Is Southwest Raleigh, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Southwest Raleigh has remained a Seller's Market.
Housing Prices in Southwest Raleigh, NC
How much do homes in Southwest Raleigh, NC cost?
Median Sold Price
$340,000
$237/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Southwest Raleigh was $340,000 in May 2024, down 2.9% from last year, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $320.9K | $282.4K | -12.0% |
2 Bedrooms | $295K | $311.5K | +5.6% |
3 Bedrooms | $360K | $354.5K | -1.5% |
4 Bedrooms | $445K | $394.5K | -11.3% |
5+ Bedrooms | $571K | $645.5K | +13.1% |
Summary: Southwest Raleigh housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12%, 2 bedroom homes increased by 5.6%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes decreased by 11.3%, and 5+ bedroom homes increased by 13.1%.
Housing Supply in Southwest Raleigh, NC
How many homes are available in Southwest Raleigh, NC?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
59 | 55 | -6.8% |
Summary: The Southwest Raleigh real estate market had 55 homes for sale in May 2024, a 6.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 17 | 15 | -11.8% |
3 Bedrooms | 34 | 31 | -8.8% |
4 Bedrooms | 6 | 7 | +16.7% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Southwest Raleigh housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.8%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
15 | 23 | +53.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 23 homes were sold or pending in Southwest Raleigh in May 2024, up by 53.3% month-over-month. Of the 23 sold homes, 52% were sold under asking, 17% were sold at asking, and 30% were sold over asking.
Days on Market for Southwest Raleigh, NC
How long does it take to sell a home in Southwest Raleigh, NC?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
232 Days | 13 Days | -94.1% |
Summary: Homes in Southwest Raleigh had an average of 13 days on market in May 2024, down by 94.1% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 23 homes were sold in Southwest Raleigh; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.