Is Red Oak, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Red Oak was a Seller's Market.
Key Takeaway
Red Oak is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Red Oak, NC
How much do homes in Red Oak, NC cost?
Median Sold Price
$305,000
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Red Oak have sold for 11.6% less than they did a year ago.
Summary: The median home sold price in Red Oak was $305,000 in March 2024, down 11.6% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $210K | $228.5K | +8.8% |
| 3 Bedrooms | $330K | $279.9K | -15.2% |
| 4 Bedrooms | $475K | $590.4K | +24.3% |
| 5+ Bedrooms | $484K | - | N/A |
Summary: Red Oak housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.8%, 3 bedroom homes decreased by 15.2%, 4 bedroom homes increased by 24.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Stony Creek Township | $225K | $249K | +10.7% |
| Oak Level Township | $280.8K | $276K | -1.7% |
| Red Oak Township | $350K | $320.7K | -8.4% |
| Red Oak | $345K | $305K | -11.6% |
Housing Supply in Red Oak, NC
How many homes are available in Red Oak, NC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 21 | +23.5% |
Summary: The Red Oak real estate market had 21 homes for sale in March 2024, a 23.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 13 | 18 | +38.5% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Red Oak housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 38.5%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Red Oak, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in Red Oak in March 2024, the same as the previous month. Of the 3 sold homes, 33% were sold under asking, 67% were sold at asking, and 0% were sold over asking.
Days on Market for Red Oak, NC
How long does it take to sell a home in Red Oak, NC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 83 Days | 106 Days | +27.3% |
Summary: Homes in Red Oak had an average of 106 days on market in Mar 2024, up by 27.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Red Oak are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 3 homes were sold in Red Oak; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 67% of homes were sold over 90 days.
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