Wake Forest, NC—27587
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Wake Forest, NC
As of Oct '25, the median home price in Wake Forest, NC is $513,000, with a year-over-year change of -1.8%. This indicates that home prices in Wake Forest, NC are decreasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $513,000 | -1.8% |
| Single Family | $516,000 | -1.7% |
| Condos | $385,000 | -4.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $323,000 | -3.3% |
3 Bed | $398,000 | -3.4% |
4 Bed | $599,000 | -1.0% |
| 5 Bed | $677,000 | -1.7% |
% of Housing Stock
Rental Trends — Wake Forest, NC
As of July '25, Rentcast reports the average rent in Wake Forest, NC is $1,920, with a year-over-year rent change of -0.5%. Per bedroom, the median rent as of July '25 in Wake Forest, NC is studios: $1,200, 1-bedrooms: $1,360, 2-bedrooms: $1,680, 3-bedrooms: $2,120, 4-bedrooms: $2,640. The most common rental property sizes in Wake Forest, NC are 2-bedroom and 3-bedroom, accounting for 48.2% and 21.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,780 | $1,920 |
| Studio Rent | $1,100 | $1,200 |
| 1 Bed Rent | $1,340 | $1,360 |
| 2 Bed Rent | $1,630 | $1,680 |
| 3 Bed Rent | $2,100 | $2,120 |
| 4 Bed Rent | $2,460 | $2,640 |
% of Rental Stock
Property Listings — Wake Forest, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Wake Forest, NC is 62. This is a increase of 10.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $600,000 | 9.0% |
Listing Count | 583 | -2.0% |
| Listings as % of Homes | 1.4% | -2.0% |
Days on Market | 62 | 10.0% |
Demographics — Wake Forest, NC
As of the latest ACS Survey released in 2023, Wake Forest, NC has a population of 81,900, which has increased by 23.0% over the past 5 years. Wake Forest, NC is a popular place for families, as children make up 26.1% of the population. The area has a highly educated workforce, with 56.4% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 27.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 81,900 | 23.0% |
% Under 18 | 26.1% | -9.7% |
% Seniors | 13.3% | 24.3% |
% WFH | 27.1% | 122.1% |
% w/ College Degree | 56.4% | 7.8% |
As of the latest ACS Survey released in 2023, Wake Forest, NC is a predominantly white area, with 69.4% of the population identifying as white. The white population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Wake Forest, NC is black, making up 16.1% of the population. Foreign-born residents account for 6.9% of the population in Wake Forest, NC, and this percentage has increased by 16.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 69.4% | -9.4% |
% Black | 16.1% | 33.1% |
% Hispanic | 7.6% | 28.8% |
% Asian | 2.4% | 50.0% |
% Foreign Born | 6.9% | 16.9% |
Mortgage and Risk — Wake Forest, NC
According to HUD data as of 2023, there were 1917 mortgage originations in Wake Forest, NC, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Wake Forest, NC. Investor activity is low, as 6.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,917 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 6.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Wake Forest, NC
As of 2024, the percent of homes in Wake Forest, NC under the Section 8 program is 2.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Wake Forest, NC, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 316 |
Total Units Section 8 | 135 |
% Rentals under Section 8 | 2.5% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $280 | $1,340 | $1,620 |
| 2 Bedroom | $160 | $1,630 | $1,790 |
| 3 Bedroom | $130 | $2,100 | $2,230 |
| 4 Bedroom | $520 | $2,460 | $2,980 |
Affordability — Wake Forest, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $513,000 |
| Median Household Income | $126,000 |