West Raleigh, a vibrant neighborhood in Raleigh, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen a gradual increase in homeownership rates, coupled with substantial growth in average home prices and average rent prices. The homeownership rate in West Raleigh has shown a steady upward trend, increasing from 26% in 2013 to 29% in 2022. This growth in homeownership coincides with a remarkable rise in average home prices. In 2013, the average home price in the neighborhood was $158,515. By 2022, this figure had more than doubled to $360,632, representing a 127% increase over nine years. This substantial appreciation in home values likely contributed to the growing appeal of homeownership in the area.

Federal interest rates have played a significant role in shaping homeownership trends in West Raleigh. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, the homeownership rate increased from 26% to 28%, as lower interest rates made mortgages more affordable. The gradual increase in interest rates from 2017 to 2019 (1% to 2.16%) coincided with a stabilization of the homeownership rate at 29%, suggesting that rising rates may have tempered further growth in homeownership.

The rental market in West Raleigh has also experienced notable changes. The percentage of renters decreased slightly from 73% in 2013 to 71% in 2022. Despite this minor decline, average rent prices have risen consistently. In 2013, the average rent was $974 per month. By 2022, it had increased to $1,140, representing a 17% rise over nine years. This upward trend in rent prices occurred even as the neighborhood's population grew from 42,602 in 2013 to 44,402 in 2022, indicating strong demand for rental properties in the area.