Raleigh, North Carolina Housing Market

What stands out in Raleigh?

• Asking price per square foot has moved +0.4% a year over five years: among the weakest five-year price growth of 765 tracked cities. Appreciation has been weak, so buy for cash flow.

How far have Raleigh prices fallen?

Asking price per square foot in Raleigh is 14.0% below its May 2024 high and down 3.7% over the last year. Prices were above the year before in 75% of months since the data starts, so this market has climbed back from drops before. 27% of sellers have cut their price. Underwrite with no price growth for now and let the seller carry the next cut.

How much more is for sale in Raleigh than before the pandemic?

There are 2,041 homes for sale in Raleigh, 41% more than in 2017–2019 at this time of year. That count is up 7% on last year, with 686 new listings this month. The build-up is biggest in 27605 (54 for sale, 252% above its 2017–2019 level) and 27604 (200 for sale, 200% above its 2017–2019 level). More choice means you can walk away from any home priced for the market of three years ago.

Is now a good time to buy in Raleigh?

The median asking price is 27.8% below its May 2023 peak. Per square foot the gap is smaller: 14.0% below the May 2024 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Raleigh prices have risen in 83 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

There is no rush. Prices are still coming down. Watch the homes you like. Come back after they cut. Let the seller move first.

How much can you negotiate in Raleigh?

For every 100 homes still for sale, 37 are under contract. In 2017–2019 at this time of year it was 45. The rest are still waiting for a buyer. About 1 in 4 sellers has already dropped their price. Each one has learned their first price was too high. Start your offer below their new price.

Raleigh listings spend a median 63 days on the market. That is 6% longer than a year ago. There are 2,041 homes for sale in Raleigh. That is the most in ten years. It is 9 times the low of Feb 2022. Every one of them competes with the house you want.

What to do about it

• Start in 27601, 27605, and 27607, the softest ZIP codes in Raleigh: in 27601, 22% of sellers have cut and listings spend a median 79 days on the market.
• Filter for listings older than 90 days with a price cut, and offer below the reduced price.
• Keep your inspection and financing contingencies.

How does Raleigh compare with other North Carolina markets?

Ranked among the 21 North Carolina markets we track:

• Asking price: 7th priciest of 21. Raleigh is at $442,516. Closest: Concord and Wilmington.
• Buyer competition: 5th least competitive of 21. Raleigh is at 0.37 buyers per home. Closest: Hickory and High Point.
• Time on market: 9th longest time on market of 21. Raleigh is at a median of 63 days on market. Closest: Fayetteville and Burlington.
• Price cuts: 2nd most price cuts of 21. Raleigh is at 27% of sellers cutting. Closest: Kannapolis and Asheville.

Who will rent from you in Raleigh?

In Raleigh, 44 out of every 100 households rent. That is nearly half. That share has held steady for five years. Raleigh added about 10,000 renter households in five years. Renter households average 2.1 people. Singles and couples rent here. Two bedrooms beat four.

Households grew 10% in five years. The housing stock grew 10%. The two are moving in step. 8.8% of homes sit empty. That is normal for a healthy market.

The median Raleigh household earns $93,120 a year. Incomes here have grown 4.6% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 4.8 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. At 30% of income, a tenant on the median income can pay about $2,328 a month.

To see what one Raleigh address would rent for and cash flow, run it through the app.

What numbers should you underwrite a Raleigh deal with?

• Price growth to assume — +0.4%/yr. Raleigh grew 5.5% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Raleigh prices are flat. Assume no growth. Prices fell 3.7% over the last year. Use it for timing. The five-year rate is the better guide.
• Months of carrying cost — 3. Budget at least 63 days of holding costs, the current median time on market, when you exit or refinance. That is 6% longer than a year ago.
• Odds you cut your price to sell — 1 in 4. 27% of Raleigh listings have cut their asking price. Underwrite your exit below asking.
• Comp on price per square foot — $254/sqft. The typical Raleigh listing shrank from 2,855 to 2,025 sqft since Jul 2016. So median price hides real growth: 71% per sqft versus 6% on the median. Comp on median price and you will overpay for small homes.
• Competition when you exit — +7%. Homes for sale in Raleigh are up 7% on last year, so your resale faces more competition than today's comps did.

Read how price cuts signal a market turning and how we read these numbers, then run the numbers on a deal.

What is the median home price in Raleigh?

The median asking price in Raleigh is about $443,000 as of Sep 2026, down 9.2% from a year ago. Asking price per square foot is down 3.7%, so read the median with care: it moves with which homes happen to be listed. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Raleigh figures cover the 35 ZIP codes with a Raleigh mailing address, which can reach past city limits.

Is Raleigh a buyer's or seller's market in 2026?

Buyers have more room in Raleigh than usual. We compare Raleigh with 2017–2019 at this time of year: there are 41% more homes for sale; 27% of sellers have cut their price, against 20% then; there are 37 pending sales per 100 listings, against 45 then.

Are Raleigh home prices going up or down?

The median asking price is 27.8% below its May 2023 peak. Per square foot the gap is smaller: 14.0% below the May 2024 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

Which Raleigh ZIP code has the most negotiating room?

27601. Only 15 homes under contract for every 100 still for sale. 22% of sellers there have cut their price, and listings there spend a median 79 days on the market.

What is the best month to buy a house in Raleigh?

Across 9 full years, Raleigh asking prices ran lowest in November, about 3.9% below the year's average. They peaked in May. The most homes for sale show up in October, about 19% above the yearly average.

What price growth should I assume for Raleigh?

Assume +0.4% a year. Raleigh grew 5.5% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Raleigh prices are flat. Assume no growth. Prices fell 3.7% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Raleigh?

HUD's fiscal year 2026 fair market rent for Wake County is $1,750 a month for 2 bedrooms and $2,196 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.