Raleigh vs San Antonio
Sun Belt real estate market comparison · data as of 2026-04
While Raleigh's $449,900 median and $102,144 household income signal a tight, knowledge-economy market holding firm at 46 days on market, San Antonio's $323,950 median — down 3.3% year-over-year — offers real negotiating leverage, though its 2.1%–2.5% property tax rate quietly erases much of Texas's no-income-tax edge.
Compare two markets
- Market A
Raleigh, NC
Research Triangle's tech-and-university anchor drawing steady in-migration
$450K-0.3% YoYMedian home price
- Market B
San Antonio, TX
The Sun Belt's affordability story — still under the Texas Triangle price curve
$325K-4.5% YoYMedian home price
The Verdict: Raleigh vs San Antonio
Choose Raleigh
Choose Raleigh if you're a knowledge-economy professional — tech, healthcare, academia — who values price stability over a bargain entry point. Raleigh's $102,144 median income, Research Triangle Park employers, and a 24-month price band of $436K–$470K signal a market that rewards patience, not panic-buying.
Choose San Antonio
Choose San Antonio if you're buying on a tighter budget or want negotiating room right now. At $323,950 median — down 3.3% year-over-year — with 2.7 months of supply and 61 days on market, buyers hold real leverage. Texas's zero income tax also matters most here if your household income is modest and every monthly dollar counts.
The Deciding Factor
Property taxes flip the tax advantage: San Antonio's 2.1%–2.5% rate costs $6,800–$8,100 annually on its median home — nearly double Raleigh's $4,320 bill — eroding much of Texas's no-income-tax edge.
Market Stats Comparison
| Metric | Raleigh | Buyer-favourable indicator | San Antonio |
|---|---|---|---|
| Median Home Price | $450K | $325K | |
| YoY Price Change | -0.3% | -4.5% | |
| Active Listings | 5,124 | 13,029 | |
| Months of Supply | 1.7 mo | 2.8 mo | |
| Days on Market | 44 days | 53 days | |
| Cash Buyer Share | 20% | 21% | |
| MoM Price Change | 0% | +0.2% |
Median Home Price
YoY Price Change
Active Listings
Months of Supply
Days on Market
Cash Buyer Share
MoM Price Change
City Fundamentals
Demographics, taxes & livability · researched at generation time
| Category | Raleigh | San Antonio |
|---|---|---|
| Population | 1.56M (2024, U.S. Census Bureau / FRED MSA estimate) · +12.4% (2019–2024 est., MSA) | 2.76M (2024, U.S. Census Bureau / FRED MSA estimate) · +8.0% (2019–2024, MSA basis) |
| Median Household Income | $102,144 (ACS 2024 1-year, Raleigh-Cary MSA) | $78,112 (ACS 2024 1-year estimate, MSA) |
| Cost of Living | 95 (US avg = 100; ~5% below national average, C2ER/Redfin) | 91.2 (US avg = 100; ~8.8% below national average) |
| Unemployment Rate | 3.2% (Q2 2024, BLS / NC Commerce) | 3.4% (December 2024, not seasonally adjusted, MSA) |
| State Income Tax | Flat 4.75% (North Carolina) | None (Texas has no state income tax) |
| Property Tax Rate | 0.96% of assessed value (Wake County average) | 2.1%–2.5% of assessed value (varies by taxing district) |
| Major Employers |
|
|
| Avg Commute | 27 min (one-way average, ACS 2024 MSA) | 27.6 min (one-way average, ACS 2024 MSA) |
| Sunny Days / Year | 218 days per year | ~220 days per year |
| Avg Summer High | 89–91°F (July average high) | 95°F (July average high) |
| Walkability | 35 (car-dependent; city proper score, MSA is lower) | 44 (car-dependent, city proper; MSA est. lower) |
👥 Population
Raleigh
1.56M (2024, U.S. Census Bureau / FRED MSA estimate) · +12.4% (2019–2024 est., MSA)San Antonio
2.76M (2024, U.S. Census Bureau / FRED MSA estimate) · +8.0% (2019–2024, MSA basis)💰 Median Household Income
Raleigh
$102,144 (ACS 2024 1-year, Raleigh-Cary MSA)San Antonio
$78,112 (ACS 2024 1-year estimate, MSA)🛒 Cost of Living
Raleigh
95 (US avg = 100; ~5% below national average, C2ER/Redfin)San Antonio
91.2 (US avg = 100; ~8.8% below national average)📊 Unemployment Rate
Raleigh
3.2% (Q2 2024, BLS / NC Commerce)San Antonio
3.4% (December 2024, not seasonally adjusted, MSA)🏛️ State Income Tax
Raleigh
Flat 4.75% (North Carolina)San Antonio
None (Texas has no state income tax)🏠 Property Tax Rate
Raleigh
0.96% of assessed value (Wake County average)San Antonio
2.1%–2.5% of assessed value (varies by taxing district)🏢 Major Employers
Raleigh
- State of North Carolina (government & agencies)
- NC State University / Research Triangle universities (Duke, UNC-CH)
- Tech sector: Apple, Google, IBM (Research Triangle Park)
- Healthcare: WakeMed, UNC Health, Duke Health
San Antonio
- Joint Base San Antonio (military/defense, 80,000+ personnel)
- USAA (financial services, ~19,000 local employees)
- H-E-B (grocery/retail, HQ in San Antonio)
- South Texas Medical Center / healthcare sector
🚗 Avg Commute
Raleigh
27 min (one-way average, ACS 2024 MSA)San Antonio
27.6 min (one-way average, ACS 2024 MSA)☀️ Sunny Days / Year
Raleigh
218 days per yearSan Antonio
~220 days per year🌡️ Avg Summer High
Raleigh
89–91°F (July average high)San Antonio
95°F (July average high)🚶 Walkability
Raleigh
35 (car-dependent; city proper score, MSA is lower)San Antonio
44 (car-dependent, city proper; MSA est. lower)Data researched via AI at time of comparison generation. Figures are estimates — verify with official sources before making financial decisions.
