$400K and climbing: Median home prices reach new records in Wake, Triangle

RALEIGH – The monthly median sales price of all real estate transactions in Wake County again set a record in October, according to an analysis of real estate transaction data from the Wake County Register of Deeds.

After hitting a high of $390,000 in September, the analysis of October transaction data showed that the median sale price of all real estate transactions in Wake County during October was $398,500.

The data tracked 2,928 transactions that occurred in the “core” market segment, which the Wake County Register of Deeds defines as any transaction that sold for under $1 million. 152 other transactions occurred in October in Wake County, including four transactions of more than $30 million, according to the analysis.

The total value of the core market segment was $1.18 billion, an increase of more than $165 million or about 14% from such transactions in September. The average sale price within the core market segment was about $403,000, based on the data from the Wake County Register of Deeds.

Home prices in Durham, Wake Counties soar to new highs – no slowdown in sight

Median sale price increasing across the Triangle

Triangle-wide, the median sale price of residential real estate is increasing, as well, according to the latest market update from the Triangle Multiple Listing Service, TMLS.

Across the region, the median sale price increased to $365,000 in October, rising $12,000 or about 3.4% month-over-month, from the median sale price in September, which was $353,000. The TMLS data also shows no slowdown in the speed at which homes in the Triangle are being placed under contract, with the average number of days on market remaining at 10 days, and the measure of inventory remaining at 0.8 months of supply. Compared to October 2020, the median price of real estate in the Triangle has increased by $65,000, from $300,000 to $365,000, or 21.7%.

Homes in Orange County sold with a median price of $399,000 in October, up $29,000 from a median sale price of $370,000 in September, the highest dollar gain of any of the four counties tracked by TMLS.

The TMLS data for Wake County shows a median sale price of $415,000 in October, an increase from the $410,000 median sale price reported in September. Compared to October 2020, when the median sale price in Wake County was $345,000, this measure of the real estate market has increased by 20.3%. Inventory remains low in Wake County, currently at 0.6 months of supply, and the average number of days on market is nine.

But annual price appreciation is occurring even faster in Durham County, with an increase of 25.2% year-over-year, the TMLS data for October shows. The median sale price in Durham County during October 2021 was $370,000 whereas in October 2020, it was $295,500. Homes are selling faster, as well, as the average number of days on market for Durham County is now 10 days, and inventory remains low, at 0.8 months of supply.

In Johnston County, the median sale price is up 28.6% year-over-year, though the median sale price decreased in October compared to September. The median sale price in October was $324,900 with 469 closed transactions, compared to a median sales price in September of $330,000 with 574 closed transactions. The median sale price in October 2020 was $252,662.