EXISTING CONDITIONS: HOUSING
Town of Wake Forest | HOUSING AFFORDABILITY PLAN
Housing Conditions
FIGURE 26: MEDIAN SALES PRICE IN WAKE FOREST 2015-2021
Sales Price As with rental housing, the COVID-19 pandemic exacerbated rising costs for for- sale housing. In particular, for-sale homes with more square footage and open space witnessed unprecedented demand in Wake Forest and the Research Triangle region. Home prices increased 61% between 2015 and 2021 in Wake Forest, with a 26% increase in prices since the onset of the COVID-19 pandemic (Figure 26). The median home price in 2021 was $427,000, up more than 51% since 2015. While new homes overall sell at an 11% premium, prices of older homes (built before 2010) have risen faster than that of new homes (Figure 27). Since the end of 2020, new homes have increased in value by about 9% while older homes have increased in value by about 24%. $513,204 Average Sale Price of a New Home in Wake Forest 2021 $462,774 Average Sale Price of an Older Home (pre 2010) in Wake Forest 2021
COVID-19 PANDEMIC MARCH 2020
$500K
APEX
WAKE FOREST MORRISVILLE RALEIGH CARY
$427K
$400K
$339K
$282K
$300K
$200K
$100K
2015 2016 2017 2018
2019 2020 2021
Source: Zillow
FIGURE 27: AVERAGE SALES PRICES OF NEW AND OLDER HOMES IN WAKE FOREST 2015-2021
$550K
New Homes $513,204
COVID-19 PANDEMIC MARCH 2020
$500K
$450K
Older Homes $462,774
$400K
$350K
$300K
THE TAKEAWAY
$250K
2015 2016 2017 2018 2019 2020 2021
2021
The Wake Forest housing market has primarily catered to households looking for single family homes, and the Town contains a much smaller share of multifamily housing units than Wake County as a whole.
Average Price of Homes Built Before 2010
Average Price of Homes Built After 2010
Source: Zillow
22
Made with FlippingBook Converter PDF to HTML5