Is Northeast 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, Northeast Raleigh has remained a Seller's Market.
Key Takeaway
Northeast Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northeast Raleigh, NC
How much do homes in Northeast Raleigh, NC cost?
Median Sold Price
$360,500
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Northeast Raleigh have sold for 1.2% less than they did a year ago.
Summary: The median home sold price in Northeast Raleigh was $360,500 in May 2024, down 1.2% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $164.5K | $200K | +21.6% |
| 2 Bedrooms | $260K | $269K | +3.5% |
| 3 Bedrooms | $350K | $350K | 0.0% |
| 4 Bedrooms | $410K | $425K | +3.7% |
| 5+ Bedrooms | $470.4K | $458K | -2.6% |
Summary: Northeast Raleigh housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.6%, 2 bedroom homes increased by 3.5%, 3 bedroom homes did not change, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes decreased by 2.6%.
Housing Supply in Northeast Raleigh, NC
How many homes are available in Northeast Raleigh, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 158 | 167 | +5.7% |
Summary: The Northeast Raleigh real estate market had 167 homes for sale in May 2024, a 5.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 19 | 17 | -10.5% |
| 3 Bedrooms | 101 | 110 | +8.9% |
| 4 Bedrooms | 28 | 29 | +3.6% |
| 5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The Northeast 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 decreased by 10.5%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 51 | 51 | 0.0% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northeast Raleigh, you may be able to get a good deal. 45.1% of homes here sold below asking price last month.
Summary: A total of 51 homes were sold or pending in Northeast Raleigh in May 2024, the same as the previous month. Of the 51 sold homes, 45% were sold under asking, 25% were sold at asking, and 29% were sold over asking.
Days on Market for Northeast Raleigh, NC
How long does it take to sell a home in Northeast Raleigh, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 65 Days | 28 Days | -56.2% |
Summary: Homes in Northeast Raleigh had an average of 28 days on market in May 2024, down by 56.2% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northeast Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 51 homes were sold in Northeast Raleigh; 65% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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