Is Northwest Raleigh, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$451,111
$237/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Northwest Raleigh was $451,111 in March 2024, up 0.2% from last year, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $219K | $230K | +5.0% |
2 Bedrooms | $325K | $321.1K | -1.2% |
3 Bedrooms | $429.9K | $440K | +2.3% |
4 Bedrooms | $583.3K | $621.2K | +6.5% |
5+ Bedrooms | $980.3K | $925.5K | -5.6% |
Summary: Northwest Raleigh housing prices by bedroom type for March 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 2.3%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes decreased by 5.6%.
Median Sold Price Compared To Nearby Neighborhoods
Long Lake | $485K | $542.5K | +11.9% |
Northwest Raleigh | $450K | $451.1K | 0.2% |
Housing Supply in Northwest Raleigh, NC
How many homes are available in Northwest Raleigh, NC?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
247 | 259 | +4.9% |
Summary: The Northwest Raleigh real estate market had 259 homes for sale in March 2024, a 4.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 3 | -40.0% |
2 Bedrooms | 52 | 50 | -3.8% |
3 Bedrooms | 111 | 117 | +5.4% |
4 Bedrooms | 55 | 64 | +16.4% |
5+ Bedrooms | 24 | 25 | +4.2% |
Summary: The Northwest Raleigh housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes decreased by 3.8%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 4.2%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
77 | 66 | -14.3% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Summary: A total of 66 homes were sold or pending in Northwest Raleigh in March 2024, down by 14.3% month-over-month. Of the 66 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
88 Days | 65 Days | -25.8% |
Summary: Homes in Northwest Raleigh had an average of 65 days on market in Mar 2024, down by 25.8% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
45 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Summary: During March 2024, 66 homes were sold in Northwest Raleigh; 12% of homes were sold within 30 days, 68% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.