Wake Forest, NC


Highest Appreciating Wake Forest Neighborhoods Since 2000

Wake Forest, NC Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Wake Forest Housing Market Information

With 38,199 people, 11,995 houses or apartments, and a median cost of homes of $274,897, Wake Forest real estate is some of the most expensive in North Carolina, although Wake Forest home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Wake Forest, accounting for 72.79% of the town's housing units. Other types of housing that are prevalent in Wake Forest include large apartment complexes or high rise apartments ( 11.68%), row houses and other attached homes ( 10.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.60%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wake Forest. Owner-occupied housing accounts for 71.69% of Wake Forest's homes, and 68.35% have either three or four bedrooms, which is average sized relative to America.

Wake Forest homes and real estate are some of the newest in America. 57.62% of Wake Forest's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Wake Forest real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 32.61%), and between 1940-1969 ( 5.20%). There's also some housing in Wake Forest built before 1939 ( 4.57%).

Wake Forest Home Appreciation Rates

Appreciation rates for homes in Wake Forest have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.23%, which ranks in the top 50% nationwide. This equates to an annual average Wake Forest house appreciation rate of 0.42%.

Appreciation rates are so strong in Wake Forest that despite a nationwide downturn in the housing market, Wake Forest real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wake Forest appreciation rates continue to be some of the highest in America, at 5.83%, which is higher than appreciation rates in 72.62% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wake Forest. Wake Forest appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.

Importantly, this makes Wake Forest one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to North Carolina, our data show that Wake Forest's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Wake Forest differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wake Forest - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Wake Forest real estate investment or home purchase decisions.

Average Home Values


Median Home Value:


Value Range
> $1,150,000 0.5
$863,001 - $1,150,000 0.5
$575,001 - $863,000 2.6
$460,001 - $575,000 5.7
$345,001 - $460,000 15.8
$230,001 - $345,000 32.8
$115,001 - $230,000 36.7
$58,001 - $115,000 2.5
$0 - $58,000 2.8

Very High for NC
Very High for Nation

Value Relative to Nation Value Relative to State
19.0407828430798 10.4355716878403

Number Of Homes And Apartments:

Wake Forest Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
27.97% 1.44% 6 3
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,278 / per month

Homeownership Rate

Owners 71.69
Renters 28.31
Vacant 5.50

Housing Market Details


Age of Homes

AGE OF Wake Forest HOMES
2000 or Newer 57.6
1970 - 1999 32.6
1940 - 1969 5.2
1939 or Older 4.6

Types of Homes

Single-Family 72.8
Townhomes 10.7
Small Apt. Buildings 3.6
Apt. Complexes 11.7
Mobile Homes 1.3
Other 0.0

Home Size

No Bedroom 0.92
1 Bedroom 3.69
2 Bedrooms 16.78
3 Bedrooms 39.12
4 Bedrooms 29.24
5 or more bedrooms 10.25