Raleigh FHA Loan Rates, Closing Costs & Stats

RALEIGH-CARY, NC

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Raleigh's 206 lenders originated 2,860 FHA loans during 2022. The total origination value was $938,500,000, with an average FHA loan value of $328,147.

    Raleigh FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Raleigh averaged 6.12% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Raleigh's average FHA mortgage closing costs are $7,891.

    The average rate for the prior week (2023-05-19) was 5.79% and one month ago for the week of 2023-04-21, the average rate was 5.63%.

    The average rate one year ago was 4.65%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.04%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Raleigh FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Raleigh level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 301 4.33% $11,625
    LOANDEPOT.COM, LLC 128 4.71% $10,845
    MOVEMENT MORTGAGE, LLC 124 5.09% $10,750
    UNITED WHOLESALE MORTGAGE, LLC 94 4.73% $11,563
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 72 5.23% $9,220
    CORNERSTONE HOME LENDING, INC. 66 4.91% $10,908
    Mr. Cooper ( Nationstar Mortgage ) 65 4.43% $14,443
    PENNYMAC LOAN SERVICES, LLC 60 4.02% $12,178
    FREEDOM MORTGAGE CORPORATION 55 4.57% $11,174
    Carrington Mortgage Services, LLC 53 5.50% $10,131
    NFM, INC. 49 5.30% $12,654
    BROKER SOLUTIONS, INC. 47 5.06% $11,970
    GoPrime Mortgage, Inc. 46 5.21% $11,686
    NVR Mortgage Finance, Inc. 42 4.64% $14,502
    AMERISAVE MORTGAGE CORPORATION 39 4.29% $11,417
    CALIBER HOME LOANS, INC. 39 4.94% $11,265
    CROSSCOUNTRY MORTGAGE, LLC 35 5.34% $12,757
    LAKEVIEW LOAN SERVICING, LLC 35 4.27% $8,445
    DHI MORTGAGE COMPANY, LTD. 33 4.54% $9,404
    PRIMARY RESIDENTIAL MORTGAGE, INC. 32 4.74% $12,928
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 4.72% $13,094
    EAGLE HOME MORTGAGE, LLC 28 4.82% $7,660
    American Security Mortgage Corp. 28 4.69% $11,081
    The Federal Savings Bank 28 5.22% $13,205
    INTERCOASTAL MORTGAGE COMPANY 26 5.20% $8,960
    CARDINAL FINANCIAL 26 4.48% $10,335
    VANDERBILT MORTGAGE AND FINANCE, INC. 24 4.81% $13,602
    NEWREZ LLC 23 4.58% $8,329
    Blue Ridge Bank 23 5.38% $11,744
    North State Bank 23 5.03% $9,975
    Prosperity Home Mortgage, LLC 21 4.86% $11,674
    AMERICAN FINANCING CORPORATION 20 4.21% $10,338
    HOMEBRIDGE FINANCIAL SERVICES, INC. 20 4.65% $10,445
    GUARANTEED RATE, INC. 19 4.66% $10,192
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 19 5.61% $12,210
    First Heritage Mortgage, LLC 19 4.71% $12,110
    HOMESPIRE MORTGAGE CORPORATION 18 5.46% $9,456
    HOME POINT FINANCIAL CORPORATION 17 4.12% $10,060
    Nations Lending Corporation 17 5.24% $12,881
    TOP FLITE FINANCIAL, INC. 17 5.01% $18,832
    ACADEMY MORTGAGE CORPORATION 17 4.59% $10,792
    CMG MORTGAGE, INC. 16 5.36% $11,216
    RELIANCE FIRST CAPITAL, LLC 16 4.90% $12,014
    LOANPAL, LLC 16 4.19% $14,866
    Alcova Mortgage LLC 15 5.23% $10,354
    CAPITAL CENTER, L.L.C. 15 4.31% $6,982
    United Community Bank 15 4.68% $11,281
    Towne Bank 14 4.83% $10,007
    MUTUAL OF OMAHA MORTGAGE, INC. 14 4.62% $14,434
    Flagstar Bank, FSB 14 4.09% $10,776
    HOMESIDE FINANCIAL, LLC 14 5.01% $12,274
    Lakeview Community Capital, LLC 13 4.28% $9,051
    T2 FINANCIAL LLC 13 5.18% $13,541
    VILLAGE CAPITAL MORTGAGE 12 4.11% $10,415
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 4.50% $13,264
