Raleigh, NC 27609 Real Estate Market Report

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

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Executive Overview

As of February 2026, the real estate market in Raleigh, NC (ZIP: 27609) reflects a median sold price of $633,000, indicating a stable yet slightly declining trend in property values. The neighborhood has experienced a price trend that is down year-over-year, suggesting a shift in market dynamics. Despite this, the local economic fundamentals remain strong, driven by job and population growth, which may prevent a more significant downturn in the market.

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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, around 5.88% are notably lower than the 6.375% average seen earlier in 2026, presenting a favorable refinancing window for property owners.

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 listing price stands at $797,450, indicating a notable gap between asking prices and actual sold prices, which may suggest pricing friction in the market.

2. With a median days on market of 182, properties are taking longer to sell, reflecting a slower sales velocity and a more balanced market environment.

3. The median market rent is $2,055, which, along with the declining rent year-over-year trend, indicates potential challenges for landlords in maintaining rental income.

4. The current property tax rate is 0.68%, which remains relatively stable, providing a predictable cost structure for homeowners in the area.

5. Interest rate pressure is considered moderate, with current 30-year fixed mortgage rates around 5.88%, presenting a favorable refinancing opportunity for property owners.

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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.