Introduction
The Triangle housing market continues to evolve as we close out another active season in North Carolina real estate. Whether you’re buying, selling, or investing, understanding current conditions helps you make confident, well-timed moves. Here’s a clear, data-backed look at what’s happening across Wake, Johnston, and surrounding counties this week.
Market Overview
The Research Triangle region — including Raleigh, Cary, Clayton, Garner, and surrounding towns — remains one of the most stable and resilient markets in the Southeast. Despite seasonal shifts, demand continues to outpace supply in many price brackets, keeping competition healthy but not extreme.
As of this week’s report:
- Average List Price: $546,200 (up 2.4% year-over-year)
- Median Sales Price: $482,000
- Average Days on Market (DOM): 31 days
- Active Listings: 5,240 homes region-wide
- Months of Inventory: 2.3 months
- Average Sale-to-List Ratio: 98.4%
These figures suggest a moderate seller’s market — still favoring well-prepared listings, but offering buyers more breathing room than in 2021–22’s peak.
Wake County Snapshot
Wake County remains the Triangle’s economic center and a consistent driver of regional housing trends.
- Median Home Price: $530,500
- Average DOM: 29 days
- New Listings (30-day period): 1,240
- Closed Sales: 1,050
- Price per Sq. Ft.: $239
Raleigh and Cary continue to see steady appreciation, particularly in neighborhoods near RTP and key commuter corridors like I-40 and US-1. Detached homes under $500,000 move fastest, while luxury listings above $1M are experiencing longer market times.
Johnston County Trends
Buyers seeking more space and value are turning to Johnston County communities such as Clayton, Smithfield, and Selma. The county’s new construction pipeline remains active, offering modern layouts and affordable alternatives to Wake’s pricing.
- Median Home Price: $379,000
- Average DOM: 35 days
- Inventory: 1,010 active listings
- New Construction Share: ~42% of all listings
Builders are offering modest incentives — often in the form of rate buy-downs or closing-cost credits — to attract buyers. Resale homes that show well and are priced competitively still move quickly, especially near major commuter routes.
Durham & Orange Counties
Durham’s tech and education base keeps its market strong, while Chapel Hill and Carrboro remain steady with limited inventory.
- Median Price (Durham): $465,000
- Average DOM: 33 days
- Active Listings: 720
- Median Price (Orange): $540,000
- Average DOM: 37 days
Durham’s market has normalized slightly, with list-to-sale ratios dipping below 99% for the first time since 2020. Buyers are showing more selectivity, but well-maintained homes in established neighborhoods continue to attract multiple offers.
Condos & Townhomes: Steady Urban Demand
The condo and townhome segment continues to appeal to first-time buyers, investors, and downsizers seeking walkability and lower maintenance.
- Median Price: $365,000
- Average DOM: 28 days
- Active Listings: 690
- Sale-to-List Ratio: 99.2%
Raleigh’s Glenwood South and downtown Durham developments remain popular, while new projects in Cary and Morrisville are introducing more mid-range options with modern amenities.
Luxury Market Update ($1M+)
The Triangle’s upper-end market is adjusting to higher borrowing costs, with longer marketing times and increased emphasis on presentation.
- Average List Price: $1.42M
- Average DOM: 52 days
- Active Listings: 410
- Sale-to-List Ratio: 97.1%
Buyers in this tier are prioritizing value, quality finishes, and prime locations. Well-staged homes priced within 3–5% of fair market value are still selling briskly, but aspirational pricing often results in extended DOM.
Investor Insight
Investor activity remains steady, particularly in Johnston and eastern Wake counties where rental yields are strongest. Typical gross rent multipliers (GRM) hover around 13–15, and average rent growth year-over-year is approximately 5.2%. Demand for single-family rentals continues to outpace new supply.
Key indicators:
- Average Cap Rate: 6.1% (for long-term rentals)
- Short-Term Rental Occupancy: 63% (Raleigh/Durham metro average)
- Investor Share of Purchases: 14% (down slightly from 2023 highs)
Investors are adopting a selective, fundamentals-first approach — focusing on properties with long-term appreciation potential rather than quick flips.
Mortgage Rate Context
As of early November, 30-year fixed mortgage rates hover near 6.9%, slightly below summer peaks. Local lenders report a modest uptick in pre-approvals, suggesting renewed buyer optimism as inflation stabilizes.
For buyers, rate relief has a direct impact on purchasing power. A 0.5% rate reduction translates to roughly $150–$200 in monthly savings on a $400,000 loan — often the difference between waiting and writing an offer.
Mike Hall’s Take: What It Means for You
We’re in a balanced moment — one that rewards preparation and precision. Sellers can still achieve strong prices, but presentation and accurate pricing matter more than ever. Buyers finally have room to negotiate without rushing, especially when working with a local agent who knows where the real opportunities lie.
In short: this is a rational market. Smart, data-driven moves are winning every time.
