Writer: Eleana Teran
2 min read January 2024 — The region emerges as a front-runner in the competitive real estate market, showcasing significant growth. Wake County has experienced a significant surge in property values, reflective of the area’s dynamic economic landscape.
Wake County’s 2024 revaluation reveals a striking 53% increase in residential property values over the past four years, a striking increase from the 20% growth observed in 2020. “Prices are continuing to increase and we have bidding wars for homes hitting the market,” said Jim Allen, president of the Jim Allen Group to Invest:, reflecting on the area’s robust housing market. Wendell leads at a 63% increase, and other municipalities are experiencing similar appreciation, such as Apex at 57%, Cary at 56%, and Raleigh at 52%. On the commercial front, property values have increased by 45%, boosting the commercial tax to $81.9 billion.
While September 2023’s real estate data revealed a complex landscape with a slight dip in median prices and active high-value transactions, including the $114.5 million sale of Cameron Hills Apartments, the market’s trajectory in the closing months of 2023 pointed towards a rebound. By December, Wake County’s real estate sector took an upward turn, with the median sales price climbing to $452,250, a notable increase from earlier in the year. This shift not only underscores the region’s dynamic market conditions but also highlights the growing investor confidence.
“Our biggest challenge is providing housing for those people. For that reason, we have become a popular investment area for investors looking to purchase either rental resources or build apartments,” Allen stated, acknowledging the region’s rapid job creation and its impact on housing demand. The high-value segment also showed robust growth with 145 transactions ranging from $1 million to $30 million, totaling $376.9 million and marking a significant increase from previous months.
Amidst these market dynamics, one of the critical challenges confronting the region is affordable housing. As property values soar, the question of making housing accessible and affordable to the broader demographic comes to the forefront. “In 2020, we spearheaded the advocacy for the city’s housing bond, securing an impressive $80 million for housing affordability measures,” Adrienne Cole, president, and CEO of the Greater Raleigh Chamber of Commerce shared in an interview with Invest:, emphasizing the initiatives undertaken to address this crucial issue in the Raleigh-Durham area.
Looking ahead, the region’s housing market is expected to navigate through the complexities of high interest rates and evolving home affordability. Experts predict a degree of stabilization, potentially encouraging both sellers and buyers to re-enter the market. The inventory of homes is anticipated to increase, with more homeowners likely to list their properties. Despite the increase in supply, home values are expected to stay relatively flat.
For more information visit:
