Is 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, Raleigh has remained a Seller's Market.
Key Takeaway
Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Raleigh, NC
How much do homes in Raleigh, NC cost?
Median Sold Price
$425,075
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Raleigh have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Raleigh was $425,075 in March 2024, up 2.3% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $247K | $268.4K | +8.7% |
| 2 Bedrooms | $307K | $305K | -0.7% |
| 3 Bedrooms | $385.5K | $388.1K | +0.7% |
| 4 Bedrooms | $580.6K | $612.5K | +5.5% |
| 5+ Bedrooms | $803.2K | $851.9K | +6.1% |
Summary: Raleigh housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.7%, 2 bedroom homes decreased by 0.7%, 3 bedroom homes increased by 0.7%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 6.1%.
Median Sold Price Compared To Nearby Cities
| Meredith Township | $567.5K | $604.5K | +6.5% |
| House Creek Township | $418.2K | $434K | +3.8% |
| Raleigh | $415.5K | $425K | +2.3% |
| Raleigh Township | $415.5K | $425.1K | +2.3% |
| Neuse Township | $394.6K | $384.2K | -2.7% |
Housing Supply in Raleigh, NC
How many homes are available in Raleigh, NC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,894 | 1,981 | +4.6% |
Summary: The Raleigh real estate market had 1,981 homes for sale in March 2024, a 4.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 38 | 40 | +5.3% |
| 2 Bedrooms | 277 | 286 | +3.2% |
| 3 Bedrooms | 800 | 843 | +5.4% |
| 4 Bedrooms | 531 | 560 | +5.5% |
| 5+ Bedrooms | 248 | 252 | +1.6% |
Summary: The Raleigh housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.3%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 1.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 406 | 507 | +24.9% |
Asking Price vs. Sold Price
228 Homes Were Sold
Under Asking
130 Homes Were Sold
At Asking
149 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Raleigh, you may be able to get a good deal. 45% of homes here sold below asking price last month.
Summary: A total of 507 homes were sold or pending in Raleigh in March 2024, up by 24.9% month-over-month. Of the 507 sold homes, 45% were sold under asking, 26% were sold at asking, and 29% were sold over asking.
Days on Market for Raleigh, NC
How long does it take to sell a home in Raleigh, NC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 88 Days | 78 Days | -10.4% |
Summary: Homes in Raleigh had an average of 78 days on market in Mar 2024, down by 10.4% compared to last year.
Breakdown of Home Sale Times
69 Homes Were Sold
Under 30 Days
305 Homes Were Sold
In 30 - 90 Days
133 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Raleigh has remained consistent over time.
Summary: During March 2024, 507 homes were sold in Raleigh; 14% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.
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