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Wake County News > Posts > $15.3 Billion In Wake County Real Estate Changed Hands In 2019
January 14
$15.3 Billion In Wake County Real Estate Changed Hands In 2019

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Tuesday, January 14, 2020
For Immediate Release

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

$15.3 BILLION IN WAKE COUNTY REAL ESTATE CHANGED HANDS IN 2019

Median sales price was $310,000 in the fourth quarter

Lending activity continues to be strong

Raleigh, NC – For both the fourth quarter and full year 2019 the value of Wake County real estate transactions is up compared to 2018 according to data released by Charles Gilliam, the Register of Deeds.

During the fourth quarter of 2019 the value of transactions was $4.3 billion compared to $3.7 billion in the same 2018 period, an increase of about 16%.

The increase in value was buoyed by strength in the core real estate market which saw sales of $2.54 billion in the fourth quarter of 2019, up 15% from $2.21 billion in 2018. This is consistent with strong core market results in the third quarter of 2019. The core market comprises transactions valued at one million or less and represents approximately 97% of all transactions.

At the very high end of the commercial market, which are sales valued at $30 million and up, the fourth quarter 2019 aggregate dollar value was $933 million compared to $770 million in 2018. There were 15 such transactions in each of these two quarters.

For full year 2019, $15.3 billion worth of real estate changed hands. This is an increase of $1.1 billion, or almost 8%, compared to 2018’s full year amount of $14.2 billion.

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The median Wake County real estate sales price for full year 2019 was $303,000. Counting just the fourth quarter the median was $310,000.

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During the fourth quarter of 2019 there were 10.1 thousand deeds recorded, up 16% from 8.7 thousand in the fourth quarter of 2018. For the 2019 full year deed volume was 38.6 thousand compared to 36.5 thousand in 2018, a 6% increase.

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Fourth quarter 2019 real estate lending activity was up a substantial 57% compared to the fourth quarter of 2018 and was also up from the third quarter of 2019. In 2019’s fourth quarter 15.2 thousand deeds of trust were recorded compared to 9.7 thousand during the same period of 2018. For the 2019 full year 51.4 thousand deeds of trust were recorded compared to 42.4 thousand in 2018, a 21% increase. A deed of trust is the instrument used in North Carolina to obtain a mortgage on real estate. Charles Gilliam said, “the fact that mortgage volumes are increasing at a pace in excess of deed volumes quantifies a robust market for loan refinancing due to lower interest rates.”

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Methodology and Additional Information

Dollar values are based on excise taxes which are assessed on the consideration paid in a real estate transaction. Excise taxes are assessed on the consideration paid to acquire an interest in real estate, calculated as $1 in tax for every five hundred dollars of consideration. The aggregate value of real estate transactions was measured by the amount of excise taxes assessed in all types of transactions recorded with the Register of Deeds. The median sales price is based on excise taxes assessed on real estate transferred by deed. The number of deeds recorded with the Register of Deeds reflects the volume of real estate transfers without regard to the value of the real estate. The number of deeds of trust recorded with the Register of Deeds reflects the volume of real estate lending transactions without regard to the dollar amount of the loans.

 

Five Largest Transactions 4Q2019:

Former Dillon Steel Warehouse, Raleigh $84.8 million

White Oak Crossing Shopping Center, Garner $84.5 million

Ten Ten Road, Garner $79.7 million

Creekside Crabtree Apartments, Raleigh $76.3 million

2600 Glenwood Avenue, Raleigh $75 million

 

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