Raleigh Housing Market Report
Is Raleigh a buyer’s market or seller’s market? Find comprehensive insights analysis of the current state of the housing market in Raleigh.
Whether you’re a prospective buyer, seller, or investor, our detailed reports offer valuable information to help you make informed decisions.
The Raleigh Real Estate Market
Raleigh, the dynamic capital city of North Carolina, has emerged as a sought-after haven for homebuyers. Boasting a robust economy, esteemed educational institutions, and an affordable housing market, it’s no wonder that Raleigh has captured the attention of many. As an epicenter for innovation and entrepreneurship, Raleigh houses an impressive array of technology giants such as IBM, Cisco Systems, and Lenovo.
The flourishing tech scene has catalyzed a surge in housing demands, prompting a closer examination of the current housing market trends in Raleigh. This page delves into key insights, encompassing housing prices and compelling forecasts, that will guide prospective homebuyers and investors in Raleigh.
Nearby Cities Comparison
When it comes to housing, Raleigh stands out among its neighboring cities, showcasing a level of competitiveness that sets it apart. With an impressive average sale-to-list price ratio of 99.2%, Raleigh homes exhibit a strong appeal for buyers. Comparatively, nearby cities like Durham boast a slightly lower average sale-to-list price ratio of 98.4%, with homes typically going pending in approximately 47 days.
Meanwhile, Cary, another prominent neighboring city, closely mirrors Raleigh’s real estate landscape. Cary also enjoys an average sale-to-list price ratio of 99.2%, signifying a similar level of desirability. However, homes in Cary tend to go pending within around 64 days, presenting a slightly longer duration compared to Raleigh.
Raleigh Relocation Trend
In the dynamic landscape of national real estate, Raleigh emerges as a sought-after destination, attracting homebuyers from far and wide. Garnering significant interest from Washington-based buyers, Raleigh takes the lead among preferred metros, closely followed by Fayetteville and New York. Remarkably, a substantial 73% of Raleigh homebuyers opt to remain within the Raleigh metropolitan area, underscoring its enduring appeal. Among Raleigh homebuyers seeking a change of scenery, Myrtle Beach emerges as the top choice, trailed by Asheville and Greensboro. Conversely, individuals from Raleigh are drawn to cities like Myrtle Beach, Asheville, and Greensboro, indicating a notable migration pattern.
These compelling trends serve as a testament to Raleigh’s competitive housing market, where homes sell at a slightly slower pace compared to the previous year, but still demonstrate swift turnover. Although the median sale price of a home in Raleigh has experienced a 4.0% decrease year-over-year, it remains higher than the national median sale price. Notably, the sale-to-list price ratio across all home types in Raleigh stands at an impressive 99.2%, indicating that homes sell close to their initial asking prices.
Raleigh’s unwavering allure as a prime destination for homebuyers, both local and from beyond the metropolitan area, stems from its thriving economy and affordable housing market. As demand persists, Raleigh’s housing market continues to thrive.
Is Raleigh a Seller's Market?
An impressive sale-to-list price ratio highlights that homes in Raleigh are consistently selling at or above the initial asking price. This robust ratio signifies a high level of demand and fierce competition among buyers. Moreover, the median listing home price has experienced a notable year-over-year increase of 4.3%, showcasing the upward trajectory of Raleigh’s real estate market.
When it comes to the pace of sales, homes in Raleigh demonstrate a quick turnaround with an average of only 49 days on the market. This swift timeframe further confirms the market’s vibrancy and the eagerness of buyers to secure properties in Raleigh.
It’s essential to acknowledge that different neighborhoods within Raleigh may exhibit variations in market conditions. For instance, North Ridge stands as the most prestigious neighborhood, boasting a median listing home price of $1.9M. On the other hand, Highland Creek presents an affordable option, with a median listing home price of $315K. Keep in mind that specific neighborhoods may have distinct dynamics, necessitating a focused assessment when evaluating the real estate market in Raleigh.
Raleigh Housing Market Forecast for 2024
When it comes to understanding the direction of a real estate market, analyzing data from multiple sources provides a comprehensive view. The data and forecasts available suggest that the Raleigh housing market is poised to maintain its upward trajectory into 2023-2024, albeit potentially at a slightly slower pace.
The average home value in Raleigh stands at $419,719, reflecting a 2.6% increase over the past year. This positive trend indicates a growing market. Additionally, homes in Raleigh are selling relatively swiftly, with a median of just 14 days to pending status. The strong sale-to-list ratio and the percentage of sales over the list price further reinforce the advantageous position of sellers in the current market.
Looking ahead, the MSA level forecast for the Raleigh, NC metropolitan area in 2024 presents a mixed picture. Based on available data, there is a likelihood of a slight growth decline from March 2023 to March 2024, with a projected change of -0.1%. However, the forecast also suggests the potential for a market rebound, projecting an increase of 1.6% by March 31, 2024.
It’s important to note that forecasts are subject to change, influenced by various factors such as economic shifts, interest rates, and local or global events. To navigate the Raleigh real estate market in 2024 successfully, interested parties should closely monitor the market and seek guidance from knowledgeable professionals to make well-informed decisions.
Thinking about Buying or Selling a home in Raleigh?
Click here to instantly view your home valuation!
Connect with a local agent to buy or sell your home.
See more stats for:
Durham County
Orange County
Johnson County
And the entire Triangle Region
Download Our Raleigh Real Estate Market Report!
©2024 Triangle MLS, Inc. of North Carolina. All rights reserved. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers’ personal, non-commercial use. Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database. Data last updated 2023-05-15T12:51:48.56.