Raleigh, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Raleigh, NC Housing Market Trends

With a population of 474,069, 183,335 total housing units (homes and apartments), and a median house value of $317,244, Raleigh real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Raleigh, accounting for 45.73% of the city's housing units. Other types of housing that are prevalent in Raleigh include large apartment complexes or high rise apartments ( 33.09%), row houses and other attached homes ( 13.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.71%).

The most prevalent building size and type in Raleigh are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.27% owning and 50.73% renting.

There is a lot of housing in Raleigh built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Raleigh built between 2000 and later ( 35.68%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.31%). There's also some housing in Raleigh built before 1939 ( 3.08%).

Raleigh Home Appreciation Rates

Appreciation rates for homes in Raleigh have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 60.71%, which ranks in the top 30% nationwide. This equates to an annual average Raleigh house appreciation rate of 4.86%.

Over the last year, Raleigh appreciation rates have trailed the rest of the nation. In the last twelve months, Raleigh's appreciation rate has been 7.54%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Raleigh were at 2.06%, which equates to an annual appreciation rate of 8.48%.

Relative to North Carolina, our data show that Raleigh's latest annual appreciation rate is lower than 90% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Raleigh differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Raleigh - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Raleigh real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$317,244

Raleigh, NC HOME PRICES

> $1,240,000
1.5%
1.5%
$930,001 - $1,240,000
2.9%
2.9%
$620,001 - $930,000
7.4%
7.4%
$496,001 - $620,000
7.9%
7.9%
$372,001 - $496,000
16.5%
16.5%
$248,001 - $372,000
25.5%
25.5%
$124,001 - $248,000
32.3%
32.3%
$62,001 - $124,000
3.8%
3.8%
$0 - $62,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for NC

Value Relative To Nation

Number Of Homes And Apartments:
183,335

Raleigh Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
94.95% 3.15%
9
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,706 / per month

Homeownership Rate

Owners
49.3%
49.3%
Renters
50.7%
50.7%
Vacant
9.4%
9.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
35.7%
35.7%
1970 - 1999
46.9%
46.9%
1940 - 1969
14.3%
14.3%
1939 or Older
3.1%
3.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
45.7%
45.7%
Townhomes
14.0%
14.0%
Small Apt. Buildings
5.7%
5.7%
Apt. Complexes
33.1%
33.1%
Mobile Homes
1.5%
1.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
15.1%
15.1%
2 Bedrooms
27.3%
27.3%
3 Bedrooms
34.7%
34.7%
4 Bedrooms
16.6%
16.6%
5 or more bedrooms
4.1%
4.1%
0.0% 100.0%
% OF HOMES