Raleigh, North Carolina Median Home Price in 2023

Are you considering moving to Raleigh, NC, and want to learn more about the median home price? Keep reading to learn more about Raleigh's median home price in 2023.

With over 1,000,000 residents in 2023, Raleigh, NC, is one of the fastest-growing metropolitan areas in the nation. Many people are considering moving to the city for its prime real estate, excellent schools, delicious restaurants, fun things to do, and more. No matter why you want to move, first, you should always learn about the median home price.

With a rise in population comes an increase in home prices. It's tempting to jump into a new neighborhood when you move, but you must consider whether you can afford your new lifestyle.

Home prices vary greatly depending on the time of year, neighborhood, etc. If you are a first-time home buyer in Raleigh, it's crucial to understand the average prices before moving. Let's take a close look at the median home price in Raleigh in 2023.

Here is everything you need to know about Raleigh's median home price in 2023

What is the Median Home Price in Raleigh in 2023?

Overall, the cost of living in Raleigh is 13.5% higher than the national average. Typically, this means that the average prices for expenses will also be higher than the national average. Luckily, the annual income is also usually higher than the national average. 

The median home value in Raleigh is $335,100, higher than the national median of $309,000. Real Estate trends are forecasted to rise as more people move to the area. The mortgage payment is right around the national average, at $1,609.

These prices will vary greatly depending on where you decide to move to in Raleigh. With a variety of neighborhoods, each brings something extraordinary to the table, and it's essential to pick a neighborhood that offers everything you need or want. 

When buying a home in Raleigh, consider the location, school district, storage space, commute to work, home style, and more. If you are looking for short-term housing or aren't quite ready to put down a downpayment on a home, keep reading to learn about the median monthly rent in Raleigh. 

Rent or Buy?

Although housing prices in Raleigh are relatively affordable if you are looking for short-term housing for any reason, renting is always a great option. Let's dive into the logistics of renting versus buying a home in Raleigh.

Both renting and buying costs in Raliegh are a bit higher than the national average, but renting is undoubtedly the cheaper alternative if you're just not ready to buy a home. Rent in Raleigh is about $1,237 monthly, 6.2% higher than the national average. Whereas the monthly housing costs with a mortgage are about $1,609. 

As the home to the North Carolina State University, there are many outstanding apartment complexes around the city. Although many of them are catered toward college students, there are still a significant number of families or young professionals. 

On average, renting is more affordable in Raleigh. However, this is entirely up to you, depending on your personal wants and needs. 

Utilities

Utilities are an often overlooked expense, although they vary significantly from city to city. It is vital to consider the average utility prices in your current and future areas. This will give you a better idea of how much you will pay for your home overall once you're all moved in.

Specifically, there are many state-regulated private providers for electricity in Raleigh; according to EnergySage, the entire bill is about $176 per month, which will save you about 18% compared to the national average. To save you even more money, many eco-friendly home modifications and renovations must be considered.

In Raleigh, Dominion Energy provides natural gas, and billing is based on how many "therms" of gas a resident uses. Overall, the average gas price in Raleigh is about 28.4% less than the national average. 

The city of Raleigh offers a calculator to estimate water usage based on weekly showers in your home, and they bill your water based on usage tiers. 

Finally, similar to most cities, Raleigh provides garbage, recycling, and sewer services for a small fee. Now, look at how much you will be paying in Raleigh on utilities. 

Utility	Average Cost in Raleigh	Average National Cost
Electricity	$0.15 per kWh	$0.17 per kWh
Natural gas	$1.09 per Therm	$1.40 per Therm
Recycling	$4.60 per month	-
Garbage collection	$14.45 per month	-

Market Predictions

Raleigh has grown exponentially in the last 20 years and is expected to continue its upward trend into 2024. If you're considering buying a home in Raleigh, whether to house your family or rent out for income, it's crucial to understand the market. Market predictions may vary depending on variables like the season, population growth, etc.

Since 2022, single-family home construction has slowed down as multifamily homes have increased. Higher mortgage rates and their potential impact on buyer demand have caused a slowdown on the new construction front. 

As the buyer demand has decreased, homes stay on the market longer than last year. However, homes in a desirable location will still be competitive.

A survey done by PxW rates the Raleigh/Durham area as number one in the U.S. for homebuilding prospects and number two for overall real estate prospects. It is placing Raleigh in the "supernova" category, as it is on track for rapid economic growth.

