Mordecai

Raleigh, NC

Neighborhood Market Analysis

Q3 2025 Report

$725,000 (as of mid-2025, for detached single-family homes)

Median Home Price

78 (Very walkable; easy access to shops, dining, and parks)

Walkability Score

Public schools are highly rated, especially for magnet and IB programs. Private options are well-regarded.

School Rating

Location Overview

Neighborhood Boundaries

Generally bounded by Wake Forest Road to the east, Mordecai Drive to the west, and adjacent to Historic Oakwood to the south. The neighborhood centers around Mordecai Historic Park and the Mordecai House.

Zip Codes

27604

Market Data Summary

Price Range$550,000 - $1,200,000+ (depending on size, renovation, and historic status)

Price per Sq Ft$420 - $540/sq ft (2025)

Inventory LevelsVery low; typically fewer than 10 active listings at any time.

Property Characteristics

Home Types & Architecture

Home Types

Single-family detached homesHistoric bungalowsColonial Revival housesTudor Revival homesCape CodsMinimal Traditional houses

Architectural Styles

Craftsman BungalowColonial RevivalTudor RevivalDutch Colonial RevivalSpanish Mission RevivalItalian Renaissance RevivalI-house (vernacular)

Property Details

Typical Lot Sizes0.15 - 0.30 acres, with some larger lots near Mordecai Historic Park

Home Age RangeBuilt 1900-1950 (majority), with some newer infill and renovations

Construction QualityHigh; many homes are architect-designed, with brick exteriors, hardwood floors, and period details. Renovated homes often feature modern systems while preserving historic character.

Community Profile

Demographics & Lifestyle

Demographics

Diverse, with a mix of young professionals, families, and long-term residents. High educational attainment and above-average household incomes.

Community Vibe

Historic, established, and neighborly. Strong sense of preservation and community involvement. Active neighborhood association and historic preservation committee.

Typical Residents

Young professionals
Families with children
Retirees
Remote workers

Family Friendly

Very; walkable streets, parks, and proximity to downtown amenities make it attractive for families.

Amenities & Lifestyle

Parks & Recreation

• Mordecai Historic Park
• Oakwood Dog Park
• Nearby Halifax Community Center

Dining Options

• Standard Beer + Food
• Crawford and Son
• Person Street Bar
• Two Roosters Ice Cream

Shopping Centers

• Person Street Plaza
• Seaboard Station (nearby)

Local Businesses

• Yellow Dog Bread Company
• Escazú Chocolates
• Person Street Pharmacy
• Edge of Urge Boutique

Education & Schools

Public schools are highly rated, especially for magnet and IB programs. Private options are well-regarded.

Overall School Rating

Elementary Schools

• Conn Magnet Elementary
• Partnership Elementary

Middle Schools

• Daniels Magnet Middle

High Schools

• Broughton High School

Private Schools

• St. David's School
• Ravenscroft School (short drive)

Transportation & Accessibility

Transit & Roads

Public Transit

• GoRaleigh bus routes along Wake Forest Rd and Person St

Major Roads

• Wake Forest Road
• Person Street
• Mordecai Drive

Commute & Walkability

Commute Times5 minutes to downtown Raleigh, 20-25 minutes to RTP, 25 minutes to RDU Airport

WalkabilityHigh; most errands can be accomplished on foot or by bike.

ParkingOn-street parking is generally available, but can be limited during events or peak hours.

Marketing Intelligence

Target Buyer Types

Young professionals
Move-up buyers
Historic home enthusiasts
Families seeking walkability

Key Selling Points

Historic architecture
Walkable lifestyle
Proximity to downtown Raleigh
Strong community involvement

Pricing Considerations

Premium pricing justified for renovated and historically significant homes. Price competitively due to low inventory but be prepared for bidding wars.

Common Objections & Response Strategies

Objection: Higher maintenance costs for historic homes

Response Strategy:

Provide inspection reports, highlight recent upgrades, and connect buyers with local contractors experienced in historic properties.

Objection: Limited inventory and fast-moving market

Response Strategy:

Encourage pre-approval, flexible offer terms, and readiness to act quickly.

Objection: Stringent preservation guidelines

Response Strategy:

Explain benefits of historic designation (tax credits, community pride) and provide resources for navigating guidelines.

Investment Insights

Investment Potential

Appreciation Potential

High; historic designation, walkability, and proximity to downtown drive strong long-term appreciation.

Rental Demand

Strong, especially for renovated homes and those with historic charm. High demand from professionals and families seeking proximity to downtown.

Buyer Competition

Intense; frequent multiple-offer situations, especially for move-in ready and historic homes.

Best For

Owner-occupants seeking historic charm
Buyers valuing walkability
Investors seeking stable appreciation

Potential Concerns

Limited inventory
Higher maintenance costs for historic homes
Stringent preservation guidelines

Professional Recommendations

Educate buyers on historic homeownership and preservation benefits.

Encourage pre-approval and readiness to act quickly.

Network with local contractors and preservation experts for value-add opportunities.

Leverage professional photography and staging to highlight unique features.

Stay updated on city regulations affecting rentals and renovations.

Competitive Analysis

Comparable Markets

Historic Oakwood
Five Points
Boylan Heights

Market Positioning

Premium historic neighborhood with strong community and walkability, ideal for buyers seeking character and convenience.

Competitive Advantages

Stronger walkability than Five Points
More historic inventory than Boylan Heights
Quieter and more residential than Glenwood South

Price Comparison

Slightly higher price per square foot than Five Points and Boylan Heights, but lower than Hayes Barton.

Investment Metrics

3.5% - 4.2% (for long-term rentals, 2025)

Cap Rates

3.0% - 3.8% gross yield

Rental Yields

22-25 (reflecting premium owner-occupant demand)

Price-to-Rent

Generally neutral to slightly negative for new purchases, but strong appreciation offsets lower cash flow.

Cash Flow

5-7% annual appreciation projected through 2027, barring major economic shifts.

Appreciation

Buyer Journey Insights

First-Time Buyers

May face competition and higher prices, but benefit from walkability and community. Recommend targeting smaller bungalows or homes needing cosmetic updates.