    PULTE MORTGAGE LLC 12 4.75% $9,009
    Truist 12 4.54% $9,858
    ANGEL OAK HOME LOANS LLC 11 5.51% $11,978
    EQUITY RESOURCES, INC. 10 4.81% $8,959
    Ameris Bank 10 4.59% $10,280
    SOUTHERN TRUST MORTGAGE, LLC 10 5.43% $11,998
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 5.85% $10,308
    Mortgage Research Center, LLC 9 5.46% $10,030
    KBHS HOME LOANS, LLC 9 4.75% $13,131
    THE MORTGAGE FIRM, INC. 9 5.40% $12,488
    PANORAMA MORTGAGE GROUP, LLC 9 4.81% $15,223
    Towne Mortgage of the Carolinas, LLC 8 4.97% $11,861
    The Central Trust Bank 8 4.77% $11,459
    Corporate Investors Mortgage Group, Inc. 8 5.33% $15,091
    Wells Fargo Bank 8 4.91% $8,212
    MATTAMY HOME FUNDING, LLC 8 3.86% $12,746
    Wyndham Capital Mortgage, Inc. 7 4.93% $11,627
    SUN WEST MORTGAGE COMPANY, INC. 7 4.62% $10,821
    Alpha Mortgage Corporation 7 5.73% $9,438
    PLAZA HOME MORTGAGE, INC. 6 4.21% $11,073
    CALCON MUTUAL MORTGAGE LLC 6 4.10% $10,276
    FIRST HOME MORTGAGE CORPORATION 6 6.04% $14,019
    Shamrock Home Loans, Inc. 6 5.08% $13,331
    EVERETT FINANCIAL, INC. 6 5.27% $7,318
    Victorian Finance, LLC 6 4.50% $12,503
    Equity Prime Mortgage LLC 6 5.38% $11,932
    ZILLOW HOME LOANS, LLC 6 5.46% $12,853
    Hometown Lenders, Inc. 5 4.43% $9,558
    South Pacific Financial Corporation 5 4.50% $13,063
    ALLIED MORTGAGE GROUP, INC. 5 5.18% $12,091
    Paramount Residential Mortgage Group, Inc. 5 5.05% $16,783
    JET HOMELOANS, LLC 5 4.68% $16,192
    UNION HOME MORTGAGE CORP. 5 5.53% $9,296
    First Guaranty Mortgage Corporation 5 3.58% $9,999
    SOVEREIGN LENDING GROUP INCORPORATED 4 4.97% $14,353
    BAY EQUITY LLC 4 5.09% $15,942
    PLANET HOME LENDING, LLC 4 5.41% $10,637
    Barrington Bank & Trust Company, N.A. 4 4.94% $7,619
    Bank of England 4 6.00% $12,648
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.19% $11,021
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 5.66% $14,180
    Magnolia Bank 4 5.69% $11,859
    Strong Home Mortgage, LLC 4 3.72% $8,472
    LADERA LENDING, INC. 3 4.42% $16,484
    AMCAP MORTGAGE, LTD. 3 4.75% $7,831
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.00% $10,405
    AmeriHome Mortgage Company, LLC 3 4.17% $12,001
    EMBRACE HOME LOANS, INC. 3 4.88% $9,308
    First-Citizens Bank & Trust Company 3 5.04% $7,640
    HAMILTON HOME LOANS, INC. 3 5.08% $18,241
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 5.17% $16,207
    JPMorgan Chase Bank 3 5.38% $9,270
    M&T Bank 3 3.75% $9,071
    MY MORTGAGE, INC. 3 4.38% $10,069
    Northpointe Bank 3 5.29% $16,247
    ON Q FINANCIAL, INC. 3 4.88% $7,336
    PNC Bank 3 5.33% $9,506
    RAPID MORTGAGE COMPANY 3 4.50% $10,030
    RESOURCE FINANCIAL SERVICES, INC. 3 6.00% $8,308
    SECURITYNATIONAL MORTGAGE COMPANY 3 4.25% $12,350
    UNITED MORTGAGE CORP. 3 4.58% $12,692
    VELOCIO MORTGAGE L.L.C. 3 6.00% $14,128
    FINANCE OF AMERICA MORTGAGE LLC 2 4.88% $10,456
    NETWORK CAPITAL FUNDING CORPORATION 2 4.63% $13,248
    Capital City Home Loans, LLC 2 4.94% $10,920
    FBC MORTGAGE, LLC 2 4.69% $8,395
    GENEVA FINANCIAL, LLC 2 3.69% $14,174
    BETTER MORTGAGE CORPORATION 2 6.38% $8,876
    PHH Mortgage Corporation 2 6.06% $7,242
    Bank of America 2 5.69% $12,307
    ABSOLUTE HOME MORTGAGE CORPORATION 2 5.38% $14,858
    Austin Capital Bank SSB 2 4.38% $10,715
    Amerifirst Financial, Inc. 2 4.50% $11,830
    Plains Commerce Bank 2 6.44% $13,091
    Fifth Third Bank 2 4.38% $8,744
    US MORTGAGE CORPORATION 2 4.88% $11,144
    OPEN MORTGAGE, LLC 2 3.06% $10,104
    First Federal Bank 2 5.00% $11,071
    CityWorth Mortgage LLC 2 4.75% $14,945
    1ST SIGNATURE LENDING, LLC 2 5.88% $14,433
    Citizens Bank 2 4.19% $7,720
    SUCCESS MORTGAGE PARTNERS, INC. 2 4.56% $9,267
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 5.69% $8,867
    CHURCHILL MORTGAGE CORPORATION 2 3.00% $6,425
    MILEND, INC. 2 5.44% $12,537
    MIDLAND MORTGAGE CORPORATION 2 4.75% $15,192
    POLARIS HOME FUNDING CORP. 1 5.13% $11,348
    PREMIA MORTGAGE, LLC 1 4.88% $9,037
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 4.00% $8,694
    ENVOY MORTGAGE, LTD 1 5.13% $7,105
    Encompass Lending Group, LP 1 7.75% $10,143
    EMM LOANS LLC 1 4.63% $14,096
    RADIUS FINANCIAL GROUP INC. 1 7.25% $13,998
    V.I.P. MORTGAGE, INC. 1 5.63% $10,606
    DIRECT MORTGAGE LOANS, LLC 1 5.13% $7,724
    RESIDENTIAL HOME FUNDING CORP. 1 3.38% $13,590
    ROYAL UNITED MORTGAGE LLC 1 5.25% $4,975
    RUOFF MORTGAGE COMPANY, INC. 1 4.50% $10,052
    S1L, Inc. 1 4.50% $10,662
    Willamette Valley Bank 1 5.25% $12,828
    Semper Home Loans, Inc. 1 5.25% $11,667
    DAS Acquisition Company, LLC 1 5.50% $14,532
    SHELTER HOME MORTGAGE, LLC 1 6.13% $11,465
    SIRVA MORTGAGE, INC. 1 5.13% $12,830
    CONTOUR MORTGAGE CORPORATION 1 6.75% $18,989
    Colonial Savings, F.A. 1 5.75% $22,672
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.25% $20,443
    South State Bank 1 5.25% $9,642
    CIS Financial Services, Inc. 1 6.13% $7,716
    C & F Mortgage Corporation 1 7.13% $20,529
    Century Mortgage Company DBA Century Lending Company 1 5.38% $9,001
    The Fidelity Bank 1 5.13% $6,322
    TJC Mortgage, Inc. 1 5.63% $21,152
    BNC National Bank 1 6.50% $11,082
    BECKAM FUNDING CORP. 1 5.75% $19,926
    BancorpSouth Bank 1 6.63% $9,862
    Allen Tate Mortgage Partners, LLC 1 5.63% $15,885
    Atlantic Coast Mortgage, LLC 1 4.75% $10,381
    U.S. Bank 1 5.63% $8,596
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $8,859
    LEADERONE FINANCIAL CORPORATION 1 3.63% $5,102
    LOANLEADERS OF AMERICA, INC. 1 6.88% $21,307
    KELLER MORTGAGE, LLC 1 4.75% $7,117
    Integrity Home Mortgage Corp 1 6.00% $12,630
    MCLEAN MORTGAGE CORPORATION 1 5.75% $10,718
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.75% $22,321
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $10,932
    MICHIGAN MUTUAL, INC. 1 5.13% $16,101
    MLD MORTGAGE INC. 1 6.38% $9,575
    Hometown Equity Mortgage, LLC 1 3.13% $8,522
    HOMESTEAD FUNDING CORP. 1 6.25% $9,885
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.63% $14,146
    GUARANTEED RATE AFFINITY, LLC 1 4.25% $7,676
    ARC HOME LLC 1 3.63% $7,704
    GSF Mortgage Corporation 1 6.63% $10,383
    NATIONS DIRECT MORTGAGE, LLC 1 2.99% $4,893
    George Mason Mortgage, LLC 1 5.13% $11,083
    NATIONS RELIABLE LENDING, LLC 1 3.88% $8,156
    FLAT BRANCH MORTGAGE, INC. 1 3.63% $10,790
    VERITAS FUNDING, LLC 1 4.75% $12,408
    First Option Mortgage, LLC 1 5.63% $19,044
    NTFN, INC. 1 6.50% $9,995
    First Home Bank 1 5.75% $16,242
    FirstBank 1 2.88% $8,732
    PENTAGON FEDERAL CREDIT UNION 1 4.75% $6,989
    Peoples Bank 1 5.25% $17,562
    PIKE CREEK MORTGAGE SERVICES, INC. 1 5.50% $10,174
    Pinnacle Bank 1 3.63% $10,380
    Platinum Home Mortgage Corporation 1 6.75% $16,511
    FIDELITY DIRECT MORTGAGE, LLC 1 5.13% $10,260
    AMERIFIRST FINANCIAL CORPORATION 1 5.63% $18,820

    The top Raleigh FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 301 FHA loans originated. Their average total fees are $11,625, which is $780 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Raleigh FHA lenders (with over 10 loans originated) are CAPITAL CENTER, L.L.C. ($6,982), EAGLE HOME MORTGAGE, LLC ($7,660), NEWREZ LLC ($8,329), LAKEVIEW LOAN SERVICING, LLC ($8,445) and EQUITY RESOURCES, INC. ($8,959).

    The lowest rate Raleigh FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.02%), Flagstar Bank, FSB (4.09%), VILLAGE CAPITAL MORTGAGE (4.11%), HOME POINT FINANCIAL CORPORATION (4.12%) and LOANPAL, LLC (4.19%).

    Raleigh FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    RALEIGH-CARY, NC FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    RALEIGH-CARY, NC JOHNSTON 2022 $420,680 $538,650 $651,050 $809,150
    RALEIGH-CARY, NC WAKE 2022 $420,680 $538,650 $651,050 $809,150
    RALEIGH-CARY, NC FRANKLIN 2023 $502,550 $643,350 $777,650 $966,450
    RALEIGH-CARY, NC JOHNSTON 2023 $502,550 $643,350 $777,650 $966,450
    RALEIGH-CARY, NC WAKE 2023 $502,550 $643,350 $777,650 $966,450

