September 28, 2026 | Raleigh, North Carolina & the surrounding Triangle

Raleigh Housing Market Update: Mortgage Rates Cross 7% as Buyers Weigh Their Options

If you've been watching the Raleigh housing market lately, you may feel like you're hearing two different stories. Buyers have more homes to choose from, but making the numbers work can still be challenging. This week's mortgage-rate update explains why.

Let's look at what's changed, what hasn't, and what it could mean if you're buying, selling, or simply keeping an eye on your home's value.

Mortgage rates are back above 7%

Freddie Mac's September 24, 2026 Primary Mortgage Market Survey reported a 7.03% national average for the 30-year fixed-rate mortgage, compared with 6.95% the previous week. The 15-year average rose to 6.42%, from 6.26%.

Now, those are national averages. They aren't a rate quote for every buyer in Raleigh, and the rate you're offered will depend on your loan and financial profile. But they are a useful reminder that your mortgage rate deserves attention when you're building a budget.

My advice for buyers: Don't shop by purchase price alone. Shop by the monthly payment you can comfortably manage, including taxes, insurance, HOA dues when applicable, and maintenance.

If you were pre-approved several weeks or months ago, reconnect with your lender before making an offer. Find out what today's financing options mean for your actual payment.

Buyers have more options, but local data needs context

The latest Raleigh city-level figures I could cross-check came from an August 2026 market report published September 3 by Blue Orchid Realty, citing Doorify MLS. That report showed 2,064 active listings, up 4.3% year over year, and 512 closed sales. Its median sales price was $449,995, down 5.3% year over year, while median days on market were 30.

These are August numbers—not new September sales statistics. And because the figures come from a report citing Doorify, rather than an independently extracted MLS dataset, I recommend confirming them in the Doorify dashboard before posting.

The important takeaway is that buyers can compare more properties than they could a year earlier. That may create negotiating opportunities on some homes, but it doesn't mean every listing is negotiable—or that every Raleigh neighborhood is behaving the same way.

One more important point: a lower citywide median sales price is not proof that every Raleigh property lost 5.3% of its value. The mix of homes sold can affect the median. Your neighborhood and comparable properties matter much more when evaluating your own home.

Affordability is still the bigger conversation

Doorify MLS's most recent separately published Triangle affordability analysis covers July 2026, not September. Its regional Affordability Index was 86, compared with 83 in July 2025. Doorify explains that an index of 86 means median household income is about 86% of what's required to qualify for a mortgage on the median-priced home using its methodology.

In plain language, having more homes available and being able to afford one aren't always the same thing. That's why I encourage first-time buyers to get a clear picture of the full ownership cost before deciding which homes to pursue.

What does this mean for sellers and homeowners?

If you're preparing to sell, remember that buyers are comparing both properties and payments. When financing becomes more expensive, realistic pricing, good presentation, and a thoughtful plan for your particular price range can matter even more.

If you're already a homeowner, there's no reason to make a decision based on one citywide headline. A useful estimate of your home's value starts with recent comparable sales, your property's condition, and the alternatives available to buyers in your neighborhood.

A new Raleigh resource worth knowing about

On September 22, the City of Raleigh announced its new Housing Production Dashboard. The tool lets residents explore affordable housing developments, public investment, housing-market indicators, and the city's work helping first-time homebuyers and homeowners who need repairs.

This dashboard doesn't add homes to the market by itself. What it does offer is an easier way to explore housing activity and resources in Raleigh. Whether you're considering a move or planning to stay put, knowing what's happening around your community is useful.

The bottom line: your situation matters more than the headline

Buyers have more homes to consider, but higher financing costs mean the monthly payment deserves careful attention. Sellers need to understand their competition. And homeowners should look at their specific neighborhood before drawing conclusions from citywide numbers.

So rather than trying to label this a good market or a bad market, I'd rather help you answer a more useful question: What does today's market mean for your particular goals?

If you're thinking about buying, selling, or simply want to understand what's happening around your home in Raleigh or the surrounding Triangle, let's look at the numbers together.

No pressure. No guessing. Just a clear conversation about your next move.

Willie Cole Jr.

The EASE Group | Brokered by eXp Realty LLC

Your Trusted Real Estate Advisor

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Research sources

Mortgage survey figures are national averages. Local MLS figures reflect the periods and geographies stated above. All figures may change after publication; please recheck before republishing.