What's Happening in the Raleigh Durham Housing Market This Week?

Rates jumped, but the local market is holding steadier than the headlines suggest. Here's what that actually means if you're buying or selling in the Triangle right now.

The Federal Reserve raised its benchmark rate a quarter point on September 16, its first hike in three years, and mortgage rates responded by climbing to 6.95 percent as of September 17, the fourth straight weekly increase and the highest level since January 2025. Here's what that actually means if you're buying or selling in the Triangle right now.

The Rate Picture

That 6.95 percent figure is up from 6.26 percent a year ago, a meaningful jump that's adding real dollars to monthly payments. Some housing economists are now openly warning rates could push past 7 percent before fall is over. Fed Chair Kevin Warsh has been clear that inflation hasn't cooled as much as hoped, and Goldman Sachs is among the firms pricing in another possible hike before the year ends. If you've been waiting for rates to drop significantly, the current data isn't giving you much reason for optimism in the short term.

Home Prices Are Still Cooperating

Here's the part that's easy to miss in all the rate noise. Raleigh's median sale price is still sitting around $422,000, down about 6 percent from a year ago. Durham is close behind at roughly $425,000. Prices have not spiked to match the rate increases, which means the higher borrowing cost is being partially offset by lower purchase prices. It's not a wash, but it's not as brutal as a rate headline alone would suggest.

Inventory and Days on Market

Homes in Raleigh are averaging 39 days on market, Durham closer to 31. Months of supply across the Raleigh area sits around 3 months, still technically favoring sellers by the traditional definition, but meaningfully more balanced than the frenzy years. Buyers have real choices right now, which is a direct result of both the price softening and the rate environment keeping some buyers on the sidelines.

So What Does That Actually Mean If You're Buying?

Less competition for the homes you're looking at, more room to negotiate, and a real conversation worth having with your lender about temporary rate buydowns or float down options if you're not closing immediately. The buyers doing best right now are the ones who've stopped waiting for a perfect rate and started focusing on getting the right house at today's price.

So What Does That Actually Mean If You're Selling?

The buyers still shopping in a nearly 7 percent rate environment are serious. They ran their numbers and decided to move forward anyway. That's a smaller but more committed pool than you'd see in a lower rate environment, which means presentation and pricing matter enormously. A home that's priced accurately and shows well is landing serious, qualified offers. A home that's overpriced or shows poorly is sitting, and sitting in this environment is expensive.

Bottom Line

Mortgage rates hit a 20 month high this week following the Fed's rate hike, now sitting near 6.95 percent, but Raleigh Durham home prices have softened enough to partially offset the higher borrowing cost. Buyers have real negotiating room right now, and sellers who price accurately and present their homes well are still closing solid deals despite the rate environment.

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