Raleigh, NC 27604 Real Estate Market Report

ZIP Code: 27604
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The Raleigh, NC (ZIP: 27604) real estate market is currently characterized by a median sold price of $314,900, reflecting a softening trend as prices have decreased year-over-year. This decline suggests a shift in market dynamics, where buyers may have more negotiating power due to the increased inventory levels and longer median days on market, which currently stand at 1,184 days. This extended time frame indicates a slower sales velocity, allowing buyers to be more selective in their choices.

The market appears to be transitioning towards a more balanced state, with elevated inventory levels contributing to a neutral market temperature. The median listing price of $285,000 indicates a notable gap between what sellers are asking and what buyers are willing to pay, potentially leading to pricing friction. Additionally, rental prices are also experiencing a slight decrease, with a median market rent of $1,733, further reflecting the cooling market conditions.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Raleigh, NC are averaging 6.28% as of March 31, 2026, which is 0.28% higher than the average rate of 6.00% one year ago.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $314,900 indicates a decreasing trend in property values, suggesting potential pricing adjustments ahead.

2. With a median listing price of $285,000, there is a significant gap between seller expectations and buyer willingness, indicating pricing friction in the market.

3. The median days on market at 1,184 days reflects a slower sales velocity, giving buyers more time to make decisions and negotiate.

4. Elevated inventory levels suggest excess supply relative to sales activity, which may lead to further price adjustments in the near future.

5. The median market rent of $1,733 shows a downward trend, indicating a cooling rental market that could influence buyer sentiment.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.