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housing crisis is unfolding in North Carolina, with Wake County facing a staggering shortage of 110,000 homes by 2029. This supply-demand imbalance threatens to drive up house prices as families clamor for affordable living spaces.
The statewide report highlights the severity of the issue, revealing a significant gap in housing inventory across all income levels and geographic areas. Wake County's projected shortfall is rivaled only by Mecklenburg County, which faces an even more dire shortage of 111,628 homes by 2029.
Despite efforts to build new homes, both counties are falling short of meeting demand. By 2029, Wake County is expected to add just 41,241 new homes, while Mecklenburg County will see a modest increase of 35,676 units. The report's findings are based on a five-year projection period from 2024 to 2029 and cover the state's 100 counties.
Real estate experts warn that the housing shortage is a ticking time bomb, driving up prices as demand outstrips supply. "It's simple economics," says Jason Kogok, a seasoned realtor with Compass. "When there are more people wanting to live here than available homes, prices rise."
Kogok notes that the Triangle area has become increasingly attractive to families and professionals from across the country, fueling the demand for housing. However, the supply of affordable options remains woefully inadequate.
Data from the Triangle MLS reveals a stark contrast between current and past housing markets. In January 2025, Wake County had just 2,766 homes for sale – a far cry from the 4,853 available ten years ago. The median sales price has also skyrocketed to $470,000, up from $300,000 in January 2019.
As the housing shortage continues to worsen, experts warn that prices will only continue to rise, making it increasingly difficult for families to find affordable living spaces.
