HPI (2025)FHFA
272
Metro Series · South · Rank #43
Home Price History in Raleigh
FHFA all-transactions House Price Index for the Raleigh-Cary, NC metropolitan statistical area — annual data, 1975 through 2025, rebased to 100 in the year 2000.
YoY changeFHFA
+1.2%
5-yr changeFHFA
+57%
Since 2000FHFA
+172%
The Raleigh-Cary MSA — anchored by the Research Triangle and three major universities — has been the most stable high-growth metro in the modern series. The 2007–2011 drawdown was just -6%; post-2012 appreciation has been steady at well above the national average; the 2020–2024 surge brought the index to roughly 2.4× the 2000 base.
The 2007–2011 housing crisis cut the Raleigh HPI by 10.1% peak-to-trough — from 131.7 in 2008 to 118.4 in 2012. For context, the U.S. national HPI fell roughly 24% over the same period, so Raleigh was meaningfully less affected than the national average.
The pandemic-era surge brought the Raleigh HPI from 167.7 in 2019 to 272.4 in 2025 — a cumulative +62.5% move in 6 years. Compared to the U.S. national HPI's roughly 50% gain over the same period, Raleigh appreciated noticeably faster the national rate.
Located in the South region of the United States, Raleigh is one of the 100 largest U.S. metropolitan statistical areas by population. Long-run housing appreciation in Raleigh reflects a combination of regional employment trends, in-migration patterns, and local supply constraints. The full year-by-year FHFA HPI for Raleigh is in the data table below.
To compare Raleigh to the national U.S. housing market, see the national median price history dashboard. Other metros in the South region: see the full metro index. For state-level data, see the state index.
Annual data — Raleigh
FHFA House Price Index, 2000=100. Annual data; not seasonally adjusted. Source: U.S. Federal Housing Finance Agency.
| Year | HPI (2000=100) | YoY change |
|---|---|---|
| 2025 | 272.45 | +1.23% |
| 2024 | 269.13 | +4.20% |
| 2023 | 258.27 | +5.60% |
| 2022 | 244.58 | +23.71% |
| 2021 | 197.70 | +13.92% |
| 2020 | 173.55 | +3.50% |
| 2019 | 167.68 | +5.59% |
| 2018 | 158.80 | +6.19% |
| 2017 | 149.55 | +6.82% |
| 2016 | 140.00 | +6.15% |
| 2015 | 131.89 | +4.34% |
| 2014 | 126.40 | +4.74% |
| 2013 | 120.68 | +1.93% |
| 2012 | 118.40 | -1.56% |
| 2011 | 120.28 | -2.87% |
| 2010 | 123.84 | -3.76% |
| 2009 | 128.68 | -2.32% |
| 2008 | 131.73 | +2.20% |
| 2007 | 128.90 | +5.86% |
| 2006 | 121.77 | +6.57% |
| 2005 | 114.26 | +4.89% |
| 2004 | 108.93 | +2.19% |
| 2003 | 106.60 | +0.95% |
| 2002 | 105.60 | +1.94% |
| 2001 | 103.59 | +3.59% |
| 2000 | 100.00 | +4.21% |
| 1999 | 95.96 | +3.49% |
| 1998 | 92.72 | +3.29% |
| 1997 | 89.77 | +3.95% |
| 1996 | 86.36 | +3.19% |
| 1995 | 83.69 | +7.14% |
| 1994 | 78.11 | +7.03% |
| 1993 | 72.98 | +2.67% |
| 1992 | 71.08 | +1.78% |
| 1991 | 69.84 | +1.22% |
| 1990 | 69.00 | +1.44% |
| 1989 | 68.02 | +1.70% |
| 1988 | 66.88 | +2.45% |
| 1987 | 65.28 | +2.26% |
| 1986 | 63.84 | +6.51% |
| 1985 | 59.94 | +9.86% |
| 1984 | 54.56 | +12.77% |
| 1983 | 48.38 | +1.92% |
| 1982 | 47.47 | +4.28% |
| 1981 | 45.52 | +7.06% |
| 1980 | 42.52 | +10.30% |
| 1979 | 38.55 | +10.87% |
| 1978 | 34.77 | +11.51% |
| 1977 | 31.18 | +8.68% |
| 1976 | 28.69 | +6.73% |
| 1975 | 26.88 | — |
Methodology
The FHFA House Price Index is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same single-family properties. The all-transactions index incorporates both purchase mortgages and refinance appraisals; the index is calibrated to the South census region and rebased to 100 in the year 2000. Coverage begins in 1975 for Raleigh.