The Raleigh housing market is easing, not sliding. As of July 31, 2026, the Zillow Home Value Index for the Raleigh, NC metro was $431,797, down 1.9% from $440,364 a year earlier and 0.2% below June [1]. Typical rents rose 0.5% to $1,671, active inventory of 6,177 homes was 12.6% higher than in July 2025, and 36% of listings carried a price cut [1]. With the 30-year fixed mortgage rate at 6.67% in the week ending August 13, 2026, the principal-and-interest payment on the typical Raleigh home is about 4% lower than a year ago, which is a modest gain for buyers in one of the country's fastest-growing metros [2].
Raleigh housing market: how much have home values fallen?
The metro-wide typical home value (all homes, smoothed and seasonally adjusted) was $431,797 in July 2026, compared with $440,364 in July 2025 and $432,609 in June 2026 [1]. The decline is small and gradual, and it follows several years in which Raleigh values rose faster than local incomes.
The spread between segments is unusually wide for a mid-size metro. Single-family values fell 1.9% to $436,321, the bottom third of the market fell 2.3% to $301,773, and the top third fell only 1.1% to $702,667 [1]. Condos and townhomes were the clear laggard, down 7.7% to $281,684 from $305,267, as a large pipeline of new attached product delivered in Cary, Apex and downtown Raleigh [1]. The median sale price was $445,000 in July 2026, versus $449,000 a year earlier, a 0.9% dip that is smaller than the index because sales are skewing toward larger homes [1].
What a buyer pays each month
Zillow's estimated principal-and-interest payment on the typical Raleigh home with 20% down was $2,193 in July 2026, down 3.7% from $2,278 in July 2025 [1]. Including taxes and insurance, the total monthly payment with 20% down was $2,834, versus $2,920 a year earlier [1]. The national 30-year fixed rate averaged 6.67% in the week ending August 13, 2026, compared with 6.58% in the same week of 2025, so the payment relief came entirely from lower prices rather than lower rates [2].
Raleigh rents and rent yield in 2026
Rents are inching up. The Zillow Observed Rent Index for all homes and apartments in the Raleigh metro was $1,671 in July 2026, 0.5% above the $1,662 of July 2025 [1]. Single-family rents rose 1.5% to $2,125, while apartment rents slipped 0.8% to $1,488 as new multifamily supply continued to lease up [1].
The gross rent yield on a typical single-family home is about 5.8%: twelve months of rent at $2,125 equals $25,496 against a typical single-family value of $436,321 [1]. That is one of the lower yields among the Sun Belt growth metros, a direct result of prices that ran ahead of rents. Property taxes are moderate: DataPorium's data shows median effective rates of about 1.09% to 1.10% across Raleigh city ZIP codes such as 27608, 27614, 27604 and 27610, 1.01% in 27519 (Cary), 1.17% in 27587 (Wake Forest) and 0.84% in 27520 (Clayton, Johnston County) [4]. Wake County's 2024 revaluation lifted assessed values sharply, so effective rates fell even as tax bills rose, and investors should model the county's next revaluation rather than assume today's rate holds.
Inventory, days on market and price cuts
Supply has rebuilt quickly. Active for-sale inventory reached 6,177 homes in July 2026, up 12.6% from 5,486 in July 2025 and up from 4,297 in February, the low point of the winter [1]. Buyers still move fast on the right home: the median listing took 24 days to go pending in July 2026, three days longer than a year earlier and far quicker than the 47 days recorded in January [1]. Sellers have been trimming, with 36% of listings showing a price cut in July, unchanged from July 2025 [1]. Zillow's market heat index read 51 in July 2026, down from 53 a year earlier and from 58 in March, which describes a balanced market that has cooled through the summer [1].
- Active listings: 6,177 in July 2026, versus 5,486 in July 2025 [1]
- Median days to pending: 24, versus 21 a year earlier [1]
- Share of listings with a price cut: 36%, unchanged from a year earlier [1]
- Median sale price: $445,000, versus $449,000 a year earlier [1]
Which Raleigh ZIP codes are the most and least expensive?
