2021 Triangle Real Estate Statistics: Wake County vs. Fuquay-Varina

As we begin to wrap up 2021, the real estate market in the Triangle Market (Greater Raleigh - Durham - Chapel Hill Area) has experienced tremendous growth and record-breaking sales.  The headlines all year long have been that prices continue to go up and inventory continues to remain low.  That definitely has been the case; however, you can also look at it from the standpoint of having to have inventory in order to produce the sales volume that the area has experienced.  

It is more of a situation that the demand in the area for homes has outpaced the inventory, therefore continuing to keep the available inventory numbers low.  We continue to experience a low supply and high demand dynamic.  All that being said, I wanted to compare my home town of Fuquay-Varina, NC and how its real estate market numbers for 2021 compare to that of Wake County, NC for the same year.

1,700 total homes were sold in Fuquay-Varina in 2021  (1571 Detached Homes and 129 Townhomes).  Homes averaged less than 5 days on market during the year, and the median price was $375,000 (up from $305,000 in 2020….a 23% increase).  Comparing average sales prices by quarter for 2021, Q1 in Fuquay-Varina had a median sales price of $325,000, and by Q4, that median sales price had risen by 26% up to $410,000

.

Wake County had 20,723 home sales for the year (16,462 Detached homes and 4261 Townhomes/Condos).  In Wake County, homes lasted on average about 6 days on the market before going under contract and the median sale price was $395,000 (up from $338,000 in 2020…….a 17% increase)  Looking at quarterly stats for Wake County, the median sales price for homes in Q1 was $355,000 and quickly rose each quarter to finish with a Q4 median price of $421,000 (an increase of 19%).

For a little perspective, Wake County typically would see an annual valuation increase in real estate somewhere between 3% and 6% depending on the location and condition of the property.  Since the beginning of 2020, the area (including The Quay) has experienced 8-10 years worth of valuation increases in 18-24 months……….CRAZY!!

(For historical perspective, the median sales price in Wake County from 2012 - 2018 increased from $215,000 to $305,000……37% over 6 years)

If you are interested in the Fuquay Varina Real Estate Market, then please let our team know.  We have experts on the team that live in Fuquay and would love to help answer any questions you may have or assist you with any real estate needs.  If the Raleigh area is more your speed, then we can help you there also…….our team is ready to assist you all over the Triangle.  Give us a call today and allow us to work with you and earn your business.  

Chad Wingler 919-300-5421