After a brief cooling period in late 2023 and early 2024, the Triangle — Raleigh, Durham, Cary, Chapel Hill, and surrounding communities — is running hot again. February 2026 data from the Triangle MLS shows inventory dropped 18% compared to February 2024, pushing competition back to levels last seen during the 2022 peak.
The numbers that matter
Triangle MLS — February 2026
That last stat is the most telling: 41% of Triangle homes sold above list price in February. In a so-called "cooling" market, nearly half of all transactions are still going for more than the seller asked. That's the definition of competitive.
Where it's hottest
Not all Triangle zip codes are created equal. The tightest markets right now are in west Cary (27513, 27519), North Raleigh (27614, 27615), and the Brier Creek corridor. These areas combine excellent schools, easy highway access, and desirable neighborhoods — and inventory in all of them is below 30 days, meaning a new listing will typically go under contract within a month.
Durham tells a more nuanced story. The Durham-Chapel Hill corridor (27705, 27707) has seen consistent appreciation driven by proximity to Duke, UNC, and the Research Triangle Park. But parts of east Durham and south Durham remain relatively accessible, with median prices in the mid-$300Ks and days-on-market in the 30–45 day range.
Why is inventory so low?
The same structural forces driving scarcity in Charlotte are at work in the Triangle: rate lock-in (homeowners refusing to sell their 3% mortgage), population growth (North Carolina added more than 130,000 net new residents in 2024), and lagging new construction. Raleigh permitted roughly 8,200 new housing units in 2024 — a strong number, but still below the demand run rate in a metro growing by tens of thousands annually.
"Buyers in Cary and north Raleigh are absolutely back to writing love letters and escalation clauses. The inventory just isn't there, and everyone who's been waiting is suddenly ready to move." — Triangle buyer's agent, February 2026
What to do if you're buying in the Triangle
First, get pre-approved now — not next week. Lenders are busy and full underwriting approval can take 5–7 business days. In a market where good homes go under contract in 48–72 hours, you cannot afford to wait. Second, expand your search radius slightly. Communities like Fuquay-Varina, Apex, Morrisville, and Knightdale offer Triangle access at materially lower price points — and some are still seeing sub-30-day markets. Third, set up MLS alerts for your specific criteria and be mentally ready to tour and decide within a day of a listing going live.
The Triangle market is not showing signs of cooling in early 2025. If you're sitting on the sidelines waiting for buyer-friendly conditions, the data suggests that wait could be a long one.