A statewide report issued Thursday shows North Carolina faces a significant housing inventory gap across all income levels and geographic areas.

The report estimates that Wake County have 110,689 fewer homes than families who need them by 2029. According to the report, only Mecklenburg County is projected to have a higher housing shortage -- 111,628 homes by 2029.

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Both counties are building, but not fast enough to keep up with demand. By 2029, Wake County is projected to build 41,241 new homes and Mecklenburg County is projected to have 35,676 new homes, the report states.

The findings detail for-sale housing supply inventory in each of the 100 counties within the state of North Carolina for a five-year projection period from 2024 to 2029.

The NC Chamber Foundation, North Carolina Home Builders Association and NC REALTORS commissioned the report.

Compass real estate agent Jason Kogok has called the Triangle home for almost 25 years and started his real estate career in 2002.

“What it means is that we have more people moving here than we have available housing,” Kogok said of the report. “That's the easiest way to explain it.”

Kogok said the shortage of housing supply causes inflated prices.

“You're proud as a city to have so many people that want to move here, especially from all over the country,” Kogok said. “And as you know, tons of reports are always boasting about the Triangle, but hey, it's supply and demand.

“At the end of the day, it's economics 101, and when you have more people that want something that there's less of, naturally, prices go up.”

Triangle MLS data shows Wake County had 2,766 homes for sale in January 2025. Ten years ago, the county had 4,853 homes for sale, according to the data.

Also, Triangle MLS data shows the median sales price for a home sold in January 2025 was $470,000. Here’s how the median sales price compares to previous Januarys:

January 2024: $445,000

January 2023: $465,000

January 2022: $435,000

January 2021: $347,500

January 2020: $320,000

January 2019: $300,000

January 2018: $286,571

January 2017: $265,000

January 2016: $239,995

January 2015: $221,908