WHAT’S THE MARKET VIBE IN 2025?

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DESPITE A SIGNIFICANT SHIFT IN 2024, THE RALEIGH AREA CONTINUES TO BE AMONG THE FASTEST-GROWING IN AMERICA. THE QUESTION IS, WHAT’S THE VIBE IN 2025?

LET’S TAKE A LOOK AT EACH MARKET AND SEE HOW THE NUMBERS COMPARE TO THIS TIME LAST YEAR. STAY TUNED FOR UPDATES ON THESE STATS EVERY QUARTER.

FIRST, IN ORDER TO BETTER EXPLAIN THE SPECIFICS OF EACH MARKET LET’S LOOK AT TWO IMPORTANT TERMS:

MEDIAN SALES PRICE AND HOUSING AFFORDABILITY INDEX

  • MEDIAN SALES PRICE
    • THIS IS THE MIDDLE PRICE WHEN ALL SALES ARE ARRANGED IN ORDER – HALF THE HOMES SOLD FOR LESS, AND HALF THE HOMES SOLD FOR MORE
    • EXAMPLE: USING THE FOLLOWING HOME PRICES OF $200K, $250K, $300K, $800K, $1M, THE MEDIAN PRICE IS $300K BECAUSE IT’S THE NUMBER IN THE MIDDLE
      • THIS IS NOT THE SAME AS AN AVERAGE, WHICH TAKES THE TOTAL NUMBER OF SALES AND DIVIDES IT BY THE NUMBER OF HOMES. THIS NUMBER CAN BE SKEWED BY EXTREME HIGHS OR LOWS.
    • NOTE* THIS METHOD IS CONSIDERED A BETTER INDICATOR OF THE MARKET CONDITIONS, ESPECIALLY IN AREAS WITH DIVERSE PROPERTY VALUES, SINCE IT’S NOT AFFECTED BY EXTREMES

  • THE HOUSING AFFORDABILITY INDEX MEASURES WHETHER THE AVERAGE FAMILY CAN AFFORD TO BUY A MEDIAN-PRICED HOME.
    • A SCORE OF 100 MEANS A MEDIAN-INCOME HOUSEHOLD IN THAT THAT SPECIFIC MARKET HAS EXACTLY ENOUGH INCOME TO QUALIFY FOR A MORTGAGE ON A MEDIAN-PRICED HOME
      • ABOVE 100 = MORE AFFORDABLE / HOUSES HAVE MORE THAN ENOUGH INCOME TO BUY
      • BELOW 100 = LESS AFFORDABLE/ HOUSEHOLDS MAY STRUGGLE TO AFFORD A HOME

OK, WE’RE READY TO GO THROUGH THE MARKETS!

RALEIGH

Key MetricsJan 2024Jan 2025% Change
New Listings636699+9.9%
Closed Sales345379+9.9%
Median Sales Price$404,730$425,000+5.0%
Percent Of Original Listing Price Received96.5%95.8%-0.7%
Days On The Market3145+45.2%
Housing Affordability Index7974-6.3%
Inventory of Homes For Sale9901,216+22.8%

DURHAM

Key MetricsJan 2024Jan 2025% Change
New Listings364366+0.5%
Closed Sales190195+2.6%
Median Sales Price$404,530$399,000-1.4%
Percent Of Original Listing Price Received97.3%95.6%-1.7%
Days On The Market3135+12.9%
Housing Affordability Index79790.0%
Inventory of Homes For Sale540663+22.8%

CHAPEL HILL / CARRBORO

Key MetricsJan 2024Jan 2025% Change
New Listings108109+0.9%
Closed Sales6658-12.1%
Median Sales Price$566,930$622,500+9.8%
Percent Of Original Listing Price Received96.3%94.2%-2.2%
Days On The Market4161+48.8%
Housing Affordability Index5750-12.3%
Inventory of Homes For Sale153187+22.2%

WAKE FOREST

Key MetricsJan 2024Jan 2025% Change
New Listings1701700.0%
Closed Sales8099+23.8%
Median Sales Price$475,000$505,000+6.3%
Percent Of Original Listing Price Received97.3%96.7%-0.6%
Days On The Market2331+34.8%
Housing Affordability Index6762-7.5%
Inventory of Homes For Sale272311+14.3%

