Is Raleigh Becoming a Buyer’s Market? A 2025 Wake County Real Estate Update

Is Raleigh Becoming a Buyer’s Market? A 2025 Wake County Real Estate Update

The Raleigh real estate market has taken an unexpected turn this year, showing signs that we're shifting into a buyer’s market. With unpredictable trends and fast-changing dynamics, buyers and sellers alike are adjusting to a very different landscape compared to just a year ago. Let’s dive into the latest market insights and what they mean for you.

Wake County Real Estate Snapshot – April 2025

Comparing April 2025 to April 2024, the market has shifted significantly:

• New Listings are up by 16%, while

• Closed Sales have dropped by over 8%

• This has led to a 60%+ increase in available inventory

After years of limited inventory, sellers are now listing homes in much greater numbers. But with fewer buyers in the market, homes are taking longer to sell. The average days on market has climbed to 22—up from just 14 last year.

Buyers are clearly in the driver’s seat right now, exercising more caution and discernment than we've seen in years. Many are passing on homes that don’t check every box. As a result, even with more options, fewer deals are closing.

Another key indicator: the average sales-to-list price ratio has dropped below 100%. While hot properties in highly desirable areas are still commanding multiple offers, that scenario is becoming increasingly rare. On the bright side, the dip in demand has made homes slightly more affordable, nudging the Housing Affordability Index in a positive direction.

Market Breakdown: Cary, Apex, Clayton & More

Around the Triangle area, price trends vary by location:

• Cary remains the priciest suburb with an average home price of $700K and $277/sq ft

• Apex follows at $683K and $261/sq ft

• These two areas are now seeing offers come in below asking on average—a shift from recent years

On the more affordable end:

• Clayton continues to be budget-friendly at $380K and $192/sq ft

• Fuquay-Varina is gaining ground, now nearing $500K with $212/sq ft, thanks to a wave of new construction

• Wake Forest, while still pricier at $560K, has flattened out after a boom in 2020

Whether you’re looking for upscale living or affordability, there’s a lot of diversity across the Triangle. Our team is happy to help you explore any of these communities.

Major Trends to Watch

This spring has brought a particularly odd market, with quick shifts in activity and sentiment. Just when it seems like demand is picking up, it cools off again—even during peak season.

Why the volatility?

Much of it stems from economic uncertainty. The stock market has been unstable, and mortgage interest rates have been teasing buyers—dipping, only to rise again to around 7%. For many potential buyers, especially first-timers, these factors create hesitation.

As a result:

• Homes are sitting longer despite good showing traffic

• Buyers are more cautious, asking detailed questions and showing less urgency

• Fewer bidding wars, and more offers are contingent on the sale of another home

Interestingly, luxury homes are still seeing strong demand. Buyers in higher price brackets are often less affected by rate hikes or are using cash, while budget-conscious buyers are more impacted by financing costs and inflation concerns.

What This Means for Buyers and Sellers

If you're a buyer, this could be a great time to act. You have more options, less competition, and the space to make a thoughtful decision.

If you're a seller, it’s important to adjust your expectations. Gone are the days of instant, multiple-offer weekends. Pricing your home correctly from the start is crucial. A longer time on the market doesn't mean your home won’t sell—it just reflects the current pace of the market.

Whether you’re buying or selling, understanding today’s market dynamics is key to making smart moves. Need help navigating the Raleigh area market? Our team is here for you every step of the way.

And don’t miss our latest video on the pros and cons of Raleigh’s best neighborhoods—check it out for more in-depth insights!