Raleigh, the capital city of North Carolina is a desirable place to live. Raleigh, Durham, and Chapel Hill make up the Research Triangle. This is home to three major Universities (Duke University, NC State, and UNC), as well as numerous high-tech firms. Raleigh offers mild temperatures and easy access to the Tar Heel State’s beaches and mountains.

North Carolina has a refreshingly low cost of living, as well. There is no state property tax in North Carolina and the state sales tax is only 4.75 percent. Here’s what you need to understand about the Raleigh housing market, whether you’re buying or selling.

Raleigh Housing Market Overview

According to Redfin’s data, home prices in Raleigh are at an all-time high. The median price for Raleigh homes in May 2023 is $415,000, which is slightly higher than today’s national median, but significantly higher than just a few short years ago. In May 2020, Raleigh’s median was just $280,000. Prices have dropped slightly, despite the upward trend over the past few years, but the average time to sell a home is increasing.

Should You Sell or Buy in the Raleigh Real Estate Market?

House Seller

In Raleigh, it’s a buyer’s market. Redfin says that homes available are getting an average of 3 offers. Around 45 percent of the homes that sold in May were above the list price. You might even do better if you list in the spring or summer, which are traditionally the most popular times to sell.

Remember that while prices here are still high, they’re a little lower than last year. With today’s high rates, the pool of buyers who are still able to afford to purchase is smaller. Working with a local real estate agent who is experienced will help you determine the exact value of your home so that you can accurately price it.

You’re a First-Time Home Buyer

The housing market is changing in Raleigh, and it’s becoming more favorable for homebuyers. The fact that prices are down slightly compared to last year is a positive. You won’t need to rush your decision, as the average home stays on the market for only 34 days. Redfin data shows, that while many homes sell at or above the list price, more than 22% of Raleigh homes sold in May lowered their price.

It’s smart to have your mortgage pre-approved before determining the amount of house you can afford. Preapproval informs you of the maximum amount that you can borrow, and it shows potential sellers that you are serious and qualified.

Raleigh’s housing market will remain strong due to its abundance of amenities and employment opportunities. Raleigh’s population is also growing quickly: according to a study based on Census data, Raleigh is among the fastest-growing towns in the United States.

This post was written by a professional at Iron Key Realty. Iron Key Realty: Veteran-led real estate Agents in Cary, NC unlocking your Triangle Region dreams. Veteran agents guide buyers & sellers in Apex, Cary, Holly Springs, Raleigh, Fuquay-Varina & beyond. Iron Key Realty navigates real estate complexities with you, providing exceptional service, education, & realistic expectations. Unlock your real estate potential with Iron Key’s proven expertise.