Raleigh, NC 27609 Real Estate Market Report

ZIP Code: 27609
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Raleigh, NC (27609) is currently characterized by a median sold price of $450,000, reflecting a stable market environment. The neighborhood has increased up since 2023, indicating a positive trend in property values. Despite this appreciation, the market is experiencing elevated inventory levels, which has contributed to a slower sales velocity and a median days on market of 1,334 days. This suggests that while prices are appreciating, the pace of transactions is not keeping up, leading to a more balanced market overall.

With a median listing price of $584,950, there is a notable gap between asking prices and sold prices, which may indicate pricing friction as sellers adjust expectations in response to market conditions. Additionally, rental demand is on the rise, with a median market rent of $2,055, further supported by local economic growth. This combination of factors suggests that while the market is stabilizing, there are opportunities for buyers and investors to navigate a landscape marked by both elevated inventory and competitive rental 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

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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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 6.25%, which is 0.87% higher than the average rate of 5.38% when loans originated in 2026.

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. $450,000 is the median sold price, indicating a stable market with positive appreciation trends.

2. The market is experiencing elevated inventory levels, which may suggest slower sales velocity and pricing adjustments.

3. With a median listing price of $584,950, there is significant pricing friction compared to the median sold price.

4. The median days on market stands at 1,334 days, reflecting a slower transaction pace and a balanced market environment.

5. Rental demand is strengthening, with a median market rent of $2,055, supported by positive local economic growth.

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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.