Cary, North Carolina Housing Market Prices
Cary Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 60% above the North Carolina median$445,474
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Median rent 41% above the North Carolina median$1,726
Housing Market Overview
| Metric | Cary | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $445,474 | $278,288 | $248,835 |
| Price Trend (Annual %) | 2.9% | 9.3% | 7.5% |
| Median Gross Rent | $1,726 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 6.0% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cary is about 60% higher than in North Carolina. Rent is about 41% higher than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Cary, up about 2.9% and 6.0% a year respectively. Rent is changing faster.
Median rent in Cary rose about 67.9% between 2015 and 2024, from $1,028 to $1,726. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Cary.
Buying the median-priced home in Cary costs roughly 21.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cary. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Cary | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $445,474 | $278,288 | $248,835 |
| Median Household Income | $129,912 | $72,438 | $80,455 |
| Price-to-Income Ratio | 3.4 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cary rose about 39.5%, while median household income rose about 50.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cary | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.9% | 58.3% | 58.5% |
| Rental Rate | 34.0% | 29.2% | 31.2% |
| Vacancy Rate | 6.1% | 12.5% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Cary has a homeownership rate of 59.9%, higher than the North Carolina average of 58.3%. Its housing vacancy rate is 6.1%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Cary | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1997 | 1989 | 1978 |
| Median Number of Rooms | 6.4 | 5.6 | 5.5 |
The typical housing unit in Cary was built around 1997. On average, 2.5 people live in a home with about 6.4 rooms, staying for about 12.0 years on average.
Cary, NC Housing Compared With Nearby Cities
How Cary, NC compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Cary, NC | 159,804 | $445,474 #2/3 | $1,726 #2/3 | 63.8% #2/3 |
| Apex, NC | 47,941 | $859,712 | $1,928 | 77.3% |
| Raleigh, NC | 423,734 | $402,287 | $1,560 | 50.7% |
Frequently Asked Questions
Common questions about the housing market in Cary, North Carolina.
What is the median home price in Cary, North Carolina?
The median home price in Cary, North Carolina is $445,474, higher than the North Carolina average of $278,288.
What is the average home price in Cary, North Carolina?
The typical home price in Cary, North Carolina, reported as the median sale price, is $445,474. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cary, North Carolina?
The median gross rent in Cary, North Carolina is $1,726 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Cary in 2020?
In 2020, the median gross rent in Cary, North Carolina was $1,304 per month.
What is the price-to-rent ratio in Cary, North Carolina?
The price-to-rent ratio in Cary, North Carolina is about 21.5, meaning it would take roughly 21.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cary.
Are home prices or rent rising faster in Cary, North Carolina?
Both home prices and rent are rising in Cary, up about 2.9% and 6.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Cary, North Carolina?
59.9% of households in Cary, North Carolina own their home, higher than the North Carolina average of 58.3%.
What is the vacancy rate in Cary, North Carolina?
The housing vacancy rate in Cary, North Carolina is 6.1%, lower than the North Carolina average of 12.5%.
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