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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Wallace, NC Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Wallace, NC Housing Market Trends

With a population of 3,440, 1,664 total housing units (homes and apartments), and a median house value of $342,217, Wallace real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Wallace, accounting for 63.61% of the town's housing units. Other types of housing that are prevalent in Wallace include duplexes, homes converted to apartments or other small apartment buildings ( 27.43%), mobile homes or trailers ( 7.86%).

The most prevalent building size and type in Wallace are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 57.90% owning and 42.10% renting.

There is a lot of housing in Wallace built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wallace built between 1940-1969 ( 31.67%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.54%). There's also some housing in Wallace built before 1939 ( 4.12%).

Wallace Home Appreciation Rates

Appreciation rates for homes in Wallace have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 105.53%, which ranks in the top 30% nationwide. This equates to an annual average Wallace house appreciation rate of 7.47%.

Appreciation rates are so strong in Wallace that despite a nationwide downturn in the housing market, Wallace real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wallace appreciation rates continue to be some of the highest in America, at 7.33%, which is higher than appreciation rates in 77.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wallace. Wallace appreciation rates in the latest quarter were at 1.41%, which equates to an annual appreciation rate of 5.77%.

Relative to North Carolina, our data show that Wallace's latest annual appreciation rate is higher than 50% of the other cities and towns in North Carolina.

Average Home Values

Median Home Value

$342,217

Wallace, NC Home Prices
> $1,991,000
$1,493,001 - $1,991,000
$996,001 - $1,493,000
$796,001 - $996,000
$597,001 - $796,000
$398,001 - $597,000
$199,001 - $398,000
$100,001 - $199,000
$0 - $100,000
0.0%
0.0%
0.8%
0.8%
1.1%
1.1%
0.1%
0.1%
6.7%
6.7%
28.8%
28.8%
30.2%
30.2%
22.4%
22.4%
9.9%
9.9%
0% 100.0%
% of Homes
High

for North carolina

High

for nation

Number of Homes And Apartments:

1,664

Wallace Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,073 / per month

Homeownership Rate

Owners
Renters
57.9%
57.9%
42.1%
42.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.5%
8.5%
91.5%
91.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
22.5%
22.5%
41.7%
41.7%
31.7%
31.7%
4.1%
4.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.6%
63.6%
0.4%
0.4%
27.4%
27.4%
0.7%
0.7%
7.9%
7.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
16.5%
16.5%
18.1%
18.1%
52.5%
52.5%
5.0%
5.0%
7.9%
7.9%
0% 100.0%
% of Homes