% of list price received in June 2020 vs 99.6% last year. What this number means is that sellers are getting very close to their asking price. And some sellers are getting more. These are strong numbers for home sellers.

Days On Market Until Sale

We see an increase of 9.1% for days on market from 22 in June 2019 to 24 days this year. The average days on market year to date is 28. I have observed this number to gradually drop from over 30 in the past couple of years.

Inventory Of Homes For Sale June 2020

Inventory continues to be a problem. There were 4,348 homes for sale in June 2019 and only 2,738 houses this year. This is a 37% decrease in inventory! Simply put, there is not enough inventory on the market to satisfy the demand for housing.

Months Supply Of Inventory

Inventory levels continue to drop from 2.5 months supply in June 2019 to 1.5 this year.

Summary

Wake County is a great market for home sellers. People that own homes in Raleigh and Wake County as a whole are seeing strong and steady appreciation despite the problems in the economy. For those who are moving to this great city, finding a suitable home to buy is becoming more costly, and more expensive. Prices are rising year over year and many listings, especially in the under $250,000 price point, are selling the same day it hits the market. Buyers need to be able to show and submit an offer at a moment’s notice.

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