$4,750 Closing Credit*
$400,000
1,352 SqFt
2 Beds
•2 Full Baths, 1 Partial
Bobby Hill, Listing Office: RE/MAX United
Is Northwest Raleigh, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Northwest Raleigh has remained a Seller's Market.
Key Takeaway
Northwest Raleigh is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northwest Raleigh, NC
How much do homes in Northwest Raleigh, NC cost?
Median Sold Price
$474,746
$241/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$25,071(+5.6%)
Key Takeaway
Homes in Northwest Raleigh have sold for 5.6% more than they did a year ago.
Summary: The median home sold price in Northwest Raleigh was $474,746 in October 2024, up 5.6% from last year, and the median price per square foot was $241.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $227.5K | $233K | +2.4% |
| 2 Bedrooms | $318.5K | $325K | +2.0% |
| 3 Bedrooms | $431.5K | $450K | +4.3% |
| 4 Bedrooms | $600K | $605K | +0.8% |
| 5+ Bedrooms | $975K | $935K | -4.1% |
Summary: Northwest Raleigh housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes decreased by 4.1%.
Housing Supply in Northwest Raleigh, NC
How many homes are available in Northwest Raleigh, NC?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 307 | 352 | +14.7% |
Summary: The Northwest Raleigh real estate market had 352 homes for sale in October 2024, a 14.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 42 | 55 | +31.0% |
| 3 Bedrooms | 128 | 147 | +14.8% |
| 4 Bedrooms | 80 | 94 | +17.5% |
| 5+ Bedrooms | 53 | 50 | -5.7% |
Summary: The Northwest Raleigh housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 31%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 17.5%, and 5+ bedroom homes decreased by 5.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 59 | 68 | +15.3% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest Raleigh, you may be able to get a good deal. 48.5% of homes here sold below asking price last month.
Summary: A total of 68 homes were sold or pending in Northwest Raleigh in October 2024, up by 15.3% month-over-month. Of the 68 sold homes, 49% were sold under asking, 28% were sold at asking, and 24% were sold over asking.
Days on Market for Northwest Raleigh, NC
How long does it take to sell a home in Northwest Raleigh, NC?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 50 Days | 20 Days | -59.5% |
Summary: Homes in Northwest Raleigh had an average of 20 days on market in Oct 2024, down by 59.5% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest Raleigh are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 68 homes were sold in Northwest Raleigh; 76% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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