September 2022 Update: What's Selling Between $650k and $1.5M Inside the Beltline?
Take a look at what’s selling in different neighborhoods inside the Beltline—including homes available now.
September 12, 2022
There have been significant shifts in Raleigh’s real estate market since our last update in July. Find out what’s selling this September inside the Beltline between $650,000 and $1,500,000.
Real Estate Inside the Beltline: September 2022 Update
Since July, Raleigh’s hot seller’s market has started to cool. Driven by population growth, demand is still high and prices are still appreciating. However, the recent jump in interest rates has priced some buyers out of the market, reducing competition. At the same time, more homeowners have listed their homes trying to capitalize on all the equity they’ve gained due to Raleigh’s record-breaking appreciation.
The result? An Increase in home inventory—which is a breath of fresh air for buyers who have been battling Raleigh’s extremely tight market since 2020. More homes and less competition has made price cuts more common and increased the average time a home spends on the market. With all these changes, the real estate landscape inside the Beltline has shifted as well. Take a look at what’s selling in different neighborhoods inside the Beltline—including homes available now.
What’s Selling Between $650K and $1.5M in Five Points
Hayes Barton, Vanguard Park, Bloomsbury, Georgetown, and Roanoke Park come together to form the historic district of Five Points. Located inside the Beltline just north of Downtown, this convergence of longstanding neighborhoods has created a strong community that seamlessly entwines modern convenience with historic charm.
Back in July, Five Points had extremely low inventory that drove prices to record high points. September’s arrival hasn’t changed that in this neighborhood. Our last check in showed fewer than 10 active listings in the area, and as of this writing, there are only 11. Unlike earlier this summer, Five Points is now seeing price reductions and homes that linger on the market.The average time on market is now 16 days—while this time last year, it was only one day. Some are hanging around even longer, approaching their second or third month without an accepted offer.
In the $650K-$1.5M price range in Five Points, you can expect three to four bedrooms and three bathrooms. This is a change from July’s check-in, which showed only two-bedroom homes at the lower end of the range and four bedrooms only at the very top.
Closer to the $650K price point, square footage averages around 1,800. Nearing $1.5M, you’ll get closer to 3,300 square feet of space. Most homes in this price range are either new construction or beautifully renovated. You’ll enjoy luxury finishes, hardwood flooring, and great attention to detail. Lush lots with mature landscaping are common, as are dedicated laundry rooms, covered porches, and plenty of character.
Sound like what you’re looking for? Check out:
4 homes For Sale Now in Five Points Between $650K and $1.5M
1. 312 Freeman Street Raleigh, NC 27601 – $̶8̶8̶5̶,̶0̶0̶0̶ $839,000
4 bedrooms, 3 bathrooms, 2,211 square feet
Listed by: Jason Queen, Monarch Realty Co. | TMLS #2465014
2. 719 Sasser Street Raleigh, NC 27604 – $1,249,000
Listed by: Susan Dahlin Bashford & Sarah Bashford, Hodge & Kittrell Sotheby’s International Realty | TMLS #2464347
4. 701 Edmund Street Raleigh, NC 27604 – $1,350,000
4 bedrooms, 3 bathrooms, 3,309 square feet
Listed by: Jim Allen, Howard Perry & Walston Realtor | TMLS #2467496
What’s Selling Between $650K and $1.5M in North Hills
North Hills is Raleigh’s Midtown. While its residential streets are lush and wooded, it provides easy access for professionals to the heart of Raleigh’s economic center. Sophistication and good taste are woven into the fabric of North Hills—which is evident from the high-class homes to the premier shopping and dining options.
Like Five Points, prices in North Hills have come down slightly. There are still few homes near the $650,000 price point—but there are more available now than there were in July. When you find one, expect three to four bedrooms, three bathrooms, and around 2,300 square feet of space. Houses near this price point tend to be older, and it’s hit or miss whether or not they’ll be updated. However, you can expect that they’ll have been meticulously maintained and in great condition.
Nearing the $1,500,000 price point, you can expect five to six bedrooms, four bathrooms, and 3,500 square feet. These homes are either new construction, or they’ve been fully renovated with extreme attention to detail. You can even find custom-built homes in North Hills at this price. Other common features include stellar, gourmet kitchens, spectacular hardwood flooring, and modern technology upgrades.
This list checking off your must-haves? Take a look at:
5 Homes for Sale Now in North Hills Between $650K and $1.5M
1. 1009 Marilyn Dr, Raleigh, NC 27607 – $1,200,000
5 bedrooms, 4 bathrooms, 3,368 square feet
Listed by: Steve Braunn, Steve M. Braun Realty & Building | TMLS #2470970
2. 3501 Leonard St, Raleigh, NC 27607 – $̶7̶6̶5̶,̶0̶0̶0̶ $650,000
In July, the majority of available homes Downtown in this price range were condos. Now, with inventory going up, there are more townhomes and single-family homes available. Near the $650,000 price point, you can find two-bedroom, two-bathroom condos in the heart of Downtown. Further afield, keep an eye out for single-family homes of around 1,600 square feet.
At the higher end of the price range, you’ll find luxury townhomes, top-floor condos, and new-construction single-family homes. Expect three bedrooms, three bathrooms, and 2,000+ square feet. Homes at the $1.5M price point come beautifully appointed with chef’s kitchens, opulent owner suites, and only the finest finishes.
Sound like what you’re looking for? Check out:
5 Homes For Sale Now Downtown Between $650K and $1.5M
1. 411 W Lenoir St, Raleigh, NC 27601 – $1,100,000
We’re the team to help you find it. The Coley Group has over 20 years of experience buying and selling real estate inside the Beltline. We know how to find your dream home in your ideal neighborhood, and no matter on which end of the price range you find your budget, we can’t wait to help you meet your goals. Fill out the form below to get started.
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