Raleigh homes selling for about $100,000 more than entire South region, data shows

Alan Freeman has worn several hats when it comes to the homeownership topic. He's a home buyer and seller.

Recently, Freeman moved into a three-bedroom, two-bathroom home in Oakdale, a small area between Oakwood and Mordecai near downtown Raleigh.

"We were only really looking for places that were walkable or bikable," Freeman said.

The search lasted a year, Freeman said.

"It was challenging, a little stressful," said Freeman. "We put bids on two other houses prior to this."

The housing market is beginning to cool a bit nationwide, but data shows homes in the Triangle sit above what the going rate is for most in the region.

In Wake County, prices are up more than 3% compared to last year, according to the Register of Deeds. It shows that the median home value in the county is $474,750. That's almost $100,000 more than what HUD and the census show is the median sale price for a home in the Southeastern region of the U.S., according to HUD and the Census. When you look around the area on Zillow, your options almost double when increasing your price point to the area's median.

Freeman's house was well above that. He says they searched outside of the city limits just to see what else they could get. Still, proximity to downtown and getting there without a car was the main deciding factor.

When Freeman moved to the area a decade ago, he didn't think he'd pay that much for a home here. However, he said he now understands the market in Raleigh and the Triangle.