Raleigh, North Carolina Housing Market Prices
Raleigh 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.
-
Median home price 45% above the North Carolina median$402,287
-
Median rent 27% above the North Carolina median$1,560
Housing Market Overview
| Metric | Raleigh | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $402,287 | $278,288 | $248,835 |
| Price Trend (Annual %) | 6.3% | 9.3% | 7.5% |
| Median Gross Rent | $1,560 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 6.4% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Raleigh is about 45% higher than in North Carolina. Rent is about 27% 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 Raleigh, up about 6.3% and 6.4% a year respectively. Rent is changing faster.
Median rent in Raleigh rose about 71.0% between 2015 and 2024, from $912 to $1,560. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Raleigh.
Buying the median-priced home in Raleigh 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 Raleigh. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Raleigh | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $402,287 | $278,288 | $248,835 |
| Median Household Income | $86,293 | $72,438 | $80,455 |
| Price-to-Income Ratio | 4.7 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Raleigh rose about 101.2%, while median household income rose about 55.1% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Raleigh | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.8% | 58.3% | 58.5% |
| Rental Rate | 44.5% | 29.2% | 31.2% |
| Vacancy Rate | 9.8% | 12.5% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Raleigh has a homeownership rate of 45.8%, lower than the North Carolina average of 58.3%. Its housing vacancy rate is 9.8%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Raleigh | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1992 | 1989 | 1978 |
| Median Number of Rooms | 5.1 | 5.6 | 5.5 |
The typical housing unit in Raleigh was built around 1992. On average, 2.3 people live in a home with about 5.1 rooms, staying for about 11.0 years on average.
Raleigh, NC Housing Compared With Nearby Cities
How Raleigh, NC compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Raleigh, NC | 423,734 | $402,287 #3/3 | $1,560 #2/3 | 50.7% #3/3 |
| Wake Forest, NC | 39,088 | $545,194 | $1,535 | 67.3% |
| Cary, NC | 159,804 | $445,474 | $1,726 | 63.8% |
Frequently Asked Questions
Common questions about the housing market in Raleigh, North Carolina.
What is the median home price in Raleigh, North Carolina?
The median home price in Raleigh, North Carolina is $402,287, higher than the North Carolina average of $278,288.
What is the average home price in Raleigh, North Carolina?
The typical home price in Raleigh, North Carolina, reported as the median sale price, is $402,287. 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 Raleigh, North Carolina?
The median gross rent in Raleigh, North Carolina is $1,560 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Raleigh in 2020?
In 2020, the median gross rent in Raleigh, North Carolina was $1,170 per month.
What is the price-to-rent ratio in Raleigh, North Carolina?
The price-to-rent ratio in Raleigh, 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 Raleigh.
Are home prices or rent rising faster in Raleigh, North Carolina?
Both home prices and rent are rising in Raleigh, up about 6.3% and 6.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Raleigh, North Carolina?
45.8% of households in Raleigh, North Carolina own their home, lower than the North Carolina average of 58.3%.
What is the vacancy rate in Raleigh, North Carolina?
The housing vacancy rate in Raleigh, North Carolina is 9.8%, lower than the North Carolina average of 12.5%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →