Metro area index
Home appreciation in the Raleigh-Cary, NC metro area
FHFA HPI® data shows the Raleigh-Cary, NC metro area's all-transactions index changed +1.1% over the year to Q2 2026, versus +2.4% for North Carolina and +3.0% for the U.S. That ranks 313th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +1.1%
- 5-year change
- +44.9%
- Since Q1 1995
- +267%
- Metro rank (1 year)
- 313th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Raleigh-Cary, NC vs North Carolina and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Raleigh-Cary, NC: 367.2
- North Carolina: 376.3
- United States: 391.6
Appreciation by time window
| Window | Metro | NC | U.S. | Gap vs NC | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +1.1% | +2.4% | +3.0% | −1.3 pts | −1.9 pts |
| 3 years | +6.8% | +12.3% | +12.9% | −5.5 pts | −6.0 pts |
| 5 years | +44.9% | +51.4% | +41.3% | −6.5 pts | +3.6 pts |
| 10 years | +105% | +113% | +93.3% | −8.1 pts | +11.9 pts |
| Since Q1 1995 | +267% | +276% | +292% | −9.1 pts | −24.4 pts |
3-digit ZIP regions in the Raleigh-Cary, NC area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 276 · Raleigh, NC area | NC | +1.7% | +43.0% | +298% | 100% |
| 275 · Cary, NC area | NC | +0.9% | +48.2% | +241% | 60% |
Boom, bust, and recovery in Raleigh-Cary, NC area
Raleigh-Cary, NC area's index peaked in Q3 2008, fell 9.6% to its low in Q2 2012, and regained its peak in Q2 2015, about 6.8 years after the top. Today it sits +120% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q3 2008 | Q2 2012 | -9.6% | Q2 2015 (6.8 yrs) | +120% |
| NC | Q1 2008 | Q2 2012 | -13.1% | Q4 2016 (8.8 yrs) | +109% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Raleigh-Cary, NC area's index has changed +65.8% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | NC after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -2.7% | -1.4% | -0.8% |
| 3 years | +9.8% | -2.7% | +2.3% | +2.8% |
| 5 years | +24.0% | +16.8% | +22.1% | +13.9% |
| 10 years | +39.1% | +47.5% | +53.4% | +39.0% |
| Since Q1 1995 | +121% | +65.8% | +70.0% | +76.8% |
If you bought in the Raleigh-Cary, NC area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +262% | $1,085,844 |
| Q2 2000 | +201% | $903,667 |
| Q2 2005 | +158% | $772,643 |
| Q2 2010 | +134% | $701,356 |
| Q2 2015 | +118% | $652,806 |
| Q2 2020 | +64.0% | $492,062 |
| Q2 2021 | +44.9% | $434,629 |
| Q2 2023 | +6.8% | $320,496 |
| Q2 2025 | +1.1% | $303,288 |
Frequently asked questions
- How much have home prices risen in the Raleigh-Cary, NC area?
- FHFA HPI® data for the Raleigh-Cary, NC metro area shows changes of +1.1% over one year, +44.9% over five years, and +105% over ten years to Q2 2026, and +267% since Q1 1995.
- Is the Raleigh-Cary, NC area beating the national average?
- Over the past year the metro's index moved −1.9 pts versus the U.S.; over five years the gap is +3.6 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.