Is North Raleigh, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, North Raleigh has remained a Seller's Market.
Housing Prices in North Raleigh, NC
How much do homes in North Raleigh, NC cost?
Median Sold Price
$450,000
$232/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in North Raleigh was $450,000 in May 2024, up 5.9% from last year, and the median price per square foot was $232.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $222K | $229K | +3.2% |
2 Bedrooms | $275K | $291K | +5.8% |
3 Bedrooms | $400K | $425K | +6.3% |
4 Bedrooms | $603.7K | $585K | -3.1% |
5+ Bedrooms | $850K | $874.9K | +2.9% |
Summary: North Raleigh housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes increased by 2.9%.
Housing Supply in North Raleigh, NC
How many homes are available in North Raleigh, NC?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
308 | 323 | +4.9% |
Summary: The North Raleigh real estate market had 323 homes for sale in May 2024, a 4.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 50 | 55 | +10.0% |
3 Bedrooms | 126 | 132 | +4.8% |
4 Bedrooms | 99 | 100 | +1.0% |
5+ Bedrooms | 31 | 35 | +12.9% |
Summary: The North Raleigh housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 12.9%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
101 | 87 | -13.9% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Summary: A total of 87 homes were sold or pending in North Raleigh in May 2024, down by 13.9% month-over-month. Of the 87 sold homes, 40% were sold under asking, 24% were sold at asking, and 36% were sold over asking.
Days on Market for North Raleigh, NC
How long does it take to sell a home in North Raleigh, NC?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
51 Days | 17 Days | -65.6% |
Summary: Homes in North Raleigh had an average of 17 days on market in May 2024, down by 65.6% compared to last year.
Breakdown of Home Sale Times
74 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 87 homes were sold in North Raleigh; 85% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.