Is It a Good Time to Buy a Home in Raleigh Right Now?

Yes, if you go in knowing what has actually shifted. Homes in the Raleigh area are sitting on the market for around 39 days on average right now, and in some pockets of the Triangle that number climbs closer to 50 or 60. A year ago that would have been unheard of. That extra time is not a red flag. It is leverage, and most buyers walking into this market don't know they're holding it.

I've been doing this since 2019, and I can tell you the biggest mistake I see buyers make right now is showing up with a 2022 mindset. They think they have to waive every contingency, offer over asking, and write a love letter to the seller just to get a shot. That world is mostly gone. You still need to move fast on the right house, but you are not desperate anymore. You have options.

What actually changed in the Raleigh Durham market

Median sale prices in Raleigh are down about 6 percent from this time last year, sitting around $422,000. Durham is telling a similar story, down roughly 2 to 7 percent depending on the source, with a median near $425,000. Inventory has grown. Homes that would have vanished in 48 hours last year are now sitting for a few weeks, giving buyers actual time to think instead of panic.

Mortgage rates are still elevated, hovering in the mid to high 6 percent range as of this month. That keeps some buyers on the sidelines, which is exactly why the ones who are still shopping have more negotiating power. Less competition for you means more of what you want gets said yes to.

So what does that actually mean for you?

It means you can ask for things again. Inspection contingencies are back on the table in most price ranges. Sellers are agreeing to closing cost credits. You can request repairs instead of just accepting a home as is. If a house has been sitting for 40 days or more, that is your cue to negotiate on price, not just terms.

There is one caveat. Entry level homes under $350,000 in good school districts are still moving fast and sometimes still getting multiple offers. If you're shopping in that range, you still need to be pre approved, decisive, and ready to move within a day or two of a new listing hitting the market. The leverage I'm describing is real, but it is not evenly distributed across every price point.

Bottom line

Buyers in the Raleigh Durham market right now have more time, more negotiating room, and more homes to choose from than they did a year or two ago, but that window closes fast on well priced homes under $350,000. Know which market you're actually shopping in before you write an offer.

What questions should you be asking before you make an offer?

Ask how long the home has been listed and whether the price has already been reduced. Ask what the seller's timeline looks like, because a seller who needs to close fast will often take less to make it happen. Ask your lender to run numbers at more than one rate scenario so you understand your real monthly payment, not just a teaser rate. And ask your agent to pull the actual days on market and price history for that specific neighborhood, not just the citywide average, because Raleigh, Durham, Cary, and Wake Forest are not moving at the same speed right now.

What about down payment options?

This is where I see a lot of first time buyers talk themselves out of buying before they've even run the numbers. There are still down payment assistance programs active across Wake and Durham counties, and conventional loans with as little as 3 percent down are still very much available for qualified buyers. The bigger conversation is usually not "can I afford a down payment," it's "what is my monthly payment going to actually feel like." That's a conversation worth having with a lender before you fall in love with a house you haven't run the math on.

The part nobody tells you about closing

Closing in North Carolina typically takes 30 to 45 days from accepted offer, and in this market you may have room to negotiate a longer close if you need time to sell another property or line up financing. Budget for closing costs in the range of 2 to 5 percent of your purchase price, and don't be afraid to ask the seller to cover part of that, especially if the home has been sitting.

If you are relocating to the Triangle from out of state, this timeline matters even more, because you're often coordinating a move, a job start date, and a closing all at once. That is exactly the kind of thing I help buyers plan around every day.

Ready to make your move?

If you're thinking about buying in Raleigh, Durham, or anywhere in the Triangle, let's talk before you start scrolling listings. I'll walk you through exactly what your budget gets you right now, what leverage you actually have, and how to use it. Reach out and let's get you a real plan, not just a preapproval letter and a prayer.

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