Welcome back to the SW Wake County real estate market update for February 2024! In this video, we’ll dive into the latest numbers and insights from Cary, Apex, Morrisville, Holly Springs, and Fuquay Varina.
Starting with Cary, Apex, and Morrisville, the median sales price sits at $569,000, with single-family homes commanding a median resale price of $612,000 and a median price for new construction at $751,000. This 23% price difference between resale and new construction homes is notable. Despite the slight price dip from December 2023, the area still boasts a seller’s market with only 1 month of supply, leading to more competitive bidding scenarios.
Townhomes in the same area have a median resale price of $429,000 and a median price for new construction at $456,000. While it’s rare to find new construction townhomes under $400,000, a few resale options are available, with some priced as low as $270,000.
Moving to Holly Springs and Fuquay Varina, the median sales price is $488,000, with single-family resale homes at $480,000 and new construction homes at $579,000, showing a 20%+ difference in price. Townhomes have a median resale price of $338,000, with no new construction townhomes sold in Holly Springs but 15 sold in Fuquay Varina, starting at $260,000.
These areas also maintain a seller’s market, with median days on market ranging from 16-34 days and average days on market at 28-41 days. The list-to-sell price percentage is 100%, with 49% selling under the list price, 24% at the list price, and 27% above the list price.
Keep watching to find Heather’s tip for buyers currently being priced out of the market! Watch until the end!