Wake County Real Estate – What You Need to Know
There are several things that you need to know when buying real estate in Wake County. For example, you must know the Value of the real estate transactions recorded in Wake County. You should also know the Taxes and Interest Rates that are charged on real estate in Wake County. You should also know the number of deeds that will be recorded in the county from 2020 to 2022.
Value of real estate transactions in Wake County
Wake County is one of the fastest growing areas in North Carolina, so it is only natural that the real estate market is also growing faster. According to the county’s real estate department, home sales have risen by about 10 percent since July 2012. In addition to this, home prices have also increased over the past year. However, the market is not yet reaching its full potential, and home values remain low compared to other areas of the state.
For the month of June, the value of real estate transactions in Wake County has reached $2.5 billion, a nearly 6% increase from May 2022. The number of sales also jumped 6.9% in June. Listed below is a chart that shows the dollar value of real estate transactions in Wake County, broken down by price range. As of June 2022, the median sales price for Wake County real estate has risen by more than $8,000 compared to May 2022.
Number of deeds recorded in Wake County from 2020 to 2022
The Register of Deeds in Wake County keeps track of real estate transactions, including deeds. The latest data shows that real estate transactions in the county sold for a median price of $411,000 in December 2021. This was up $82,250 from the January 2021 median price of $328,750. In fact, it was the highest monthly median price in the county’s history.
The number of deeds of trust recorded with the Register of Deeds reflects the volume of property and loan transactions. It also includes transfers of real estate without monetary consideration. In the first quarter of 2020, approximately 20% of the deeds recorded in Wake County were recorded without an excise tax. In the same period, the percentage decreased to 25%, indicating that the volume of transactions declined.
Interest rates in Wake County
The interest rates on mortgages are not going to have as big an impact on the housing market in Wake County as many people think, but the current lack of inventory may make it harder for some people to afford a home. Considering the high cost of due diligence and other real estate fees, rising mortgage rates may not be as big of an impact as many people think.
The median price of real estate in Wake County is $462,000, and it’s climbing. That’s a new record for the county. Fortunately, organizations such as Habitat for Humanity of Wake County are trying to make homeownership more affordable. Although the program has experienced some challenges with affordability, it’s still committed to helping others purchase homes.
Taxes paid on real estate in Wake County
If you are a property owner in Wake County, you should be aware of the changes in tax rates. These taxes are collected by the local government and are intended to pay for various services in the community. In North Carolina, property taxes are generally reassessed every eight years. However, the Wake County Board of Commissioners voted to move to a four-year schedule in 2015. This move was intended to keep tax values more aligned with the actual market value, preventing taxpayers from experiencing eight-year “sticker shock” each time they submit their taxes. The result was a significant rise in property values, particularly for homes below $250,000, where the increase was nearly 30%. Some areas of the county had even larger increases.
Taxpayers may appeal the tax assessment if they disagree with it. To do this, they must file a tax appeal form with the tax assessor’s office. The form requires the taxpayer to provide a current appraisal as well as a proposed one. They must explain why the new appraisal is more accurate.