Is South 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, South Raleigh has remained a Seller's Market.
Key Takeaway
South Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Raleigh, NC
How much do homes in South Raleigh, NC cost?
Median Sold Price
$311,036
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Raleigh have sold for 2.8% less than they did a year ago.
Summary: The median home sold price in South Raleigh was $311,036 in May 2024, down 2.8% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $205K | $247.5K | +20.7% |
| 3 Bedrooms | $310K | $302.4K | -2.5% |
| 4 Bedrooms | $341.5K | $342.5K | 0.3% |
| 5+ Bedrooms | $384.5K | $389K | +1.2% |
Summary: South 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 20.7%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 1.2%.
Housing Supply in South Raleigh, NC
How many homes are available in South Raleigh, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 59 | -1.7% |
Summary: The South Raleigh real estate market had 59 homes for sale in May 2024, a 1.7% 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 | 3 | 1 | -66.7% |
| 3 Bedrooms | 33 | 42 | +27.3% |
| 4 Bedrooms | 18 | 12 | -33.3% |
| 5+ Bedrooms | 6 | 4 | -33.3% |
Summary: The South 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 66.7%, 3 bedroom homes increased by 27.3%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21 | 12 | -42.9% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Raleigh, you may be able to get a good deal. 58.3% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in South Raleigh in May 2024, down by 42.9% month-over-month. Of the 12 sold homes, 58% were sold under asking, 17% were sold at asking, and 25% were sold over asking.
Days on Market for South Raleigh, NC
How long does it take to sell a home in South Raleigh, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 54 Days | 10 Days | -80.9% |
Summary: Homes in South Raleigh had an average of 10 days on market in May 2024, down by 80.9% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in South Raleigh; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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