FUQUAY VARINA / HOLLY SPRINGS

Key MetricsJan 2024Jan 2025% Change
New Listings220222+0.9%
Closed Sales141129-8.5%
Median Sales Price$520,000$491,280-5.5%
Percent Of Original Listing Price Received98.5%97.1%-1.4%
Days On The Market2023+15%
Housing Affordability Index6264+3.2%
Inventory of Homes For Sale320397+24.1%

CARY / APEX / MORRISVILLE

Key MetricsJan 2024Jan 2025% Change
New Listings265337+27.2%
Closed Sales179208+16.2%
Median Sales Price$570,000$582,500+2.2%
Percent Of Original Listing Price Received98.7%97.3%-1.4%
Days On The Market2230+36.4%
Housing Affordability Index5654-3.6%
Inventory of Homes For Sale240390+62.5%

NORTHERN TRIANGLE REGION (INCLUDES YOUNGSVILLE AND FRANKLINTON)

Key MetricsJan 2024Jan 2025% Change
New Listings102121+18.6%
Closed Sales4682+78.3%
Median Sales Price$258,999$284,995+10.0%
Percent Of Original Listing Price Received93.0%94.7%+1.8%
Days On The Market3520-42.9%
Housing Affordability Index124110-11.3%
Inventory of Homes For Sale223298+33.6%

KNIGHTDALE / WENDELL / ZEBULON

Key MetricsJan 2024Jan 2025% Change
New Listings236264+11.9%
Closed Sales116137+18.1%
Median Sales Price$358,838$372,990+3.9%
Percent Of Original Listing Price Received97.7%96.5%-1.2%
Days On The Market1824+33.3%
Housing Affordability Index8984-5.6%
Inventory of Homes For Sale398458+15.1%

SO, WHAT DOES ALL THIS DATA MEAN?

CHAPEL HILL CONTINUES TO BE THE MOST EXPENSIVE MARKET, FOLLOWED BY CARY/APEX, AND AFFORDABILITY CONTINUES TO BE CHALLENGING. WAKE FOREST IS TRAILING NOT TOO FAR BEHIND, AND THOUGH IT’S STILL A MORE AFFORDABLE MARKET COMPARED TO CHAPEL HILL AND CARY, THIS MIGHT BE CHANGING IN THE FUTURE.

THE NORTHERN TRIANGLE REGION REMAINS TO BE THE MOST AFFORDABLE MARKET, WITH CITIES LIKE YOUNGSVILLE AND FRANKLINTON OFFERING COMFORTABLE PRICES, QUAINT DOWNTOWNS, AND NEW CONSTRUCTION. WE CAN SEE THEIR POPULARITY GROW WITH DAYS ON THE MARKET SHORTENING AND THE AFFORDABILITY DECREASING SINCE LAST YEAR. THE KNIGHTDALE AREA COMES NEXT IN AFFORDABILITY, AS IT’S ANOTHER GREAT OPTION CLOSE TO RALEIGH.

MORE GENERALLY SPEAKING, THE HOUSING MARKET IN THE RALEIGH AREA IS BALANCING ITSELF OUT. WHILE NEW LISTINGS AND SALES HAVE GENERALLY INCREASED ACROSS THE REGION, RISING HOME PRICES HAVE MADE AFFORDABILITY MORE CHALLENGING FOR BUYERS. HOMES ARE SELLING AT APPROXIMATELY 96% OF THE ORIGINAL LISTING PRICE, MEANING SELLERS ARE RECEIVING VERY CLOSE TO THEIR ASKING PRICE. HOWEVER, DAYS ON THE MARKET HAS INCREASED GIVING BUYERS MORE TIME TO BREATHE WHEN DECIDING WHETHER TO PLACE AN OFFER.

THIS DATA REAFFIRMS OUR CURRENT MARKET AS A BALANCED ONE, MEANING A GOOD MARKET FOR BOTH BUYERS AND SELLERS.

WOULD YOU LIKE TO DISCUSS THIS FUTHER? HAVE QUESTIONS ABOUT A SPECIFIC MARKET? PLEASE REACH OUT! I’D LOVE TO CHAT.

Dara Tannenbaum RealtorĀ®

Email: [email protected] | Instagram: @daratannenbaum

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