As for the median home, the price has steadily grown over the years due to a lack of homes for sale. The median home price in 2023 increased 2.5% since the year before. On a good note, sellers are seen as more flexible on price. As the university and job market grows, the median rent price has also increased by 3% in the last year. 

As you search for your future home, fall and winter are the best times to buy a home. Due to the fewer people looking to buy, there will be fewer homes on the market.

First Time Home Buyers

As the most significant buying pool, first-time home buyers will face many unexpected twists and turns as they buy their homes. Luckily, Raleigh offers many helpful programs and benefits for first-time home buyers that can save you up to $2,000/year in tax credits. 

As the median home price in Raliegh fluctuates, it's necessary to understand what to expect. Whether you are a recent college graduate, a small family, or a new hire, you should learn the vital steps of the home-buying process. 

Buying a home is a valuable investment, and each state's closing requirements vary, so North Carolina may differ significantly from your current condition. First, determine what you are looking for and get pre-approved for a mortgage. Next, hire a full-service real estate agent to help you search for a home. 

Once you have found your home, put in a purchase offer and begin negotiations. Finally, once it is yours, you can schedule a home inspection, obtain a mortgage, obtain title insurance, and complete the final walk-through. If you are interested in more information on the process, check out our 11-step guide to the North Carolina home-buying process. 

Raleigh Neighborhoods

Raleigh is a hub for various technology companies, top academic institutions, and a leading force in the agriculture industry, providing many job opportunities across different career paths. Located in the middle of the state, it is just a short drive to the beautiful beaches and mountains. 

Please take a look at the top neighborhoods and their median home prices in 2023. 

Mordecai

Located in one of the most historic areas in Raleigh, Mordecai is a small neighborhood full of beautifully landmark homes. In addition to the charming homes, there are many restaurants, cafes, and fun events to do in the area. 

Mainly due to the prime location, Mordecai has exploded in recent years. It is within walking distance from Downtown Raleigh, meaning you can live in a historic home without sacrificing your metropolitan lifestyle. The median home price is around $616,736, which is a bit more affordable than other neighborhoods in Raleigh. 

North Hills

Situated right by the beltline, North Hills is known as a rapidly growing and ever-changing area. Most notably, it is known for its easy access to major highways, excellent schools, fabulous restaurants, and shopping opportunities. 

There are a plethora of unique home styles, sizes, and more. With abundant things to do, North Hills is a prime location for families or young professionals. What's more is that the median home price is about $539,785, much lower than other Raleigh neighborhoods. 

Downtown Raleigh

If the most crucial factor is easy access to city life, Downtown Raleigh is the place to be. Due to the central location, this area is perfect for millennials looking for outdoor entertainment, townhouses with city skyline views, or condos within walking distance of bars, cafes, and restaurants.

Again, this neighborhood has relatively low home prices. Prices, of course, vary greatly, but the median home price is about $529,117. 

FAQ: Raleigh, North Carolina, median home price in 2023

Here are some commonly asked questions about Raleigh's median home price in 2023.

Will home prices drop in 2023 near North Carolina?

As a growing and popular area, experts expect the North Carolina housing market to slow down, with higher home prices and higher numbers of homes for sale. This will most likely lead to more competitive bidding wars and longer days on the market.

What is the housing forecast for Raleigh in 2023?

Experts are expecting to see a 5.4% increase in property values in Raleigh in 2023. 

What is the median house price in the U.S. in 2023?

The U.S. Census states that the median home value in Raleigh is $335,100, which is a bit higher than the national median price of $309,000.

Is now a good time to buy a house in Raleigh, NC?

As the area becomes more populated, housing prices in Raleigh will continue to rise, and homes may stay on the market longer. If buying a house seems out of your budget, there are many great homes, townhomes, and apartments for rent in the Triangle. 

How much do you need to live comfortably in Raleigh, NC?

Depending on your family size, budget, and lifestyle, the amount of money you need to live comfortably may vary. On average, a single adult with no children will need to make about $68,000, and the median income in Raleigh is about $42,632.

Median Home Price in Raleigh, NC in 2023 - Final Thoughts

No matter why you decide to move to Raleigh, it is essential to understand the average price of a home in the area. This will help you build your future budget, know how much to save, and more. Before moving to the city, make sure to contact us to find the home of your dreams in Raleigh, North Carolina. 

We know that buying a new home can be highly stressful and overwhelming; here are a couple more guides to help you with the process:

How Much Money Should You Save Before Buying a House?

What Are Prepaid Costs When Buying a Home?

Hidden Costs When Buying a House