Raleigh VA Loans
RALEIGH-CARY, NC
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Raleigh's 250 lenders originated 6,591 VA loans during 2021. The total origination value was $2,079,505,000, with an average VA loan value of $315,507.
Raleigh VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Raleigh
averaged
6.86%
for the week of 2022-09-30, compared to the national average (all VA variants) of
6.363% for the same period.
The average rate for the prior week (2022-09-23) was
6.32% and
one month ago for the week of 2022-08-26, the
average rate was 5.39%.
The average rate one year ago was 2.96%.
For refis of the same type during the week of 2022-09-30, the average rate
was 6.28%.
Raleigh VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Raleigh level.
The top Raleigh VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
545 VA loans originated. Their average total fees are
$5,443, which is $2,265
higher than the next largest lender,
FREEDOM MORTGAGE CORPORATION.
The lowest fee Raleigh VA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC ($2,265), PENTAGON FEDERAL CREDIT UNION ($2,624), LAKEVIEW LOAN SERVICING, LLC ($2,708), CALCON MUTUAL MORTGAGE LLC ($3,130) and FREEDOM MORTGAGE CORPORATION ($3,178).
The lowest rate Raleigh VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (2.26%), CLEARPATH LENDING (2.29%), TJC Mortgage, Inc. (2.30%), InterContinental Capital Group, Inc (2.33%) and SUN WEST MORTGAGE COMPANY, INC. (2.35%).
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 | $353,742 (3.6%) | $425,099 (3.9%) | 1.30 | 4,048 |
| 2018-02-01 | $359,900 (3.6%) | $428,887 (3.9%) | 1.30 | 4,098 |
| 2018-03-01 | $369,900 (2.8%) | $440,880 (3.4%) | 1.28 | 4,322 |
| 2018-04-01 | $374,700 (1.8%) | $442,115 (0.9%) | 1.26 | 4,592 |
| 2018-05-01 | $374,205 (1.2%) | $444,706 (0.7%) | 1.25 | 4,902 |
| 2018-06-01 | $370,000 (1.4%) | $448,058 (2.9%) | 1.23 | 4,967 |
| 2018-07-01 | $369,945 (1.4%) | $449,779 (3.2%) | 1.23 | 4,926 |
| 2018-08-01 | $369,900 (1.6%) | $448,388 (3.6%) | 1.24 | 5,024 |
| 2018-09-01 | $366,560 (0.5%) | $444,302 (2.6%) | 1.23 | 5,154 |
| 2018-10-01 | $359,450 (-0.2%) | $433,361 (0.7%) | 1.20 | 5,399 |
| 2018-11-01 | $354,950 (-1.4%) | $430,588 (0.4%) | 1.19 | 5,299 |
| 2018-12-01 | $352,290 (-1.7%) | $426,282 (-0.5%) | 1.21 | 5,019 |
| 2019-01-01 | $349,990 (-1.1%) | $422,788 (-0.5%) | 1.21 | 4,745 |
| 2019-02-01 | $352,245 (-2.1%) | $428,724 (0.0%) | 1.18 | 4,717 |
| 2019-03-01 | $363,743 (-1.7%) | $439,143 (-0.4%) | 1.19 | 4,707 |
| 2019-04-01 | $369,995 (-1.3%) | $449,632 (1.7%) | 1.17 | 4,820 |
| 2019-05-01 | $376,250 (0.6%) | $457,233 (2.8%) | 1.16 | 4,909 |
