What is the Median Home Price in Raleigh NC?

Raleigh is expected to have over 1,000,000 people in upcoming years. Many people are considering moving to the city for its prime real estate, excellent schools, delicious restaurants, and Raleigh home buyers. Take a look at the average home price in Raleigh.

What Will the Median Home Price in Raleigh Be?

Overall, the real estate trends will continue to increase as more people move into the area. Mortgage payments are right at the national average of $1,609.

Prices will vary depending on the area you choose to live in Raleigh. There are a number of neighborhoods in Raleigh, each offering something unique. It's important to choose a neighborhood that has everything you want or need.

Consider the following factors when purchasing a home in Raleigh: location, school district, and storage space. Also, take into account home design. You can find out the average monthly rent for Raleigh if you're looking for temporary housing or don't want to make a large down payment on a house.

Rent or Buy?

Renting is a good option, even though housing in Raleigh is relatively inexpensive. Let's look at the pros and cons of buying or renting a house in Raleigh.

Renting and buying are both higher in Raliegh than the national average. However, renting is the better option if you don't want to purchase a house. Rent in Raleigh, NC is $1,237 per month, which is 6.2% more than the national median. The monthly cost of housing with a mortgage is approximately $1,609.

There are many excellent apartment complexes in the city, as it is home to North Carolina State University. Many of these apartments are geared towards college students but there are also a number of young families and professionals.

Rent is on average more affordable in Raleigh. This is completely up to you and depends on your own personal preferences.

Utilities

Utility costs are often underestimated, despite the fact that they can vary greatly from one city to another. You should consider the average utility costs in your present and future area. You will have a better understanding of the cost you will incur for your new home once you are settled.

There are several state-regulated providers of electricity in Raleigh. According to energySage the total bill for Raleigh is $176 per month. This will save you 18% on average compared to national rates. To save even more money you should consider making eco-friendly changes to your home and renovating it.

In Raleigh, Dominion Energy supplies natural gas. Billing is based on the number of "therms" a resident consumes. The average gas price is 28.4% lower in Raleigh than the national average.

The city of Raleigh provides a water calculator that estimates water consumption based on the number of showers you take each week in your home. They bill water according to usage levels.

Raleigh, like most cities, offers garbage, recycling, and sewer services at a low cost. 

Market Predictions

Raleigh's growth has been exponential over the past 20 years, and it is expected that this trend will continue into 2024. Understanding the Raleigh market is important if you are considering purchasing a house in Raleigh to either rent or live in. Market predictions can vary depending on factors such as the season, population increase, etc.

Since 2022 the construction of single-family homes has decreased as multifamily housing has increased. The impact of higher mortgage rates on consumer demand has caused a decline in new construction.

Due to the decreased demand for homes, they stayed on the market longer this year than the previous one. Homes in desirable locations will still be competitive.

The survey rated the Raleigh/Durham region as the number one area in the U.S. when it comes to homebuilding prospects and number two overall for real estate prospects. Raleigh is placed in the category of "supernova", as it is expected to experience rapid economic growth.

The median home price has been steadily increasing over the years because there are fewer homes available for sale. The median home price increased by 2.5% from the previous year. The good news is that sellers are more flexible with their prices. The median rent price increased by 3% last year as the university and jobs market grew.

The best time to purchase a house is in the fall or winter. There will be fewer homes available on the market because there are fewer buyers.

First-Time Home Buyers

First-time buyers are the largest group of homebuyers, and they will experience many surprises as they purchase their homes. Raleigh offers many tax credit programs for First-Time Home Buyers. These can save you as much as $2,000 per year.

It's important to know what to expect as the median home value in Raliegh fluctuates. You should know the steps to buying a home, whether you're a new college graduate or a family.

North Carolina's requirements for closing may be different from yours. Determine what you want and then get pre-approved. Hire a real estate agent who will help you find a house.

After you find your dream home, submit a purchase proposal and start negotiations. Once you have purchased the home, you will need to schedule a final walk-through and get a mortgage and title insurance. For more information, you can check out our guide to the North Carolina Home-Buying Process.

Raleigh Neighborhoods

Raleigh, located in the middle of North Carolina, is close to beautiful beaches and mountains. It is located in the middle, and it's a short drive from beautiful beaches or mountains.

Mordecai

Mordecai, a small community in Raleigh with beautiful landmark homes, is located in one of Raleigh's most historic areas. There are also many restaurants, cafés and fun activities to be done in the area.

Mordecai's popularity has skyrocketed in recent years, largely due to its prime location. You can walk to Downtown Raleigh and still live in a historic home. The median home value is $616,736, making it a little more affordable than some other Raleigh neighborhoods.

North Hills

North Hills, located right next to the beltline is a growing area that's constantly changing. It is most notable for its proximity to major highways and the availability of excellent schools, restaurants, and shopping.

There are many unique styles and sizes of homes. North Hills has a lot to offer, whether you're a young professional or if you have a family. The median home price in North Hills is $539,785, which is much lower than the other Raleigh neighborhoods.

Downtown Raleigh

Downtown Raleigh offers easy access to the city. This area is ideal for young adults who are looking for outdoor entertainment. It also has townhouses that offer a view of the city skyline, and condos located within walking distance to bars, cafés, restaurants, and other attractions.

This neighborhood also has low home prices. The median price of a home is $529,117. Prices vary widely, but there are some common trends.

Ready to Make Raleigh Your Home? Act Now!

Choosing the best place to live in NC with family depends greatly on what criteria matter most to you! Whether you’re relocating for a job, seeking a better quality of life, or simply looking for a fresh start, and a place where you can set roots and thrive. Contact a local real estate agent today like IronKey Realty and will help you find the perfect place in this vibrant, growing city! Act now!

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