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September 2022’s Median Price of Wake County Real Estate increases $10000 to $465000. – Wake County Government


A mix of apartment/multi-family housing and commercial real estate – make up the Very High-value segment totaling $266 million .

Deed of Trust activity had an decrease of 13% from August’s 2022’s level.

Wake County Register of Deeds Tammy L. Brunner

For Immediate Release
Contact: Tammy Brunner

All Press Releases

Raleigh, NC – Wake County’s very high-value segment (real estate sales transactions worth $30 million and above) topped at just over $266 million in September 2022. This is a $12 million, or an 8%, decrease from August 2022’s very-high value market amount. September 2022’s very high-value segment transactions are as follows:

  1. Stanhope Student Apartments, Raleigh, NC: $103 million
  2. Alister Lake Lynn Apartments, Raleigh, NC: $79 million
  3. Campus Edge Apartments, Raleigh, NC: $48 million
  4. 1000 & 1600 Garner Business Park, Raleigh, NC: $37 million

The High-value segment, (transactions worth between $1 million to $30 million), stood at 142 transactions totaling over $340 million, a decrease of $126 million, or 27%, from August 2022.

Transactions in the Core Market (property valued at $1 million or less) saw 2,178 transactions (342 less than August 2022) totaling just over $984 million, down 13% from August 2022.

Total sales value from all three segments equaled over $1.6 billion for September 2022, down 15% from August’s total sales of over $1.8 billion. 2,324 total sales occurred in September 2022 which is a 14% decrease in the number of total sales compared to August 2022’s total sales of 2,705.

Median sales prices

The median sales price of a parcel of Wake County real estate for September 2022 was $465,000, up $10,00 from August’s 2022’s price of $455,750. (same median price as July 2022)

Changes in median sales prices tend to be caused by activity in the core market. The occurrence or non-occurrence of large transactions has virtually no impact on the calculation of median values because there are so few of those transactions. 94% of September 2022’s transactions occurred in the core market.

Lending saw a decrease in September 2022

Real estate lending activity in September 2022 decreased by 13% from August 2022’s level and compared to September 2021, it was down 48% There were 3,631 deed of trust transactions in September 2022, where August 2022’s deed of trust transactions showed 4191 – a decrease of 560 transactions.

September 2022 saw the gap between deeds of trust and deeds volume continue to narrow. This indicates the refinancing market remained cool in September 2022.

Long-Term Trends in Real Estate Activity

Aggregate value of real estate transactions

Real estate transactions tend to be seasonal; it is useful to compare monthly results to the corresponding month of prior years.

Deed volume

Numbers of deeds of trust recorded reflect the velocity of lending transactions involving real estate without regard to the dollar amount of the loan.

Real estate lending

This chart shows the number of deeds of trust recorded in Wake County for each month from 2020 through year-to-date 2022. A deed of trust is the legal instrument used in North Carolina to secure a loan with real estate used as collateral.

Methodology and Additional Information

The statistics in this report are derived from instruments recorded in the office of the Wake County Register of Deeds. Under North Carolina law, changes in property rights in real estate, including security interests in real estate, are recorded with the Register of Deeds of the county where the real estate is located.

The value of real estate transferred is measured by excise tax assessed on the consideration in a real estate transaction. Excise taxes are calculated as $1 in tax for every five hundred dollars of consideration. About 99% of these transactions were property transfers by deed and the balance were miscellaneous transactions such as acquisitions of a right of way. The calculation of the aggregate value of real estate includes all transactions. The calculation of the median price includes all transactions where the property containing excise tax was transferred by deed.

The number of deeds and deeds of trust recorded with the Register of Deeds reflects the total volume of property and loan transactions regardless of the dollar value of the real estate or the amount of the loan. The number of deeds includes transfers where monetary consideration did not change hands, such as transfers within a family. In September 2022, 21% of deeds attracted no excise tax. In 2021, that percentage was 25% in the first quarter, 20% in the second quarter, 21% for the third quarter, and 23% for the fourth quarter.

Contact: Tammy Brunner, Register of Deeds
O. 919-856-5460

This report was initially released on October 7, 2022.

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