It's April, which means the Spring selling market is finally upon us. Typically, that means back to back showings, multiple offers, and 'speed dating' houses in the hopes of finding the right one and making the best offer.
For some home buyers and sellers, however, it feels more like a pollen-covered winter. As of the writing of this article, Raleigh's real estate market is exhibiting signs of stabilization following the rapid growth experienced in recent years. While home prices continue to rise, the pace has moderated (and inventory levels have improved substantially) offering a more balanced environment for both buyers and sellers.
Current Market Overview
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Home Prices: The median home price in Raleigh has reached approximately $475,000, marking a 6.8% year-over-year increase. In Wake County, the median sales price was reported at $452,000 in March 2025, up from $447,000 in February of the same year.
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Inventory Levels: Housing inventory has seen a significant uptick, with a nearly 30% increase across the Triangle area, including Wake, Durham, Orange, Johnston, and Chatham counties. This rise in available homes provides buyers with more options and reduces the intense competition seen in previous years, and creates an expectation shift for sellers with regards to selling speed.
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Days on Market: Homes in Raleigh are now spending more time on the market, averaging 45 days in February 2025, compared to 23 days the previous year. This shift indicates a move towards a more balanced market, no doubt, but also reflects a change in buyer sentiment from recent macro-economic changes affecting nationwide micro-economic stability.
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Mortgage Rates: Interest rates remain elevated, with 30-year fixed mortgage rates hovering between 6% and 7%. While this continues to impact affordability, the market is adjusting as buyers acclimate to the new rate environment.
Market Drilldown
🏘️ Raleigh, Cary, and Durham Townhouse Market
As of April 2025, Townhouses in these markets priced above $500,000 are experiencing longer times on the market compared to lower-priced properties, including Single Family Homes. While the overall median days on market for homes in Cary is approximately 31 days, higher-priced townhouses often take longer to sell due to factors such as increased inventory, elevated mortgage rates, and buyer affordability constraints.
🏘️ Raleigh, Cary, and Durham General Housing Market
As of April 2025, the single-family home markets in Raleigh, Cary, and Durham, North Carolina, exhibit distinct trends influenced by local demand, inventory levels, and broader economic factors. Here's an overview of each market:
🏡 Raleigh, NC
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Average Home Value: $440,127, reflecting a slight decrease of 0.4% over the past year.
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Median Sale Price: $429,833 as of February 2025.
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Median Days to Pending: Approximately 20 days, indicating a relatively brisk market.
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Market Insights: While there's been a modest decline in average home values, the market remains active with homes moving quickly. The slight dip may offer opportunities for buyers, while sellers can still expect reasonable demand.
🏡 Cary, NC
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Average Home Value: $630,101, marking a 1.9% increase over the past year.
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Median Sale Price: $582,500 as of February 2025.
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Median Days to Pending: Around 8 days, highlighting a highly competitive market.
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Market Insights: Cary's market is robust, with homes selling rapidly. The increase in average home value suggests sustained demand, making it a favorable environment for sellers.
🏡 Durham, NC
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Average Home Value: $405,792, up 0.4% over the past year.
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Median Sale Price: $385,000 as of February 2025.
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Median Days to Pending: Approximately 20 days, indicating a balanced market.
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Market Insights: Durham's market shows steady growth with moderate increases in home values. The balanced pace suggests opportunities for both buyers and sellers.
| City | Avg. Home Value | 1-Year Change | Median Sale Price | Median Days to Pending |
|---|---|---|---|---|
| Raleigh | $440,127 | -0.4% | $429,833 | 20 days |
| Cary | $630,101 | +1.9% | $582,500 | 8 days |
| Durham | $405,792 | +0.4% | $385,000 | 20 days |
Observations on Property Showings
Recent showing data in certain micro-markets around the triangle indicate a decline in buyer interest - leading to longer days on market for many sellers, especially at price-points below $700,000 and for property types other than single-family residences (townhomes, condos). The decline in property showings across Raleigh, Cary, and Durham is multifaceted, stemming from economic factors like elevated mortgage rates and increased inventory, as well as behavioral aspects such as buyer selectivity and demographic shifts. Sellers aiming to attract more showings should consider pricing their properties competitively, enhancing property presentation, and being flexible with showing schedules to accommodate potential buyers.
Tips for Sellers with Active or Upcoming Listings
Given the current market dynamics, sellers should consider the following strategies to maximize their property's appeal and sale potential:
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Accurate Pricing: With increased inventory and longer selling times, setting a competitive and realistic price is crucial. Overpricing can lead to extended time on the market and potential price reductions. While we haven't seen a dip in prices yet, locally, sellers are beginning to adjust their expectations of value and lower their prices - in some areas as much as 5% below what they originally hoped for.
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Enhanced Presentation: Investing in professional staging and high-quality photography can significantly impact buyer interest. A well-presented home stands out in listings and can attract more showings.
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Flexible Negotiations: Be prepared to negotiate on terms such as closing dates or minor repairs. Flexibility can make your listing more attractive to potential buyers.
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Marketing Strategy: Utilize a comprehensive marketing plan that includes online listings, social media promotion, and virtual tours to reach a broader audience.
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Home Improvements: Addressing necessary repairs and considering updates, especially in key areas like kitchens and bathrooms, can increase your home's value and appeal.
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Consult a Real Estate Professional: Partnering with an experienced local agent can provide valuable insights into market trends and help tailor a strategy specific to your property's strengths.
By implementing these strategies and others, sellers can navigate the evolving Raleigh real estate market effectively, positioning their properties for success. Want to learn more? Connect with us today and let's chat!