According to the Wake County Register of Deeds, the median price of a home in Wake County has dropped by $5,000. The median price now sits at $450,000.
"Changes in median sales prices tend to be caused by the activity in the core market," the Register of Deeds wrote.
The core market is defined as real estate transactions under $1 million.
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"A lot of people have been priced out. I mean that's the problem," said real estate professional Adam Grossman. "You went from an average home sale price of like high $200,000s to the $400,000s and then rates have more than doubled. It just became unaffordable."
The news comes as Wake County saw a 15% reduction in transactions in September compared to August when the median price was at $455,000.
For September, the Wake County core market conducted 1,786 transactions.
Additionally, according to Freddie Mac, the current rate on a 30-year fixed mortgage is 7.31%.
Grossman said he believes buyers and sellers are holding off any forward-looking activity for the time being.
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"I think there's an attitude that rates are going to come down and they're going to come down in the near future for some of the homebuyers," said Grossman. "So they're kind of holding out to see what the market does. And people with cash are holding on to their cash because they're unsure of that as well. People want to be ripe with cash. So they're not really spending it as readily as they were before. I think people are scared too."
For the county's high-value segment, which tracks transactions between $1 million and $30 million, there was an 8% decrease from August with 131 sales.
"Everything is so gosh darn expensive," said Grossman. "It's not just real estate. It's gas, it's food, it's everything."