Is Northwest Raleigh, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Northwest Raleigh has remained a Seller's Market.
Housing Prices in Northwest Raleigh, NC
How much do homes in Northwest Raleigh, NC cost?
Median Sold Price
$451,700
$238/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Northwest Raleigh was $451,700 in April 2024, up 0.4% from last year, and the median price per square foot was $238.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $219K | $230K | +5.0% |
2 Bedrooms | $325K | $321K | -1.2% |
3 Bedrooms | $429.4K | $440K | +2.5% |
4 Bedrooms | $574.9K | $636K | +10.6% |
5+ Bedrooms | $1.0M | $909K | -10.9% |
Summary: Northwest Raleigh housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5%, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes decreased by 10.9%.
Median Sold Price Compared To Nearby Neighborhoods
Northwest Raleigh | $449.9K | $451.7K | 0.4% |
Long Lake | $502.5K | $430K | -14.4% |
Housing Supply in Northwest Raleigh, NC
How many homes are available in Northwest Raleigh, NC?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
261 | 304 | +16.5% |
Summary: The Northwest Raleigh real estate market had 304 homes for sale in April 2024, a 16.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 48 | 60 | +25.0% |
3 Bedrooms | 119 | 139 | +16.8% |
4 Bedrooms | 68 | 78 | +14.7% |
5+ Bedrooms | 23 | 24 | +4.3% |
Summary: The Northwest Raleigh housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 16.8%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes increased by 4.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
71 | 90 | +26.8% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Summary: A total of 90 homes were sold or pending in Northwest Raleigh in April 2024, up by 26.8% month-over-month. Of the 90 sold homes, 33% were sold under asking, 23% were sold at asking, and 43% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
70 Days | 17 Days | -75.7% |
Summary: Homes in Northwest Raleigh had an average of 17 days on market in Apr 2024, down by 75.7% compared to last year.
Breakdown of Home Sale Times
76 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 90 homes were sold in Northwest Raleigh; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.