| 2019-06-01 | $379,900 (2.7%) | $456,497 (1.9%) | 1.17 | 4,998 |
| 2019-07-01 | $375,000 (1.4%) | $454,546 (1.1%) | 1.17 | 5,076 |
| 2019-08-01 | $374,107 (1.1%) | $450,811 (0.5%) | 1.18 | 5,113 |
| 2019-09-01 | $371,459 (1.3%) | $446,679 (0.5%) | 1.18 | 5,128 |
| 2019-10-01 | $365,000 (1.5%) | $444,197 (2.5%) | 1.16 | 5,280 |
| 2019-11-01 | $359,900 (1.4%) | $442,820 (2.8%) | 1.16 | 5,093 |
| 2019-12-01 | $362,100 (2.8%) | $445,520 (4.5%) | 1.21 | 4,649 |
| 2020-01-01 | $359,900 (2.8%) | $444,663 (5.2%) | 1.20 | 4,319 |
| 2020-02-01 | $365,000 (3.6%) | $450,856 (5.2%) | 1.18 | 4,127 |
| 2020-03-01 | $374,950 (3.1%) | $462,522 (5.3%) | 1.17 | 4,088 |
| 2020-04-01 | $366,000 (-1.1%) | $453,062 (0.8%) | 1.14 | 4,348 |
| 2020-05-01 | $374,900 (-0.4%) | $466,999 (2.1%) | 1.14 | 4,190 |
| 2020-06-01 | $384,950 (1.3%) | $487,082 (6.7%) | 1.12 | 3,581 |
| 2020-07-01 | $384,170 (2.5%) | $487,805 (7.3%) | 1.10 | 3,333 |
| 2020-08-01 | $386,193 (3.2%) | $487,666 (8.2%) | 1.10 | 3,218 |
| 2020-09-01 | $391,000 (5.3%) | $496,732 (11.2%) | 1.12 | 2,932 |
| 2020-10-01 | $389,900 (6.8%) | $497,109 (11.9%) | 1.11 | 2,888 |
| 2020-11-01 | $385,000 (7.0%) | $493,715 (11.5%) | 1.10 | 2,598 |
| 2020-12-01 | $385,000 (6.3%) | $496,449 (11.4%) | 1.13 | 2,231 |
| 2021-01-01 | $389,900 (8.3%) | $507,114 (14.0%) | 1.15 | 1,846 |
| 2021-02-01 | $395,000 (8.2%) | $525,054 (16.5%) | 1.14 | 1,483 |
| 2021-03-01 | $398,793 (6.4%) | $531,609 (14.9%) | 1.12 | 1,271 |
| 2021-04-01 | $402,740 (10.0%) | $544,638 (20.2%) | 1.08 | 1,195 |
| 2021-05-01 | $407,190 (8.6%) | $554,238 (18.7%) | 1.07 | 999 |
| 2021-06-01 | $410,131 (6.5%) | $562,410 (15.5%) | 1.07 | 1,014 |
| 2021-07-01 | $408,500 (6.3%) | $547,527 (12.2%) | 1.06 | 1,181 |
| 2021-08-01 | $422,255 (9.3%) | $567,561 (16.4%) | 1.11 | 1,228 |
| 2021-09-01 | $427,133 (9.2%) | $559,329 (12.6%) | 1.12 | 1,372 |
| 2021-10-01 | $425,000 (9.0%) | $556,756 (12.0%) | 1.12 | 1,423 |
| 2021-11-01 | $425,000 (10.4%) | $554,431 (12.3%) | 1.12 | 1,349 |
| 2021-12-01 | $419,900 (9.1%) | $551,202 (11.0%) | 1.12 | 1,113 |
| 2022-01-01 | $424,706 (8.9%) | $569,984 (12.4%) | 1.13 | 909 |
| 2022-02-01 | $430,000 (8.9%) | $594,027 (13.1%) | 1.10 | 666 |
| 2022-03-01 | $448,625 (12.5%) | $632,932 (19.1%) | 1.11 | 662 |
| 2022-04-01 | $475,000 (17.9%) | $624,166 (14.6%) | 1.12 | 808 |
| 2022-05-01 | $493,558 (21.2%) | $609,128 (9.9%) | 1.10 | 1,415 |
| 2022-06-01 | $499,950 (21.9%) | $624,124 (11.0%) | 1.11 | 2,147 |
| 2022-07-01 | $495,000 (21.2%) | $612,789 (11.9%) | 1.10 | 2,805 |
| 2022-08-01 | $486,500 (15.2%) | $605,868 (6.8%) | 1.12 | 3,237 |
Raleigh's median listing price comes in at 112% of the national average.
