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Wake County News > Posts > The Value of Wake County Real Estate Transactions Is Up 9.6% In Second Quarter 2019
July 19
The Value of Wake County Real Estate Transactions Is Up 9.6% In Second Quarter 2019

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Friday July 19, 2019
For Immediate Release

Contact: Luther Snyder, Deputy Director
O. 919-856-5462 M. 919-369-7045
luther.snyder@wakegov.com

THE VALUE OF ALL WAKE COUNTY REAL ESTATE
TRANSACTIONS IS UP 9.6% IN SECOND QUARTER 2019

Driven by more than 30% increase for transactions valued over $1,000,000

Raleigh, NC – For the second quarter of 2019 the value of all Wake County real estate transactions is up substantially compared to the same period in 2018, according to the Register of Deeds.

During the second quarter of 2019, there was $3.76 billion worth of real estate transactions in Wake County, up 9.6% from $3.43 billion during the same period in 2018. The increase in value was driven by large transactions. High-value transactions were $988 million versus $751 million in 2018, a 31.6% increase. High-value transactions are those worth in excess of one million dollars. At the very high end of the commercial market, $30 million and up, for the second quarter 2019 there were seven transactions worth $346 million compared to four totaling $193 million in 2018.

For the core market, that is transactions valued at one million or less, the total dollar value increased 3.4% in 2019 compared to 2018. Core market transactions were $2.77 billion in the second quarter of 2019 compared to $2.68 billion in the same 2018 period. This core market comprises more than 97% of all transactions.

For the second quarter of 2019, the median value of a real estate sale was $305,000, up 4.1% from a 2018 full year median of $293,000.

During the second quarter deed volume (the number of property transfers) was down 0.5% compared to the same period in 2018.

Deeds of Trust, also known as mortgages on real estate, for the second quarter 2019 were up 4.0% compared to the second quarter of 2018. This is the reverse of first quarter 2019 lending activity which saw a 5.1% decline compared to the first quarter of 2018.

Dollar values are based on excise taxes which are assessed on the consideration paid in a real estate transaction. The value of real estate transactions is measured by the amount of excise taxes assessed in all types of transactions recorded at the Register of Deeds Office. The median sales price is based on excise taxes assessed on real estate transferred by deed. The number of deeds recorded reflects the number of real estate transfers without regard to value. Deed of Trust volume reflects the number of real estate lending transactions without regard to the dollar amount of the loans.

 

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The three largest transactions

Hawthorne North Ridge Apartments

Align Technology

Beaver Creek Crossings

 

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