Is North 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, North Raleigh has remained a Seller's Market.
Key Takeaway
North Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in North Raleigh, NC
How much do homes in North Raleigh, NC cost?
Median Sold Price
$442,145
$232/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in North Raleigh have sold for 4% more than they did a year ago.
Summary: The median home sold price in North Raleigh was $442,145 in April 2024, up 4% from last year, and the median price per square foot was $232.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $203.5K | $229K | +12.5% |
| 2 Bedrooms | $275K | $292.5K | +6.4% |
| 3 Bedrooms | $400K | $423K | +5.8% |
| 4 Bedrooms | $596.5K | $591.3K | -0.9% |
| 5+ Bedrooms | $850K | $874.9K | +2.9% |
Summary: North Raleigh housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 5.8%, 4 bedroom homes decreased by 0.9%, and 5+ bedroom homes increased by 2.9%.
Housing Supply in North Raleigh, NC
How many homes are available in North Raleigh, NC?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 285 | 293 | +2.8% |
Summary: The North Raleigh real estate market had 293 homes for sale in April 2024, a 2.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 49 | 50 | +2.0% |
| 3 Bedrooms | 122 | 124 | +1.6% |
| 4 Bedrooms | 78 | 88 | +12.8% |
| 5+ Bedrooms | 31 | 29 | -6.5% |
Summary: The North Raleigh housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 6.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 90 | 95 | +5.6% |
Asking Price vs. Sold Price
36 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
42 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North Raleigh, you could pay more than the asking price. 44.2% of homes here sold above asking price last month.
Summary: A total of 95 homes were sold or pending in North Raleigh in April 2024, up by 5.6% month-over-month. Of the 95 sold homes, 38% were sold under asking, 18% were sold at asking, and 44% were sold over asking.
Days on Market for North Raleigh, NC
How long does it take to sell a home in North Raleigh, NC?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 70 Days | 20 Days | -71.1% |
Summary: Homes in North Raleigh had an average of 20 days on market in Apr 2024, down by 71.1% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in North Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 95 homes were sold in North Raleigh; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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