Is Southwest 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, Southwest Raleigh has remained a Seller's Market.
Housing Prices in Southwest Raleigh, NC
How much do homes in Southwest Raleigh, NC cost?
Median Sold Price
$341,510
$235/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Southwest Raleigh was $341,510 in April 2024, down 3.8% from last year, and the median price per square foot was $235.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $434.5K | $287.4K | -33.8% |
2 Bedrooms | $295K | $307.5K | +4.2% |
3 Bedrooms | $365K | $354.5K | -2.9% |
4 Bedrooms | $440K | $429.9K | -2.3% |
5+ Bedrooms | $550K | $645.5K | +17.4% |
Summary: Southwest Raleigh housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 33.8%, 2 bedroom homes increased by 4.2%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 17.4%.
Housing Supply in Southwest Raleigh, NC
How many homes are available in Southwest Raleigh, NC?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
63 | 57 | -9.5% |
Summary: The Southwest Raleigh real estate market had 57 homes for sale in April 2024, a 9.5% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 24 | 17 | -29.2% |
3 Bedrooms | 32 | 31 | -3.1% |
4 Bedrooms | 6 | 7 | +16.7% |
5+ Bedrooms | 0 | 2 | +100.0% |
Summary: The Southwest Raleigh housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 29.2%, 3 bedroom homes decreased by 3.1%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
19 | 14 | -26.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 14 homes were sold or pending in Southwest Raleigh in April 2024, down by 26.3% month-over-month. Of the 14 sold homes, 36% were sold under asking, 43% were sold at asking, and 21% were sold over asking.
Days on Market for Southwest Raleigh, NC
How long does it take to sell a home in Southwest Raleigh, NC?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
59 Days | 28 Days | -51.3% |
Summary: Homes in Southwest Raleigh had an average of 28 days on market in Apr 2024, down by 51.3% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 14 homes were sold in Southwest Raleigh; 79% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.