Is Midtown Raleigh, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Midtown Raleigh was a Seller's Market.
Key Takeaway
Midtown Raleigh is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Midtown Raleigh, NC
How much do homes in Midtown Raleigh, NC cost?
Median Sold Price
$740,000
$318/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Midtown Raleigh have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Midtown Raleigh was $740,000 in May 2024, up 11.8% from last year, and the median price per square foot was $318.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $288K | N/A |
| 2 Bedrooms | $317K | $322.7K | +1.8% |
| 3 Bedrooms | $570K | $580K | +1.8% |
| 4 Bedrooms | $744.2K | $750K | +0.8% |
| 5+ Bedrooms | $1.5M | $1.5M | -0.7% |
Summary: Midtown Raleigh housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in Midtown Raleigh, NC
How many homes are available in Midtown Raleigh, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 96 | 95 | -1.0% |
Summary: The Midtown Raleigh real estate market had 95 homes for sale in May 2024, a 1.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 22 | 22 | 0.0% |
| 4 Bedrooms | 32 | 30 | -6.3% |
| 5+ Bedrooms | 37 | 38 | +2.7% |
Summary: The Midtown Raleigh housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes increased by 2.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 24 | 14 | -41.7% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Midtown Raleigh, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Midtown Raleigh in May 2024, down by 41.7% month-over-month. Of the 14 sold homes, 57% were sold under asking, 36% were sold at asking, and 7% were sold over asking.
Days on Market for Midtown Raleigh, NC
How long does it take to sell a home in Midtown Raleigh, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 71 Days | 59 Days | -17.6% |
Summary: Homes in Midtown Raleigh had an average of 59 days on market in May 2024, down by 17.6% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Midtown Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Midtown Raleigh; 57% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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