Wake County Real Estate Market Update: May 2026

Every month, the Wake County Register of Deeds releases a summary of recorded real estate transactions — deeds, deed of trust activity, sales volumes, and median prices. It is one of the most comprehensive and least-filtered views of what is actually happening in the Raleigh and Wake County market, because it captures every recorded transaction, not just what goes through an MLS.

Here is what May’s data shows, and what it means if you are thinking about buying or selling in Raleigh, Cary, Apex, or anywhere else in Wake County this summer.

Median Price Ticked Down — But Volume Was Up

The median sales price of Wake County real estate in May 2026 was $465,000, a $5,000 decrease from April’s $470,000. That is a modest move, and worth putting in context.

Median price is driven almost entirely by activity in the core market — properties priced at $1 million or less. About 90% of May’s transactions fell in that range, and the very large commercial transactions that made headlines this month had essentially no effect on the median. As the Register of Deeds report notes, there are simply too few mega-transactions to shift that calculation.

What the median does reflect is buyer behavior in the $350,000 to $750,000 range where most residential sales happen. A $5,000 dip is not a crash. It is consistent with a market that has more inventory than it did last year, where buyers have room to negotiate and sellers need to price accurately to attract competitive offers.

The more encouraging number is transaction volume. Wake County recorded 3,247 real estate transactions in May, up from 3,193 in April. That increase in velocity — more deals closing, more buyers committing — signals an active market even as prices moderate slightly. A market with falling prices and falling volume would be a different story. That is not what the data shows.

Core Market Activity: 3,021 Transactions and Growing

The core market — properties valued at $1 million or less — accounted for 3,021 transactions in May, 67 more than the prior month, with total value up 2.3%. This is the segment that covers the vast majority of homebuyers and sellers in Raleigh, Cary, Apex, Durham, and the surrounding communities.

A 2.3% increase in core market value alongside rising transaction count tells a consistent story: buyers are active, and the market is moving. The challenge for sellers right now is not demand — it is pricing. With inventory up roughly 24% year over year across Wake County, buyers have options they did not have in 2021 or 2022. A home that is priced correctly and presented well is still selling. A home that is overpriced is sitting.

The High-Value and Commercial Segment

The high-value segment — transactions between $1 million and $30 million — recorded 222 transactions totaling $467.77 million in May, a decrease of $6.24 million from April. This segment includes luxury residential sales, small commercial buildings, and mixed-use properties.

The very high-value segment (transactions of $30 million and above) had four transactions in May, matching April’s count. Those four deals tell an interesting story about where investment capital is flowing in the greater Raleigh market:

• Capital Marketplace, Raleigh: $80.6 million
• Apex Commerce Center, Tracts C and D, Apex: $59.8 million
• The Ellery Apartments, Cary: $39.5 million
• Apex Commerce Center, Tract E, Apex: $30.7 million

Two of the four largest transactions of the month were in Apex — specifically the Apex Commerce Center, which recorded a combined $90.5 million across two parcels. That level of commercial investment in a suburban Triangle market reflects the continued expansion of industrial, logistics, and mixed-use development west of Raleigh.

The Ellery Apartments closing in Cary at $39.5 million reflects ongoing institutional demand for multifamily housing in high-demand suburban markets. Large apartment transactions at this scale signal that investors continue to see long-term rental demand in the Cary and western Wake County corridor.

None of this moves the residential needle directly, but it does reflect a region that institutional investors are still betting on — and that context matters for homeowners thinking about long-term value.

Lending Activity: What the Deed of Trust Numbers Say

Real estate lending activity in May showed 3,287 deed of trust transactions, down from April’s 3,524 — a decrease of 237 transactions. Compared to May 2025, lending activity was essentially unchanged year over year.

In North Carolina, a deed of trust is the legal instrument used to secure a loan with real estate as collateral. Every time a buyer takes out a mortgage, a deed of trust is recorded. Every time a homeowner refinances, a deed of trust is recorded. The ratio of deeds of trust to deeds recorded gives a window into whether lending activity is primarily purchase-driven or refinance-driven.

May’s slight lending decrease, in the context of rising transaction volume, suggests the market is not being turbo-charged by a refinance wave. The deals closing are mostly real buyers purchasing homes — not existing homeowners pulling equity at scale. That is a healthier signal for market stability than a refinance boom would be.

