Raleigh Property Values Climb to $460K with Varied Sale Trends Across The Region – April 2024

Raleigh’s real estate market has seen an increase in property values. We examine the latest salves volumes plus a comparison with nearby markets.

authorWritten by Manuel MartinezMay 13, 2024

The Raleigh real estate scene is experiencing an uptick in average values. House prices grew from $425,071 in January 2024 to $460,000 in April this year – so, in short, the property values are on the rise. Avg. prices per square foot have stayed comparably flat: we’ve seen a modest climb from $235 in January to $243 in April.

Here is a snapshot view of the market price changes, YoY. See our latest Raleigh market report.

May 2023 April 2024 Change
Median Listing Price $481K $409.9K -14.79%
Median Sold Price $405.9K $409.9K 0.99%
Homes For Sale 676 1,030 52.37%
Homes Sold 3,857 3,761 -2.49%

While values soar, average sale prices have not. April ended with an average sale price of around $410k, a @10k step-down from $420k in January. This dip suggests that while the market commands higher valuations, actual sales are closing for a little less. Per-square-foot values mirrors that of the broader trend, moving from $225 in January to roughly the same in April.

Regarding the available inventory, Raleigh’s market shows no clear indication of a steady incline or decline. 3,761 properties changed hands during April, down from 4,776 in September 2023.

A Comparative Analysis with Nearby Cities

Below are current values for the nearby zip codes:

Zip Median Est. Value Zip Median Est. Value
27610

$ 335,000

$ 238/sqft

27612

$ 509,000

$ 243/sqft

27603

$ 433,836

$ 231/sqft

27606

$ 554,500

$ 251/sqft

27615

$ 541,123

$ 247/sqft

27617

$ 441,230

$ 221/sqft

27616

$ 403,696

$ 200/sqft

27607

$ 820,000

$ 336/sqft

27609

$ 661,281

$ 282/sqft

27601

$ 535,000

$ 439/sqft

27613

$ 622,500

$ 244/sqft

27608

$ 877,000

$ 413/sqft

27604

$ 373,007

$ 231/sqft

27605

$ 394,000

$ 400/sqft

27614

$ 655,686

$ 225/sqft

  • Cary stands out as a premium market, with an average property value of $665,000 and a per square foot value of $266 – both metrics outpacing Raleigh. Its average sale price registers at a substantial $564,073, pointing to Cary’s status as a higher-end enclave.
  • Knightdale emerges as a more budget-friendly option, offering an average value of $415,000 and a per square foot value of $199. The sale prices echo the affordability theme, with properties selling on average at $344,295.
  • Garner presents itself as another affordable market with an average value of $385,000, while the per square foot value hovers at $206. The sale price in Garner averages around $369,000, reinforcing its position as a cost-effective choice for homebuyers.
  • Morrisville, with its average value of $525,000, boast a per-square-foot value of $260. Average sale price sits at $507,389 – indicating solid market health and strong demand.
  • Rolesville doesn’t go unnoticed with an average value of $475,000 and a per square foot value of $191, closely aligning it with the broader market tendencies exhibited in Raleigh. The sale metric here averages approximately $435,284, providing yet another snapshot of regional market variations.

The collected data from April 2024 paints a nuanced picture of Raleigh and its environs, illustrating the nuanced interplay between value, sale price, and transaction volumes. Each city within the study has its story woven by these figures, with Raleigh standing as an anchor for a diverse and fluctuating regional market.

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