Is North Raleigh, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing North Raleigh is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, North Raleigh has remained a Seller's Market.

Key Takeaway

North Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in North Raleigh, NC

How much do homes in North Raleigh, NC cost?

Median Sold Price

$450,000

$232/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$25,000(+5.9%)

Key Takeaway

Homes in North Raleigh have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in North Raleigh was $450,000 in May 2024, up 5.9% from last year, and the median price per square foot was $232.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $222K$229K
+3.2%
2 $275K$291K
+5.8%
3 $400K$425K
+6.3%
4 $603.7K$585K
-3.1%
5+ $850K$874.9K
+2.9%

Summary: North Raleigh housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes increased by 2.9%.

Housing Supply in North Raleigh, NC

How many homes are available in North Raleigh, NC?

Number of Homes For Sale

Apr 2024May 2024CHANGE
308323+4.9%

Summary: The North Raleigh real estate market had 323 homes for sale in May 2024, a 4.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 21
-50.0%
2 5055
+10.0%
3 126132
+4.8%
4 99100
+1.0%
5+ 3135
+12.9%

Summary: The North Raleigh housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 12.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
10187-13.9%

Asking Price vs. Sold Price

35 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

31 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in North Raleigh, you may be able to get a good deal. 40.2% of homes here sold below asking price last month.

Summary: A total of 87 homes were sold or pending in North Raleigh in May 2024, down by 13.9% month-over-month. Of the 87 sold homes, 40% were sold under asking, 24% were sold at asking, and 36% were sold over asking.

Days on Market for North Raleigh, NC

How long does it take to sell a home in North Raleigh, NC?

Average Sale Time

May 2023May 2024CHANGE
51 Days17 Days-65.6%

Summary: Homes in North Raleigh had an average of 17 days on market in May 2024, down by 65.6% compared to last year.

Breakdown of Home Sale Times

74 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in North Raleigh are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 87 homes were sold in North Raleigh; 85% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 2 Days Ago

Newest Listings in North Raleigh, NC

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