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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Raleigh is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Raleigh, NC

How much do homes in Raleigh, NC cost?

Median Sold Price

$442,333

$233/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$23,466(+5.6%)

Key Takeaway

Homes in Raleigh have sold for 5.6% more than they did a year ago.

Summary: The median home sold price in Raleigh was $442,333 in October 2024, up 5.6% from last year, and the median price per square foot was $233.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $249.9K$281K
+12.4%
2 $300K$306.1K
+2.0%
3 $382.7K$399.9K
+4.5%
4 $583.2K$621.9K
+6.6%
5+ $809.9K$931K
+15.0%

Summary: Raleigh housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.4%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes increased by 15%.

Median Sold Price Compared To Nearby Cities

Neuse Township
+9.3%
Raleigh
+5.6%
Raleigh Township
+5.6%
House Creek Township
+0.8%
Meredith Township
-1.5%

Housing Supply in Raleigh, NC

How many homes are available in Raleigh, NC?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2,2632,315+2.3%

Summary: The Raleigh real estate market had 2,315 homes for sale in October 2024, a 2.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 3836
-5.3%
2 316333
+5.4%
3 1,0031,037
+3.4%
4 629635
+1.0%
5+ 277274
-1.1%

Summary: The Raleigh housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.3%, 2 bedroom homes increased by 5.4%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 1%, and 5+ bedroom homes decreased by 1.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
463467+0.9%

Asking Price vs. Sold Price

270 Homes Were Sold
Under Asking

103 Homes Were Sold
At Asking

94 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Raleigh, you may be able to get a good deal. 57.8% of homes here sold below asking price last month.

Summary: A total of 467 homes were sold or pending in Raleigh in October 2024, up by 0.9% month-over-month. Of the 467 sold homes, 58% were sold under asking, 22% were sold at asking, and 20% were sold over asking.

Days on Market for Raleigh, NC

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

Average Sale Time

Oct 2023Oct 2024CHANGE
59 Days36 Days-39.5%

Summary: Homes in Raleigh had an average of 36 days on market in Oct 2024, down by 39.5% compared to last year.

Breakdown of Home Sale Times

294 Homes Were Sold
Under 30 Days

121 Homes Were Sold
In 30 - 90 Days

52 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 467 homes were sold in Raleigh; 63% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 11% 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 20 Days Ago

Newest Listings in Raleigh, NC

Nearby Markets to Raleigh, NC

What housing markets are near Raleigh, NC?