RALEIGH, N.C. (WNCN) –The median sales price for real estate in Wake County hit yet another record last month, topping $400,000 for the first time, officials said.
The rise in home prices helped lift the figure $45,000 just from August to a record $405,000 in November, according to a news release from the Wake County Register of Deeds.
The October median sales price was $398,000 while August was $365,000, officials said.
The median is not the same as an average. Median means exactly half of real estate was priced for more and the other half was priced less.
So far this year, Wake County median real estate sales prices are $76,250 above those in Jan. 2021.
In 2021, records were set for nine months for the aggregate value of transactions, with only January and February falling behind from respective months in 2020.
Register of deeds officials said that apartments and townhomes led the “very high-value” segment with only 10 sales generating more than $791 million in sales in November.
The very high-value segment is defined as sales between $1 million to $30 million.
The so-called “core market” of real estate priced under $1 million totaled $1.12 billion in November, an increase from November 2020. Because home sales are seasonal, officials said it is best to compare months between years.
Officials said 94.54 percent of last month’s transactions were in the core market.