What This Means If You Are Buying or Selling in Raleigh Right Now

For sellers, the May data reinforces a theme that has been consistent through 2026: the market rewards accurate pricing and good presentation. Transaction volume is healthy. Buyers are out there. But with inventory up and the median price slipping slightly, the sellers doing best are the ones who priced right from day one rather than testing the top of the range.

For buyers, a market with 3,247 closings in a single month in Wake County is not a slow market — but it is a more manageable one than 2021. The data supports what buyers are experiencing on the ground: more time to make decisions, more room to negotiate, and in some segments, sellers who are willing to offer concessions to close the deal.

The continued commercial investment in Apex, Cary, and Raleigh is a useful reminder that the long-term fundamentals of this market remain strong. Employers, developers, and institutional investors are still committing significant capital to Wake County — and that underpins residential demand even during periods of price moderation.

Frequently Asked Questions

What was the median home price in Wake County in May 2026?

The median sales price of Wake County real estate in May 2026 was $465,000, according to the Wake County Register of Deeds. That is a $5,000 decrease from April 2026’s median of $470,000. The median reflects core market activity — properties priced at $1 million or less — which accounted for 90% of May transactions.

How many homes sold in Wake County in May 2026?

Wake County recorded 3,247 total real estate transactions in May 2026, up from 3,193 in April. The core market (properties valued at $1 million or less) accounted for 3,021 of those transactions, which was 67 more than the prior month. Total sales value across all three market segments reached approximately $1.65 billion.

Is the Wake County real estate market slowing down in 2026?

The May data shows a slight decrease in median price ($5,000 from April) alongside an increase in transaction volume — more closings, not fewer. That combination reflects a balancing market, not a declining one. Inventory is up year over year, giving buyers more options and moderating price pressure, but demand remains active. Well-priced homes in Raleigh, Cary, Apex, and surrounding areas are still closing consistently.

What were the largest real estate transactions in Wake County in May 2026?

The four largest transactions recorded in Wake County in May 2026 were all $30 million or above: Capital Marketplace in Raleigh at $80.6 million, Apex Commerce Center Tracts C and D in Apex at $59.8 million, The Ellery Apartments in Cary at $39.5 million, and Apex Commerce Center Tract E in Apex at $30.7 million. Combined, these four transactions totaled approximately $210.6 million and represent continued institutional investment in commercial and multifamily development across Wake County.

What do deed of trust numbers tell us about the Raleigh market?

Deed of trust activity reflects both purchase mortgages and refinancings. May 2026 saw 3,287 deed of trust transactions, down from 3,524 in April but essentially unchanged from May 2025. The relatively modest lending volume in the context of rising transaction counts suggests the market is being driven by genuine purchase activity rather than a refinance wave — a signal of underlying demand stability.

The May 2026 data from the Wake County Register of Deeds confirms what most active buyers and sellers are experiencing: a market that is moving, but one where pricing and preparation matter more than they did in recent years. Transaction volume is up. The fundamentals are solid. But the sellers who are winning are the ones approaching the market with current data, not 2021 assumptions.

If you are thinking about buying or selling in Raleigh, Durham, Cary, Apex, Chapel Hill, or Wake Forest this summer and want to talk through what the current market means for your specific situation, I am happy to connect. Email brandon@theoceanairerealty.com or call or text 910-228-6481 for a confidential consultation — no pressure, just a straight conversation about your goals and the data.

Source: Wake County Register of Deeds, May 2026 Real Estate Activity Report, released June 3, 2026.

About Brandon Yopp

Brandon Yopp is a top-producing REALTOR® with The Oceanaire Realty, serving sellers and buyers across Raleigh, Durham, Chapel Hill, Cary, Apex, and the surrounding Triangle communities in North Carolina. A Triangle resident for more than 20 years, Brandon is known for deep local market knowledge, strategic pricing, expert negotiation, and a marketing approach built to give sellers maximum exposure across the platforms today’s buyers actually use. He’s a multi-year Triangle Real Producers Top 500 honoree and a Certified Luxury Home Marketing Specialist™, guiding first-time buyers, upsizers, downsizers, relocating clients, and investors through the Triangle market with confidence. Over 90% of his business comes from repeat clients and referrals.