It happened just before 11:30 p.m. in the 2400 block of Melvid Court.
Police said the 4 year old was injured by a stray bullet that came through a window.
The boy, who has not been identified, was taken to WakeMed with a wound to his lip. He required several stitches but he is expected to be OK.
Neighbors said a bullet also hit another home, shattering a window.
"A bullet could have just as easily hit the neighbor's children and family," one resident said. "Usually, they'd be in their room jumping up and down on their bed playing. But they weren't in there last night, thank God."
Some residents said they now feel unsafe.
"I'm thinking I need to move," a neighbor said.
The incident is currently under investigation. No arrests have been made at this time.
In the meantime, Raleigh police are canvassing the neighborhood, handing out fliers and asking people if they saw or heard anything.