Wake County, North Carolina Housing Market Prices
Wake County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 54% above the North Carolina median More expensive than 93% of counties in North Carolina$429,483
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Median rent 32% above the North Carolina median Among the 3 most expensive counties in North Carolina$1,622
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $429,483 | $278,288 | $248,835 |
| Price Trend (Annual %) | 7.0% | 9.3% | 7.5% |
| Median Gross Rent | $1,622 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 6.4% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wake County is about 54% higher than in North Carolina. Rent is about 32% higher than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Wake County, up about 7.0% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Wake County rose about 71.3% between 2015 and 2024, from $947 to $1,622. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Wake County.
Buying the median-priced home in Wake County costs roughly 22.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Wake County. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $429,483 | $278,288 | $248,835 |
| Median Household Income | $105,784 | $72,438 | $80,455 |
| Price-to-Income Ratio | 4.1 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Wake County rose about 101.4%, while median household income rose about 55.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.5% | 58.3% | 58.5% |
| Rental Rate | 33.3% | 29.2% | 31.2% |
| Vacancy Rate | 7.2% | 12.5% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Wake County has a homeownership rate of 59.5%, higher than the North Carolina average of 58.3%. Its housing vacancy rate is 7.2%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Wake County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1997 | 1989 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Wake County was built around 1997. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 13.0 years on average.
Wake County, NC Housing Compared With Nearby Counties
Wake County, NC is the largest of the 6 counties compared here, 1,178,613 residents against a local median of 139,132. Wake County, NC's median home price, at $429,483, runs 76% above the $243,547 typical of the counties around it.
Median rent tells the same story from another angle: $1,622 against a local median of $1,112, 46% above it. The one measure here that carries a verdict is homeownership, and at 16% below the local median it puts Wake County, NC at the weaker end of the local range. The counties themselves spread $179,277 on median home price, so Wake County, NC sits at one end of an already wide local range rather than apart from it. Wake County, NC has the highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wake County, NC | 1,178,613 | $429,483 #1/6 | $1,622 #1/6 | 64.1% #5/6 |
| Durham County, NC | 331,707 | $290,354 | $1,507 | 55.5% |
| Johnston County, NC | 234,262 | $243,547 | $1,145 | 76.0% |
| Franklin County, NC | 74,421 | $292,591 | $1,083 | 78.6% |
| Harnett County, NC | 139,132 | $173,335 | $1,112 | 71.0% |
| Granville County, NC | 60,874 | $113,314 | $1,008 | 77.1% |
Frequently Asked Questions
Common questions about the housing market in Wake County, North Carolina.
What is the median home price in Wake County, North Carolina?
The median home price in Wake County, North Carolina is $429,483, higher than the North Carolina average of $278,288.
What is the average home price in Wake County, North Carolina?
The typical home price in Wake County, North Carolina, reported as the median sale price, is $429,483. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Wake County, North Carolina?
The median gross rent in Wake County, North Carolina is $1,622 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Wake County in 2020?
In 2020, the median gross rent in Wake County, North Carolina was $1,203 per month.
What is the price-to-rent ratio in Wake County, North Carolina?
The price-to-rent ratio in Wake County, North Carolina is about 22.1, meaning it would take roughly 22.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Wake County.
Are home prices or rent rising faster in Wake County, North Carolina?
Both home prices and rent are rising in Wake County, up about 7.0% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wake County, North Carolina?
59.5% of households in Wake County, North Carolina own their home, higher than the North Carolina average of 58.3%.
What is the vacancy rate in Wake County, North Carolina?
The housing vacancy rate in Wake County, North Carolina is 7.2%, lower than the North Carolina average of 12.5%.
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