W
ake County's high-end real estate market experienced a surge in sales last month, driving up the average sale price despite a slight decline in total transactions and slower lending activity. In June, nine very high-value transactions took place, with prices exceeding $30 million. These included:
* Crabtree Valley Mall in Raleigh for $260.5 million
* Multiple tracts of Lincoln Park South in Garner, totaling over $400 million
* The Glennon Apartments in Knightdale for $57.5 million
* Retreat on Lake Lynn Apartments in Raleigh for $54 million
The high-value segment (transactions worth between $1 million to $30 million) saw 250 transactions totaling $599.3 million, a $114.7 million increase from the previous period. The core market (property valued at $1 million or less) experienced 2,921 transactions, down 92 from May and representing a 2% decrease in total sales value.
The median sales price of Wake County real estate rose to $495,500 in June, up $22,500 from May's price. This increase is largely due to activity in the core market, as large transactions have little impact on median values. Lending activity also slowed in June, with 3,179 deed of trust transactions, a decrease from May's level but an increase of 5% compared to June 2024.
Real estate lending can be broken down into two primary components: lending tied to ownership transfers and refinancing or second mortgage transactions. The ratio of deeds of trust to deeds can indicate the relative strength of these components, with more deeds of trust suggesting increased refinancing activity.
