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) is characterized by a median sold price of $649,500, reflecting a stable market environment despite some recent fluctuations. The neighborhood has decreased 8% since 2022, indicating a slight softening in pricing trends. This decline in sold prices, combined with a median listing price of $829,950, suggests a notable gap between seller expectations and actual market performance, which may lead to increased negotiation opportunities for buyers.

The market is currently experiencing elevated inventory levels, with 179 median days on market, indicating a slower sales velocity. This trend, coupled with a neutral market temperature, suggests that while there is some excess supply relative to sales activity, the underlying economic fundamentals remain strong, supporting ongoing housing demand. However, the median market rent of $2,055 and elevated interest rate pressure may pose challenges for affordability, impacting buyer sentiment and overall market dynamics.

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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 5.99% are slightly lower than the average 6.25% seen in early 2026, suggesting a minor cost opportunity for new financing.

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 $649,500 reflects a recent decrease of 8% since 2022, indicating potential pricing adjustments in the market.

2. With a median listing price of $829,950, there is a significant gap between asking and selling prices, suggesting pricing friction for sellers.

3. The median days on market stands at 179, pointing to a slower sales velocity and indicating that properties are taking longer to sell.

4. Current median market rent is $2,055, which, combined with elevated interest rates, may contribute to affordability challenges for potential buyers.

5. The market temperature is classified as neutral, indicating a balanced environment where neither buyers nor sellers hold a distinct advantage.

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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.