Wake Forest, North Carolina Housing Market Prices
Wake Forest 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 96% above the North Carolina median$545,194
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Median rent 25% above the North Carolina median$1,535
Housing Market Overview
| Metric | Wake Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $545,194 | $278,288 | $248,835 |
| Price Trend (Annual %) | 17.8% | 9.3% | 7.5% |
| Median Gross Rent | $1,535 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wake Forest is about 96% higher than in North Carolina. Rent is about 25% 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 Forest, up about 17.8% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Wake Forest rose about 59.0% between 2015 and 2024, from $965 to $1,535. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Wake Forest.
Buying the median-priced home in Wake Forest costs roughly 29.6 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 Forest. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Wake Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $545,194 | $278,288 | $248,835 |
| Median Household Income | $108,801 | $72,438 | $80,455 |
| Price-to-Income Ratio | 5.0 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Wake Forest rose about 192.2%, while median household income rose about 47.8% 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 Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.8% | 58.3% | 58.5% |
| Rental Rate | 30.5% | 29.2% | 31.2% |
| Vacancy Rate | 6.6% | 12.5% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Wake Forest has a homeownership rate of 62.8%, higher than the North Carolina average of 58.3%. Its housing vacancy rate is 6.6%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Wake Forest | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 2003 | 1989 | 1978 |
| Median Number of Rooms | 6.3 | 5.6 | 5.5 |
The typical housing unit in Wake Forest was built around 2003. On average, 2.6 people live in a home with about 6.3 rooms, staying for about 11.0 years on average.
Wake Forest, NC Housing Compared With Nearby Cities
How Wake Forest, NC compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wake Forest, NC | 39,088 | $545,194 #1/2 | $1,535 #2/2 | 67.3% #1/2 |
| Raleigh, NC | 423,734 | $402,287 | $1,560 | 50.7% |
Frequently Asked Questions
Common questions about the housing market in Wake Forest, North Carolina.
What is the median home price in Wake Forest, North Carolina?
The median home price in Wake Forest, North Carolina is $545,194, higher than the North Carolina average of $278,288.
What is the average home price in Wake Forest, North Carolina?
The typical home price in Wake Forest, North Carolina, reported as the median sale price, is $545,194. 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 Forest, North Carolina?
The median gross rent in Wake Forest, North Carolina is $1,535 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Wake Forest in 2020?
In 2020, the median gross rent in Wake Forest, North Carolina was $1,158 per month.
What is the price-to-rent ratio in Wake Forest, North Carolina?
The price-to-rent ratio in Wake Forest, North Carolina is about 29.6, meaning it would take roughly 29.6 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 Forest.
Are home prices or rent rising faster in Wake Forest, North Carolina?
Both home prices and rent are rising in Wake Forest, up about 17.8% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wake Forest, North Carolina?
62.8% of households in Wake Forest, North Carolina own their home, higher than the North Carolina average of 58.3%.
What is the vacancy rate in Wake Forest, North Carolina?
The housing vacancy rate in Wake Forest, North Carolina is 6.6%, lower than the North Carolina average of 12.5%.
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