The Wake County register of deeds office shows the median sales price for the property went up $10,000 in one month. It’s also an $85,000 increase in just one year.
BEGINNING AT 4 HERE ON WRAL NEWS. BACK TO YOU. >> THE PRICE OF REAL ESTATE IN WAKE COUNTY IS AT A NEW ALL-TIME HIGH. AND THE WRAL TECH WIRE TEAM FIRST REPORTED THIS IN AN ARTICLE THAT A LOT OF PEOPLE ARE READING ONLINE RIGHT NOW. WRAL’S MATT TALHELM IS LIVE IN DOWNTOWN RALEIGH TO EXPLAIN HOW BIG OF AN INCREASE WE’RE SEEING IN THE MEDIAN PRICE MAP. >> IT KEEPS GOING UP AND UP HERE, RENEE, THE REGISTER OF DEEDS OFFICE HERE TRACKS THOSE REAL ESTATE TRANSACTIONS EVERY MONTH IN ITS LATEST REPORT SHOWS THAT THE MEDIAN SALES PRICE FOR PROPERTY IN THE COUNTY WENT UP $10,000 IN JUST ONE MONTH. IT IS NOW UP TO $420,000. AND THAT IS A NEW RECORD HIGH. IT’S ALSO AN $85,000 INCREASE IN JUST A YEAR. THE COUNTY RECORDED 2030 SALES IN FEBRUARY. AND THAT IS A SLIGHT INCREASE OVER JANUARY. THE REGISTER’S OFFICE TELLS ME IN SPITE OF RECORD LOW INVENTORY, AS WE’VE REPORTED HERE ON WRAL, SINGLE-FAMILY HOME SALES ARE WHAT’S DRIVING THE MARKET UP HERE >> WHEN YOU LOOK AT THE NUMBERS AND YOU LOOK AT THE ENVIRONMENT WE LIVE IN HERE AND IT’S SUCH A GREAT PLACE TO LIVE IT’S IT’S NOT THAT SURPRISING BECAUSE PEOPLE WANT TO BE HERE AND YOU JUST CAN’T BUILD REAL ESTATE. THE HOME-AND-HOME DWELLINGS FAST ENOUGH TO TO TO QUENCH THE DEMAND. >> THE REGISTER’S OFFICE ALSO ANALYZES THE GAP IN LENDING BETWEEN NEW HOME LOANS TO TELL YOU HOW MANY PEOPLE ARE TRYING TO BUY A HOME AND MORTGAGE REFINANCING. THE COUNTY HAS SEEN A BIG SURGE IN THAT REFINANCING OVER THE LAST 2 YEARS. BUT THAT GAP IS STARTING TO NARROW HERE. NOW BACK TO PREPANDEMIC LEVELS BECAUSE AS WE ALL KNOW, THERE’S INTEREST RATES ARE STARTING TO RISE, BUT RESIDENTIAL REAL ESTATE IS WHAT IS DRIVING THIS SALES HERE IN THE WAKE COUNTY, THE 5 BIGGEST SALES IN FEBRUARY. ALL OF THEM INVOLVED APARTMENT COMPLEXES SOLD TO BIG AT REAL ESTATE DEVELOPERS HERE IN THE AREA. RENEE.
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