December 2024 Raleigh Real Estate Market Update + 2025 Predictions & Insights
The Raleigh real estate market continues to evolve, with key insights from December 2024 pointing to interesting regional shifts. From rising home prices to changes in inventory levels, buyers and sellers should pay attention to the latest trends. Here’s a breakdown of market activity in Raleigh, Cary, Apex, and Holly Springs, plus expert predictions for 2025.
Raleigh Real Estate Market
Raleigh remains a competitive real estate market, with home prices rising. The median sales price reached $475,000, marking a 10.8% increase from last year. However, homes are taking longer to sell, with a median of 24 days on the market—up 14%.
Inventory levels have also shifted, with 1,207 active listings in December 2024, up 15% from the previous year. Despite increased available homes, Raleigh is still in a seller’s market, with just 2.4 months of inventory.
Cary Real Estate Market
Cary remains a top choice for families moving to the Raleigh area, thanks to its excellent schools and family-friendly neighborhoods. The median home price in Cary is now $605,000, reflecting a 5% increase from last year.
However, homes are taking significantly longer to sell, with an average of 23 days on the market—a 155% increase. Inventory remains tight, with only 159 active listings, down nearly 2% from the previous year. With just 1.3 months of supply, the market remains highly competitive for buyers.
Apex Real Estate Market
Apex is a desirable market, with a median sales price of $576,000—up 10% from last year. While homes are selling slightly slower, with an average of 25 days on the market, demand remains strong.
Active listings increased by 10% to 73 homes in December, yet inventory levels remain tight at just 1.3 months. Despite an increase in supply, the available homes are still insufficient to meet buyer demand, keeping Apex a competitive market.
Holly Springs Real Estate Market
Historically a more affordable alternative to Cary and Apex, Holly Springs is seeing price trends shift. The median sales price is now $624,000, slightly down by 1% from December 2023.
New construction and business growth may influence this shift, attracting more buyers to the area. Homes are sitting on the market for an average of 27 days, and inventory levels are slowly increasing, with 74 active listings and 1.3 months of supply.
Luxury Market in Raleigh
The Raleigh luxury market is expanding, with the median sales price for high-end homes reaching $1,013,000—a 1.3% increase. Inventory has risen slightly, with 335 active listings, while the days on the market have dropped to 21, showing strong demand in this segment.
New construction continues to drive growth, with three months of inventory available, creating opportunities for buyers looking at high-end homes.
Predictions for 2025: What to Expect
According to Lawrence Yun, Chief Economist at the National Association of Realtors, home prices across the U.S. are expected to rise moderately in 2025. In North Carolina, 5-10% price increases are projected, with interest rates stabilizing between 6-6.5%.
While inventory levels may improve slightly, they will remain low, making it challenging for buyers. With strong demand and sellers hesitant to list, the Raleigh market is expected to stay competitive.
Final Thoughts
The Raleigh real estate market remains strong, with rising home prices and demand steady. While buyers may face limited inventory, stabilizing interest rates could create new opportunities. Whether buying or selling, staying informed on market trends will help you make the best decisions in 2025.