AI Analysis: Raleigh vs San Antonio
Generated April 2026 · SunBeltPulse Research
Key Takeaways
- Raleigh's median home price of $449,900 is $126,000 higher than San Antonio's $323,950, but Raleigh's 0.96% property tax rate versus San Antonio's 2.1%–2.5% meaningfully narrows the annual cost-of-ownership gap.
- San Antonio is currently a softer market — prices are down 3.3% year-over-year and active listings of 12,651 give buyers roughly 2.7 months of supply and 61 days on market to negotiate, compared to Raleigh's tighter 1.6 months of supply and 46-day sales pace.
- Raleigh's 24-month price series has held within a roughly $436K–$470K band with reliable seasonal patterns, suggesting lower price volatility than San Antonio, which has trended from ~$349K down to ~$320K over the same period.
- Texas has no state income tax, a significant advantage over North Carolina's 4.75% flat rate, but San Antonio's high property taxes (2.1%–2.5%) can cost $6,800–$8,100 annually on a median-priced home — partially offsetting that benefit.
- Raleigh's median household income of $102,144 is 31% higher than San Antonio's $78,112, reflecting its knowledge-economy employment base, which supports housing demand even at elevated price points.
**Price Trends & Valuation Gap**
Raleigh and San Antonio sit on opposite ends of Sun Belt price momentum right now. Raleigh's median of $449,900 (as of March 2026) reflects a modest +1.1% year-over-year gain, and its 24-month price series shows a recognizable seasonal rhythm: peaks around $469,900 in June 2024 and $462,473 in June 2025, followed by winter troughs near $440,000, then spring recoveries. The overall price range over two years has been roughly $436K–$470K — relatively tight, which reflects the market's reputation for lower volatility. San Antonio, by contrast, has posted a -3.3% year-over-year decline to $323,950, after a clear downtrend from a 24-month high of ~$349,000 in July 2024 to a low near $319,990 in early 2026. That $126,000 absolute price gap between the two metros is the central trade-off: Raleigh buyers pay a meaningful premium but have so far seen nominal price stability, while San Antonio buyers are entering at a cyclical discount with more uncertainty about the floor.
**Inventory Conditions & Buyer-Seller Dynamics**
Inventory tells a sharp story. Raleigh's 1.6 months of supply as of March 2026 places it firmly in seller's market territory — conventionally, anything below 3 months favors sellers — and with 4,709 active listings, supply is relatively constrained for a metro of 1.56 million. The inventory series spiked to 3.8 months in December 2024 and 2025, but snapped back quickly each spring, suggesting seasonal tightening is a reliable pattern. San Antonio's 2.7 months of supply sits higher, representing a more balanced-to-buyer-friendly environment. Its 12,651 active listings — nearly 2.7 times Raleigh's count in a metro roughly 1.8 times larger — mean buyers have more negotiating leverage and less urgency. The December 2025 peak of 5.5 months in San Antonio briefly crossed into buyer's market territory, which likely contributed to the price softening visible in the data. For buyers who prefer time to deliberate, San Antonio's environment is meaningfully less pressured.
**Market Velocity & Transaction Dynamics**
Days on market reinforces the inventory story. Raleigh homes are selling in 46 days on average versus San Antonio's 61 days — a 32% faster pace. Cash buyer participation is nearly identical at 20% and 21%, respectively, suggesting institutional or investor demand is not dramatically skewing either market. Neither metro is dominated by all-cash offers the way Phoenix or Miami were at their peaks. That said, Raleigh's tighter supply and faster velocity imply that well-priced homes likely still attract competitive offers, while San Antonio sellers may need to price more aggressively or offer concessions to move inventory.
**Economic Fundamentals & Cost Structure**
The two metros' economic profiles diverge in important ways for long-term buyers. Raleigh's $102,144 median household income is 31% higher than San Antonio's $78,112, which helps contextualize the price premium — Raleigh buyers generally earn more. Raleigh's cost of living index of 95 (5% below the U.S. average) compares favorably nationally, but San Antonio's 91.2 is notably lower still. Texas's structural advantage is its zero state income tax versus North Carolina's flat 4.75% rate, but San Antonio's property tax rate of 2.1%–2.5% is dramatically higher than Wake County's ~0.96%. On a $324,000 San Antonio home, annual property taxes could run $6,800–$8,100; on a comparable $450,000 Raleigh home at 0.96%, they'd be roughly $4,320 — meaning Raleigh's lower property tax rate partly offsets its higher purchase price. Raleigh's employment base — Research Triangle Park, Apple, Google, major universities, and healthcare systems — skews toward higher-wage knowledge-economy jobs, while San Antonio's anchors (Joint Base San Antonio, USAA, H-E-B, healthcare) are large, stable, and recession-resistant but generally offer lower average wages. Both metros carry similar unemployment rates (3.2% vs. 3.4%) and nearly identical commute times (~27 minutes), making day-to-day livability broadly comparable despite the income and tax structure differences.