Triangle home prices are slipping. Here’s where they’re falling the fastest
AI-generated summary reviewed by our newsroom.
- Triangle median home price fell to $395,000 in January, down 1.2% year over year.
- Central Raleigh fell 13% (74 days); Downtown fell 16.6% year over year.
- Builders’ concessions and rising inventory are giving buyers more leverage.
Scroll through Redfin’s listings for Raleigh homes, and you’ll find no shortage of marked-down homes.
Take, for example, the 975-square-foot condo at 301 Fayetteville St. in downtown Raleigh: relisted for $490,000 on March 5 with a $25,000 price cut.
Or just a few blocks away, the 2,168-square-foot home (plus 500-square-foot accessory dwelling unit) at 420 Camden St.: listed for $835,000 on March 6 after a $12,300 price cut.
Experts say it’s part of a growing trend.
As mortgage rates ease, incomes rise and a post-pandemic surge of new construction floods the market, price-cuts are everywhere. Heading into spring, experts say sales remain sluggish and conditions are shifting to a “more-balanced” market.
In Raleigh, the median sale price for all housing types (single-family, townhouse, condo) stood at $395,000 in January, according to the latest Redfin data. That’s down 1.2% year over year.
Sales also fell 15.3% year over year.
“Two weekends of ice and snow essentially stopped most real estate activities in late January,” said John Wood, owner of Re/Max United in Cary, who has been an agent in the Triangle since 1988.
“That’s not normal,” he added. “The January numbers reflect the effects.”
On the plus side: Buyers have more leverage than ever. In the new-home market, builders are continuing to offer large concessions with below-market interest rates to move standing inventory and close the deal, he said.
For example, David Weekly Homes, one of the builders for major developments like Chatham Park and Wendell Falls, has advertised mortgage rates as low as 4.99% on move-in homes financed through its preferred partners. Others, like Texas-based Highland Homes, are offering up to 50% off design upgrades — up to $100,000 — plus up to $10,000 toward closing costs on its select homes through March.
The new-home market’s growing incentives are putting pressure on sellers of existing homes to stay competitive.
“Homes priced right and in the right condition are still selling fast, with 28% of resale listings selling within the first 10 days on the market,” Wood said.
Where prices are falling the fastest
Across Raleigh, Cary, Durham, and Chapel Hill, prices are down slightly year over year. Inventory is up. And homes are taking longer to sell in most places.
But some submarkets are falling faster than others.
In pockets like Central Raleigh, neighborhoods are seeing double-digit price drops. In others, like North Hills, sellers are seeing slower appreciation rather than drastic declines.
“On paper, January looks cooler, said Tana Widdows, a Compass agent in Chapel Hill. “On the streets? It’s heating up selectively.”
Consider the 5,930-square-foot home at 900 Darfield in North Raleigh’s Stonebridge neighborhood: her clients came in with what they thought was the winning $1.2 million — and still lost out. It’s currently pending.
“It received 14 offers!” she said. “That tells me the buyers are there,” especially in the $1 million Raleigh and Chapel Hill market. “If a property checks all those boxes, it’s competitive again. If it doesn’t, it sits,” she said.
Using Redfin data from January, here are some other market trends:
Raleigh’s market
- Central Raleigh: Median prices fell 13% year over year to $440,000, with homes taking 74 days to sell.
- Downtown Raleigh: Home prices dropped by 16.6% year over year to $440,000. Sales were down 45.8%
- East Raleigh: Prices were down 11.3% to $470,000 compared to last year. Sales were down 11.3%.
- North Hills: Median prices jumped 10.8% year over year to $925,000. Sales were up 1.3%.
Durham’s market trends
- Durham (27703): Median prices fell 3.8% year over year to $385,000. Sales were up 11.8% and sold in around 84 days.
- South Durham: Median prices dropped 10.9% to $376,000. On average, homes received two offers and sold after 61 days.
- Northeast Durham: Prices were down 3.9% year over year to $304,990 year. Homes sold in around 47 days.
Chapel Hill’s market trends
- Chapel Hill: Prices fell 7.4% year over year to $555,321. Sales were up 17.4% and sold in around 74 days.
- Northside: Prices experienced a sharp, notable drop, with home prices down 48%. Only two homes sold with a median of $459,000.
- Southern Village: Prices dropped 12.2% to $485,000. Homes sold after 44 days compared to three days last year.
This story was originally published March 9, 2026 at 5:07 PM.
