Is Northwest 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, Northwest Raleigh has remained a Seller's Market.
Key Takeaway
Northwest Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northwest Raleigh, NC
How much do homes in Northwest Raleigh, NC cost?
Median Sold Price
$454,111
$239/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Northwest Raleigh have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Northwest Raleigh was $454,111 in May 2024, up 0.9% from last year, and the median price per square foot was $239.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $218K | $231K | +6.0% |
| 2 Bedrooms | $321K | $320.5K | -0.2% |
| 3 Bedrooms | $427K | $442.5K | +3.6% |
| 4 Bedrooms | $583.3K | $630K | +8.0% |
| 5+ Bedrooms | $974.9K | $955K | -2.0% |
Summary: Northwest Raleigh housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 2%.
Housing Supply in Northwest Raleigh, NC
How many homes are available in Northwest Raleigh, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 319 | 332 | +4.1% |
Summary: The Northwest Raleigh real estate market had 332 homes for sale in May 2024, a 4.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 0 | -100.0% |
| 2 Bedrooms | 62 | 63 | +1.6% |
| 3 Bedrooms | 140 | 136 | -2.9% |
| 4 Bedrooms | 83 | 88 | +6.0% |
| 5+ Bedrooms | 30 | 45 | +50.0% |
Summary: The Northwest Raleigh housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 1.6%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 95 | 111 | +16.8% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
28 Homes Were Sold
At Asking
50 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest Raleigh, you could pay more than the asking price. 45% of homes here sold above asking price last month.
Summary: A total of 111 homes were sold or pending in Northwest Raleigh in May 2024, up by 16.8% month-over-month. Of the 111 sold homes, 30% were sold under asking, 25% were sold at asking, and 45% were sold over asking.
Days on Market for Northwest Raleigh, NC
How long does it take to sell a home in Northwest Raleigh, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 51 Days | 13 Days | -74.4% |
Summary: Homes in Northwest Raleigh had an average of 13 days on market in May 2024, down by 74.4% compared to last year.
Breakdown of Home Sale Times
101 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 111 homes were sold in Northwest Raleigh; 91% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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Copyright © 2024 Triad Multiple Listing Service, Inc. All rights reserved. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. This site will be monitored for ‘scraping’ and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. All Sale data is for informational purposes only and is not an indication of a market analysis or appraisal. Properties marked with the Triad MLS, Inc. icon are provided courtesy of the Triad MLS, Inc.’s, Internet Data Exchange Database.