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $350,080 (2.6%) $423,710 (3.1%) 1.30 3,972
    2018-02-01 $358,500 (3.2%) $427,891 (3.1%) 1.30 4,007
    2018-03-01 $368,901 (2.5%) $439,742 (2.6%) 1.29 4,229
    2018-04-01 $369,950 (0.0%) $440,989 (0.0%) 1.25 4,500
    2018-05-01 $369,950 (0.0%) $442,338 (-0.2%) 1.24 4,820
    2018-06-01 $369,800 (1.0%) $445,410 (1.8%) 1.23 4,911
    2018-07-01 $369,450 (0.6%) $448,837 (2.9%) 1.23 4,813
    2018-08-01 $369,786 (1.5%) $447,878 (3.4%) 1.24 4,906
    2018-09-01 $365,939 (0.3%) $442,879 (2.4%) 1.23 5,030
    2018-10-01 $358,200 (-0.5%) $432,214 (0.9%) 1.21 5,274
    2018-11-01 $355,345 (-1.2%) $430,491 (0.8%) 1.20 5,151
    2018-12-01 $354,500 (-0.4%) $426,951 (-0.1%) 1.22 4,902
    2019-01-01 $349,995 (0.0%) $423,956 (0.1%) 1.21 4,623
    2019-02-01 $354,743 (-1.1%) $430,484 (0.6%) 1.20 4,578
    2019-03-01 $365,000 (-1.1%) $443,475 (0.9%) 1.22 4,541
    2019-04-01 $369,450 (-0.1%) $449,180 (1.9%) 1.17 4,703
    2019-05-01 $375,000 (1.4%) $455,959 (3.1%) 1.17 4,826
    2019-06-01 $375,950 (1.7%) $453,503 (1.8%) 1.17 4,926
    2019-07-01 $375,000 (1.5%) $452,248 (0.8%) 1.17 5,000
    2019-08-01 $379,000 (2.5%) $458,026 (2.3%) 1.19 4,896
    2019-09-01 $380,939 (4.1%) $461,834 (4.3%) 1.20 4,609
    2019-10-01 $364,100 (1.7%) $442,112 (2.3%) 1.17 5,157
    2019-11-01 $359,298 (1.1%) $440,489 (2.3%) 1.18 4,984
    2019-12-01 $359,950 (1.5%) $442,717 (3.7%) 1.20 4,528
    2020-01-01 $358,354 (2.4%) $442,741 (4.4%) 1.20 4,213
    2020-02-01 $363,000 (2.3%) $450,174 (4.6%) 1.19 4,110
    2020-03-01 $372,450 (2.0%) $461,316 (4.0%) 1.17 4,025
    2020-04-01 $363,545 (-1.6%) $451,523 (0.5%) 1.14 4,297
    2020-05-01 $369,990 (-1.3%) $465,468 (2.1%) 1.12 4,197
    2020-06-01 $381,200 (1.4%) $485,821 (7.1%) 1.12 3,583
    2020-07-01 $381,223 (1.7%) $486,993 (7.7%) 1.11 3,325
    2020-08-01 $385,000 (1.6%) $487,461 (6.4%) 1.10 3,200
    2020-09-01 $389,900 (2.4%) $494,592 (7.1%) 1.12 2,908
    2020-10-01 $389,573 (7.0%) $495,050 (12.0%) 1.12 2,868
    2020-11-01 $384,570 (7.0%) $491,488 (11.6%) 1.12 2,576
    2020-12-01 $386,211 (7.3%) $496,720 (12.2%) 1.15 2,201
    2021-01-01 $389,900 (8.8%) $507,339 (14.6%) 1.16 1,854
    2021-02-01 $395,000 (8.8%) $526,088 (16.9%) 1.15 1,469
    2021-03-01 $397,475 (6.7%) $528,810 (14.6%) 1.13 1,275
    2021-04-01 $400,130 (10.1%) $541,978 (20.0%) 1.08 1,198
    2021-05-01 $403,297 (9.0%) $550,593 (18.3%) 1.07 1,027
    2021-06-01 $408,748 (7.2%) $559,523 (15.2%) 1.08 1,044
    2021-07-01 $409,900 (7.5%) $545,552 (12.0%) 1.08 1,202
    2021-08-01 $423,805 (10.1%) $564,029 (15.7%) 1.13 1,249
    2021-09-01 $425,000 (9.0%) $554,636 (12.1%) 1.13 1,407
    2021-10-01 $425,000 (9.1%) $550,809 (11.3%) 1.13 1,461
    2021-11-01 $426,724 (11.0%) $553,607 (12.6%) 1.14 1,340
    2021-12-01 $423,206 (9.6%) $551,255 (11.0%) 1.15 1,097
    2022-01-01 $426,000 (9.3%) $567,796 (11.9%) 1.15 897
    2022-02-01 $433,652 (9.8%) $588,797 (11.9%) 1.13 659
    2022-03-01 $450,000 (13.2%) $619,472 (17.1%) 1.13 695
    2022-04-01 $476,565 (19.1%) $619,480 (14.3%) 1.14 855
    2022-05-01 $494,500 (22.6%) $607,976 (10.4%) 1.13 1,443
    2022-06-01 $499,950 (22.3%) $626,259 (11.9%) 1.11 2,106
    2022-07-01 $495,000 (20.8%) $614,572 (12.7%) 1.12 2,763
    2022-08-01 $485,878 (14.7%) $605,611 (7.4%) 1.12 3,174
    2022-09-01 $463,825 (9.1%) $580,582 (4.7%) 1.08 3,749
    2022-10-01 $454,900 (7.0%) $576,202 (4.6%) 1.07 3,925
    2022-11-01 $449,848 (5.4%) $570,718 (3.1%) 1.08 3,879
    2022-12-01 $449,000 (6.1%) $569,542 (3.3%) 1.11 3,592
    2023-01-01 $445,950 (4.7%) $573,438 (1.0%) 1.10 3,203
    2023-02-01 $449,450 (3.6%) $583,572 (-0.9%) 1.08 2,831
    2023-03-01 $450,000 (0.0%) $598,211 (-3.4%) 1.06 2,597
    2023-04-01 $465,000 (-2.4%) $630,877 (1.8%) 1.08 2,421
    Raleigh's median listing price for 2023-04-01 was $465,000, a difference of $-11,565 (-2.4%) versus the prior year and $15,000 versus the prior month.