Raleigh's average listing price for 2022-08-01 was $605,868, a difference of $38,307 (6.8%) versus the prior year and $-6,921 versus the prior month.
For the 2022-08-01 period, Raleigh had 3,237 MLS listings, a difference of 432 listings (15%) versus the prior month and 2,009 listings (164%) 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 | 2,663 sqft |
| 2018-02-01 | 72 days | 2,655 sqft |
| 2018-03-01 | 56 days | 2,700 sqft |
| 2018-04-01 | 53 days | 2,681 sqft |
| 2018-05-01 | 52 days | 2,685 sqft |
| 2018-06-01 | 56 days | 2,668 sqft |
| 2018-07-01 | 63 days | 2,653 sqft |
| 2018-08-01 | 65 days | 2,654 sqft |
| 2018-09-01 | 67 days | 2,623 sqft |
| 2018-10-01 | 72 days | 2,592 sqft |
| 2018-11-01 | 73 days | 2,578 sqft |
| 2018-12-01 | 82 days | 2,563 sqft |
| 2019-01-01 | 87 days | 2,554 sqft |
| 2019-02-01 | 82 days | 2,558 sqft |
| 2019-03-01 | 57 days | 2,594 sqft |
| 2019-04-01 | 50 days | 2,630 sqft |
| 2019-05-01 | 51 days | 2,655 sqft |
| 2019-06-01 | 51 days | 2,639 sqft |
| 2019-07-01 | 57 days | 2,611 sqft |
| 2019-08-01 | 59 days | 2,595 sqft |
| 2019-09-01 | 59 days | 2,576 sqft |
| 2019-10-01 | 60 days | 2,544 sqft |
| 2019-11-01 | 63 days | 2,514 sqft |
| 2019-12-01 | 69 days | 2,520 sqft |
| 2020-01-01 | 73 days | 2,498 sqft |
| 2020-02-01 | 64 days | 2,530 sqft |
| 2020-03-01 | 50 days | 2,558 sqft |
| 2020-04-01 | 50 days | 2,503 sqft |
| 2020-05-01 | 59 days | 2,518 sqft |
| 2020-06-01 | 63 days | 2,547 sqft |
| 2020-07-01 | 51 days | 2,498 sqft |
| 2020-08-01 | 43 days | 2,474 sqft |
| 2020-09-01 | 48 days | 2,467 sqft |
| 2020-10-01 | 49 days | 2,425 sqft |
| 2020-11-01 | 47 days | 2,387 sqft |
| 2020-12-01 | 51 days | 2,378 sqft |
| 2021-01-01 | 53 days | 2,355 sqft |
| 2021-02-01 | 36 days | 2,309 sqft |
| 2021-03-01 | 30 days | 2,260 sqft |
| 2021-04-01 | 23 days | 2,303 sqft |
| 2021-05-01 | 20 days | 2,292 sqft |
| 2021-06-01 | 15 days | 2,254 sqft |
| 2021-07-01 | 18 days | 2,266 sqft |
| 2021-08-01 | 19 days | 2,258 sqft |
| 2021-09-01 | 19 days | 2,258 sqft |
| 2021-10-01 | 19 days | 2,249 sqft |
| 2021-11-01 | 23 days | 2,230 sqft |
| 2021-12-01 | 33 days | 2,198 sqft |
| 2022-01-01 | 36 days | 2,134 sqft |
| 2022-02-01 | 20 days | 2,161 sqft |
| 2022-03-01 | 11 days | 2,189 sqft |
| 2022-04-01 | 9 days | 2,260 sqft |
| 2022-05-01 | 9 days | 2,325 sqft |
| 2022-06-01 | 15 days | 2,354 sqft |
| 2022-07-01 | 23 days | 2,337 sqft |
| 2022-08-01 | 30 days | 2,336 sqft |
Raleigh's median square footage for active listings during the 2022-08-01 period was 2,336 sqft. One year prior, the average listing was 2,258 sqft.
