Wake County, North Carolina Housing Market
In Wake County, North Carolina, the median home value is $461,300, with a median monthly rent of $1,623. This places Wake County at #174 nationally out of 3134 counties by median home value, and #1 within North Carolina.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,593
- Establishments: 48,763
- BLS QCEW, 2025
Housing Supply
- Single-family: 8,392
- Multi-family: 5,414
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 462,123 (avg $128,210)
- Outflow: 449,877 (avg $129,127)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 10 active ZIP codes in Wake County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 27518 | 251.7 | — | 2025 |
| 2 | 27614 | 250.2 | +7.69% | 2025 |
| 3 | 27607 | 311.3 | -1.80% | 2025 |
| 4 | 27608 | 323.3 | -2.96% | 2025 |
| 5 | 27606 | 290.2 | +7.54% | 2025 |
| 6 | 27513 | 294.2 | -3.47% | 2025 |
| 7 | 27616 | 249.2 | -3.67% | 2025 |
| 8 | 27609 | 339.2 | +3.66% | 2025 |
| 9 | 27571 | 242.0 | -1.26% | 2025 |
| 10 | 27511 | 317.8 | +0.03% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
How Wake County Compares
| Metric | Wake County | North Carolina Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $461,300 | $235,312 | $227,706 |
| Median Gross Rent | $1,623 | $976 | $968 |
| Owner Occupancy Rate | 64.1% | 71.8% | 73.3% |
| Price/Rent Ratio | 23.7 | 19.8 | 18.7 |
Market Analysis
The median home value in Wake County is 96.0% above the North Carolina state average and 102.6% above the U.S. national average. The median rent of $1,623/month is 66.3% above the state average.
With a price-to-rent ratio of 23.7, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Wake County has an owner-occupancy rate of 64.1%, compared to 71.8% in North Carolina and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| El Paso County | Colorado | $461,000 | $1,696 |
| Oconee County | Georgia | $461,600 | $1,462 |
| Gillespie County | Texas | $460,700 | $1,340 |
| Dare County | North Carolina | $460,400 | $1,345 |
| Calvert County | Maryland | $460,200 | $1,759 |
Other Counties in North Carolina
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Dare County | $460,400 | $1,345 | 78.4% |
| Orange County | $459,500 | $1,496 | 63.8% |
| Chatham County | $446,200 | $1,180 | 80.6% |
| Union County | $417,300 | $1,496 | 81.6% |
| Mecklenburg County | $406,800 | $1,627 | 55.1% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-13. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).