Many wonder what home prices are like in Raleigh NC. Is it affordable to live in Raleigh? Is it affordable to live in Wake County as a whole? What is the average home price in Raleigh? The Triangle Multiple Listing Service publishes market data on a regular basis. This is a wealth of information about the local housing market. In this post, you will learn about the real estate market in Wake County North Carolina.
|County||Med List Price Per Sq Ft.||Avg Sales Price||Days on Market||Inventory of Homes For Sale||Appreciation Rate|
Median List Price Per Square Foot – $149
This number is taken from the Zillow Home Values section. As of May 2019, 99.5% of the “list price” is received for homes that sell on the Triangle MLS. This means that homes in Wake County, on average, are listed at $149 per square foot but sell for slightly less money.
Why is this number important? The Median List Price Per Square Foot will give the buyer an idea on the affordability of the area. For example, the Median List Price Per Square Foot in Raleigh NC is currently $155 (note this number changes as new data becomes available). Whereas in Wendell NC the median list price per square foot is $135. So, if you are looking to buy a larger house and you are willing to drive further out, Wendell NC may be a better option for you.
Average Sales Price – $353,883
The average sales price in Wake County will is important for the following reasons.
- It will give you an idea of how much appreciation (increase in value) is being gained by homeowners overall.
- How affordable the area is in general.
When you compare the average sales price of $337,761 in Wake County NC in 2018, with the average sales price of $353,883 in 2019 you see the increase of 4.8%. If you do your online research you may find some different calculations. I’ve noticed numbers as high as 6% and as low as 4% that reflect the appreciation rate. Keep in mind that the 4.8% calculation reflects Wake County as a whole and not just Raleigh. Either way, an appreciation rate of roughly 5% is a solid return for homeowners all over Wake County.
Days on Market – 30 Days
As a cash home buyer in Wake County NC, I always pay attention to the average days on market as reported by the Triangle MLS. I want to know how long, on average, it will take renovation projects to sell. Those of you that have watched the videos of my other renovation projects know that our houses have been selling in under 5 days. However, these are homes that are listed for under $250,000.
As of May 2019, the average days on market is 30 days, up 20% from an average of 25 days in 2018. This is an interesting point. There can be a lot of factors that contribute to this metric, but I like to keep my eye on this number when I’m calculating how much it will cost me to hold a property while it is on the market.
Inventory of Home For Sale – 3,995
Overall inventory levels of 3,995 have dropped 4.4% from 4,180 in May 2018. This means there are fewer homes listed for sale in the county.
Appreciation Rate – 4.8%
This figure is calculated based on the average sales price of $353,883 in 2019 vs $337,761 in 2018. This is a 4.8% increase. Again, you will see slightly different numbers based on the data source. Either way, an average of 5% appreciation per year is a solid return on your investment.