    Raleigh's median listing price comes in at 108% of the national average.

    Raleigh's average listing price for 2023-04-01 was $630,877, a difference of $11,397 (1.8%) versus the prior year and $32,666 versus the prior month.

    For the 2023-04-01 period, Raleigh had 2,421 MLS listings, a difference of -176 listings (-7%) versus the prior month and 1,566 listings (183%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 85 days 2,659 sqft
    2018-02-01 71 days 2,653 sqft
    2018-03-01 56 days 2,699 sqft
    2018-04-01 53 days 2,669 sqft
    2018-05-01 52 days 2,676 sqft
    2018-06-01 56 days 2,666 sqft
    2018-07-01 64 days 2,653 sqft
    2018-08-01 65 days 2,656 sqft
    2018-09-01 67 days 2,623 sqft
    2018-10-01 71 days 2,588 sqft
    2018-11-01 73 days 2,578 sqft
    2018-12-01 81 days 2,564 sqft
    2019-01-01 87 days 2,557 sqft
    2019-02-01 81 days 2,561 sqft
    2019-03-01 59 days 2,602 sqft
    2019-04-01 52 days 2,624 sqft
    2019-05-01 52 days 2,650 sqft
    2019-06-01 52 days 2,628 sqft
    2019-07-01 58 days 2,603 sqft
    2019-08-01 68 days 2,634 sqft
    2019-09-01 72 days 2,640 sqft
    2019-10-01 63 days 2,542 sqft
    2019-11-01 65 days 2,500 sqft
    2019-12-01 71 days 2,504 sqft
    2020-01-01 74 days 2,482 sqft
    2020-02-01 64 days 2,519 sqft
    2020-03-01 50 days 2,549 sqft
    2020-04-01 52 days 2,496 sqft
    2020-05-01 61 days 2,514 sqft
    2020-06-01 63 days 2,542 sqft
    2020-07-01 51 days 2,488 sqft
    2020-08-01 43 days 2,469 sqft
    2020-09-01 48 days 2,459 sqft
    2020-10-01 46 days 2,431 sqft
    2020-11-01 46 days 2,386 sqft
    2020-12-01 51 days 2,373 sqft
    2021-01-01 48 days 2,350 sqft
    2021-02-01 35 days 2,306 sqft
    2021-03-01 28 days 2,253 sqft
    2021-04-01 22 days 2,297 sqft
    2021-05-01 19 days 2,275 sqft
    2021-06-01 16 days 2,259 sqft
    2021-07-01 19 days 2,253 sqft
    2021-08-01 20 days 2,251 sqft
    2021-09-01 19 days 2,245 sqft
    2021-10-01 21 days 2,223 sqft
    2021-11-01 23 days 2,218 sqft
    2021-12-01 34 days 2,197 sqft
    2022-01-01 34 days 2,132 sqft
    2022-02-01 17 days 2,136 sqft
    2022-03-01 11 days 2,184 sqft
    2022-04-01 11 days 2,250 sqft
    2022-05-01 12 days 2,319 sqft
    2022-06-01 17 days 2,353 sqft
    2022-07-01 23 days 2,337 sqft
    2022-08-01 31 days 2,332 sqft
    2022-09-01 42 days 2,286 sqft
    2022-10-01 48 days 2,268 sqft
    2022-11-01 57 days 2,268 sqft
    2022-12-01 70 days 2,280 sqft
    2023-01-01 76 days 2,284 sqft
    2023-02-01 68 days 2,286 sqft
    2023-03-01 53 days 2,303 sqft
    2023-04-01 50 days 2,328 sqft
    Raleigh's median listing age (time on market) for 2023-04-01 was 50 days. This is 355% longer than the same period one year ago.

    Raleigh's median square footage for active listings during the 2023-04-01 period was 2,328 sqft. One year prior, the average listing was 2,250 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).