Raleigh Housing Market Update: February 2024

Median Price Change & Competing Offers

Median Price

Keep in mind that median prices have limitations when looking at the market, especially when we’re looking at shorter periods of time, like a month. They don’t give an apples to apples comparison. Just because the median price is $450,000 right now (this is an example, not a real number) doesn’t mean that it is the same type of home that people bought for $460,000 last year. People could just be buying smaller or larger homes. So it doesn’t tell us whether prices have gone up or down. But it does tell us how buyers needs have changed.

Competing Offers

The percent of competing offers is the strongest indicator of market competitiveness. Cary, Apex, Morrisville and Chapel Hill remain the most competitive markets. Also keep in mind that this data is from a month ago. We are definitely seeing a lot of competition in the spring market! Sign up for our newsletter to be kept in the loop.

Triangle Area Town	Median Price	% Change: Year over Year	% Competing Offers
Apex	622,500	22.90%	25.32%
Cary	535,000	2.88%	32.28%
Chapel Hill	535,000	-7.36%	24.32%
Clayton	364,995	-2.00%	14.15%
Durham	399,425	4.42%	18.18%
Fuquay-Varina	411,290	-5.38%	10.20%
Garner	395,000	0.08%	18.18%
Holly Springs	600,000	2.56%	13.89%
Knightdale	405,670	10.91%	7.69%
Morrisville	470,000	-1.05%	27.78%
Raleigh	405,000	1.25%	15.59%
Wake Forest	524,900	5.09%	7.56%
Wendell	378,150	-2.79%	11.11%
Zebulon	349,995	2.19%	2.94%

Expired Listings

When you see a negative percent in the expired listings table, that means the market has LESS inventory and more competition in the market. A positive percent means there are more properties listed that expire without selling.

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Triangle Area Town	Expired Listings 2023	Expired Listings 2024	Percent Change
Apex	7	1	-85.71%
Cary	7	8	14.29%
Chapel Hill	8	4	-50.00%
Clayton	13	22	69.23%
Durham	18	35	94.44%
Fuquay-Varina	13	19	46.15%
Garner	8	6	-25.00%
Holly Springs	2	3	50.00%
Knightdale	3	3	0.00%
Morrisville	2	1	-50.00%
Raleigh	37	57	54.05%
Wake Forest	7	21	200.00%
Wendell	2	10	400.00%
Zebulon	2	3	50.00%