The Raleigh metro covers Wake, Johnston and Franklin counties, and prices step down steadily from the older neighborhoods inside the Beltline to the newer subdivisions along the outer edge. The table shows Zillow's smoothed typical home value by ZIP code for July 2026 with the median effective property tax rate for each area from DataPorium [1][4].
| ZIP code | Area | Typical home value, July 2026 | Median effective property tax |
|---|---|---|---|
| 27608 | Five Points, Hayes Barton | $1,039,691 | 1.09% |
| 27519 | Cary (west) | $695,260 | 1.01% |
| 27614 | North Raleigh (Falls Lake) | $677,345 | 1.09% |
| 27502 | Apex | $563,047 | 1.10% |
| 27587 | Wake Forest | $508,315 | 1.17% |
| 27604 | Northeast Raleigh | $338,459 | 1.10% |
| 27520 | Clayton | $334,964 | 0.84% |
| 27610 | Southeast Raleigh | $314,498 | 1.10% |
The most expensive ZIP in the sample, 27608 inside the Beltline, is worth more than three times the least expensive, 27610 in southeast Raleigh [1]. Cary, Apex and Wake Forest form the metro's family-suburb tier at $500,000 to $700,000, while Clayton in Johnston County offers the lowest tax rate and a typical value near $335,000, which is why it has become the main destination for buyers priced out of Wake County [1][4]. Investors can compare these and every other ZIP on DataPorium's housing market data, which carries Zillow values, rents and inventory at the state, metro, city and ZIP levels [1].
Population, income and what it means for buyers and investors
Demand growth is among the strongest in the country. The Census Bureau estimates the Raleigh-Cary metro population at 1,595,720 as of July 2025, up 36,793 from 1,558,927 in 2024 and 9.9% above the 1,451,713 of 2021 [3]. Inside the city of Raleigh, the 2024 American Community Survey shows a median household income of $85,395, up from $69,720 in 2020, with a population of 481,031 and a homeownership rate of 50.7% [4]. A 22% rise in city incomes over four years against home values that are now slipping is the healthy way for a growth metro to restore affordability.
Raleigh is a market where fast population growth is meeting a rebuilt supply of homes, and the result is flat to slightly lower prices rather than a correction.
For buyers, the practical reading is that inventory is 13% higher than a year ago and more than a third of sellers have cut their price, so there is room to negotiate, but a 24-day median time to pending means well-priced homes still sell quickly [1]. The counterpoint is that condo and townhome values are still falling fast, so buyers in that segment carry more price risk than single-family buyers. For investors, a 5.8% gross single-family yield is thin, and the case for Raleigh rests on population growth and rent growth over time rather than on current income [1]. Zillow's rolling 12-month home value forecast for the metro is updated each month and shown beside the current values on the DataPorium market page [1]. Property-level detail is available through DataPorium's real estate module [4].
Key takeaways
- Raleigh's typical home value was $431,797 in July 2026, down 1.9% year over year and 0.2% from June [1].
- Condo values fell 7.7% to $281,684, while single-family values fell 1.9% to $436,321 [1].
- Typical rent rose 0.5% to $1,671, and the gross single-family rent yield is about 5.8% [1].
- Inventory of 6,177 homes is 12.6% above a year ago; 36% of listings had a price cut and the median time to pending was 24 days [1].
- Metro population reached 1,595,720 in 2025, and the 30-year mortgage rate was 6.67% in mid-August 2026 [2][3].
Frequently asked questions
Are home prices dropping in Raleigh in 2026?
Slightly. The Zillow Home Value Index for the Raleigh metro was $431,797 in July 2026, 1.9% below July 2025, with condos down 7.7% and single-family homes down 1.9% [1].
What is the average rent in Raleigh in 2026?
The typical asking rent across all homes and apartments in the Raleigh metro was $1,671 per month in July 2026, up 0.5% from a year earlier; the typical single-family rental was $2,125 [1].
Is Raleigh a buyer's market right now?
It is balanced: about 6,200 active listings, a 24-day median time to pending, 36% of listings with a price cut and a market heat index of 51 in July 2026 [1].
What is the most expensive ZIP code in Raleigh?
Among the ZIPs reviewed, 27608 (Five Points and Hayes Barton) had the highest typical home value at about $1.04 million in July 2026, followed by 27519 in western Cary at about $695,000 [1].
Sources & References
- [1] DataPorium Housing Market Insights (Zillow ZHVI, ZORI, inventory and market data)
- [2] Freddie Mac via FRED: 30-Year Fixed Rate Mortgage Average in the United States (MORTGAGE30US)
- [3] U.S. Census Bureau via FRED: Resident Population in Raleigh-Cary, NC (MSA) (RCYPOP)
- [4] DataPorium Real Estate: property tax, demographics and neighborhood data
