Is West 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, West Raleigh has remained a Seller's Market.
Key Takeaway
West Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Raleigh, NC
How much do homes in West Raleigh, NC cost?
Median Sold Price
$400,683
$241/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West Raleigh have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in West Raleigh was $400,683 in April 2024, up 5.4% from last year, and the median price per square foot was $241.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $147.4K | $137.5K | -6.7% |
| 2 Bedrooms | $261K | $285K | +9.2% |
| 3 Bedrooms | $424.9K | $412.5K | -2.9% |
| 4 Bedrooms | $510K | $589K | +15.5% |
| 5+ Bedrooms | $685K | $846.5K | +23.6% |
Summary: West Raleigh housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes increased by 9.2%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 23.6%.
Housing Supply in West Raleigh, NC
How many homes are available in West Raleigh, NC?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 79 | 77 | -2.5% |
Summary: The West Raleigh real estate market had 77 homes for sale in April 2024, a 2.5% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 29 | 31 | +6.9% |
| 4 Bedrooms | 33 | 30 | -9.1% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The West Raleigh housing inventory by bedroom type for April 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 6.9%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 27 | 30 | +11.1% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Raleigh, you could pay more than the asking price. 43.3% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in West Raleigh in April 2024, up by 11.1% month-over-month. Of the 30 sold homes, 30% were sold under asking, 27% were sold at asking, and 43% were sold over asking.
Days on Market for West Raleigh, NC
How long does it take to sell a home in West Raleigh, NC?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 77 Days | 28 Days | -63.6% |
Summary: Homes in West Raleigh had an average of 28 days on market in Apr 2024, down by 63.6% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 30 homes were sold in West Raleigh; 63% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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