The median sale price of Wake County real estate reached $470,000 in June, marking a record high, according to a report released by the Wake County Register of Deeds on Tuesday.
The previous high of $462,000 was set in May. The median is the price at which half of the homes sold for more and half sold for less.
It’s unknown if the rise in the median is a reflection of rising values of existing homes or new homes coming on the market and selling for more money. The Wake County Register of Deeds Office doesn’t track whether the properties sold are residential or commercial, and it doesn’t track whether properties are new or existing.
“We don’t index the properties. You really can’t even tell from a deed if it’s new or not without doing that search,” Luther Snyder, deputy director at the Register of Deeds and the report’s author, told The N&O. “We don’t index that designation, like, ‘This is a new property that has been sold.’”
In June, 148 more properties sold in the core market — defined as property valued at $1 million or less — than in May, the report says. The total dollar value of all sales was just over $1.26 billion, up 7% from the previous month’s $1.17 billion.
“In the core market, there’s not much inventory. Builders can’t supply fast enough, and there’s a scarcity of supply,” Snyder said. “If the demand stays the same or increases, but you don’t have the supply feeding the demand, prices will inherently go up.”
Median real estate prices in Wake County — which includes Raleigh, Cary, Morrisville, Fuquay-Varina, Zebulon and other cities — have been steadily increasing all year, the report says. Here’s what median real estate sales prices have looked like since the start of this year:
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January: $410,000
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February: $420,000
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March: $430,000
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April: $454,000
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May: $462,000
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June: $470,000
According to the Wake County tax administration office, the median assessed value of a single-family home in the county — the value property taxes are based on — was $298,375 as of January 2022. Cary had the highest median assessed value in the county at $376,636 and Zebulon had the lowest at $216,181.
This story was originally published July 26, 2022 5:17 PM.
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