Market Trends: Wake County

Wake County is still experiencing a seller’s market, with 3.31 months of inventory. In some areas, such as Knightdale, where the average home price is comparatively lower, inventory remains lower at 2.65 months.

Looking at inventory trends, the short-term trend shows a slight decrease of 3%, while the long-term trend displays a modest increase of 38%. Although there has been a recent dip in available homes, overall inventory has grown over the past year.

With respect to pricing, homes in Wake County are selling for about 99% of their asking price. Sellers, on average, are getting very close to their asking prices, reflecting continued strong demand. Buyers should be prepared to offer near the asking price if they are serious about securing a home in this market.

Interest Rates

Mortgage rates have been dipping lower and reached 6.61% for a 30-year fixed loan, the lowest level since October 2024. The decline is not comparable with the plunge experienced during the pandemic.

The Federal Reserve kept its key interest rate unchanged. Since then, the economic picture has been a roller coaster. It began with a weaker-than-expected jobs report, which made many think the Fed might lower rates as soon as September. That optimism was tempered when inflation came in above the Fed’s 2% goal, followed by producer-price data that was hotter than expected.

The Fed’s decisions do not directly set mortgage rates. Mortgage rates are more closely tied to the 10-year Treasury yield. Those yields recently approached 4.5% but eased to just below 4.3%, helping prevent mortgage rates from moving higher.

While we have not seen dramatic drops, the recent pullback in Treasury yields is a good sign. Buyers can lock a rate now to protect against future increases, while those hoping for a better rate may see movement if the Fed cuts in September. Homeowners considering refinancing should watch these numbers for an opportunity to reduce their monthly payment.

The next few months will be a critical window for the housing market. Seasonal trends usually slow activity in the fall, but interest-rate speculation could keep activity stronger than usual.