Is 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, 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
$430,193
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Raleigh have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Raleigh was $430,193 in April 2024, up 3.7% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $237.5K | $262.2K | +10.4% |
| 2 Bedrooms | $304.9K | $306K | 0.3% |
| 3 Bedrooms | $384.9K | $391.3K | +1.7% |
| 4 Bedrooms | $575K | $620.6K | +7.9% |
| 5+ Bedrooms | $806.2K | $875.6K | +8.6% |
Summary: Raleigh housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.4%, 2 bedroom homes increased by 0.3%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 8.6%.
Median Sold Price Compared To Nearby Cities
| House Creek Township | $415.1K | $431.7K | +4.0% |
| Raleigh | $414.8K | $430.1K | +3.7% |
| Raleigh Township | $414.7K | $430.2K | +3.7% |
| Meredith Township | $572.5K | $585K | +2.2% |
| Neuse Township | $389.9K | $390.4K | 0.1% |
Housing Supply in Raleigh, NC
How many homes are available in Raleigh, NC?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2,004 | 2,079 | +3.7% |
Summary: The Raleigh real estate market had 2,079 homes for sale in April 2024, a 3.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 40 | 34 | -15.0% |
| 2 Bedrooms | 282 | 290 | +2.8% |
| 3 Bedrooms | 866 | 921 | +6.4% |
| 4 Bedrooms | 565 | 600 | +6.2% |
| 5+ Bedrooms | 251 | 234 | -6.8% |
Summary: The Raleigh housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 15%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes decreased by 6.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 539 | 570 | +5.8% |
Asking Price vs. Sold Price
234 Homes Were Sold
Under Asking
139 Homes Were Sold
At Asking
197 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Raleigh, you may be able to get a good deal. 41.1% of homes here sold below asking price last month.
Summary: A total of 570 homes were sold or pending in Raleigh in April 2024, up by 5.8% month-over-month. Of the 570 sold homes, 41% were sold under asking, 24% were sold at asking, and 35% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 77 Days | 28 Days | -63.2% |
Summary: Homes in Raleigh had an average of 28 days on market in Apr 2024, down by 63.2% compared to last year.
Breakdown of Home Sale Times
431 Homes Were Sold
Under 30 Days
92 Homes Were Sold
In 30 - 90 Days
47 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 570 homes were sold in Raleigh; 76% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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