Welcome, Raleigh Buyers and Sellers! Today, we will deep-dive into some essential real estate metrics specific to our beloved Raleigh that can aid you in making informed decisions in the local housing market. Let’s get started!
Check out the available homes for sale in Raleigh NC.
CHAPTERS
August 2023 Median Estimated Value
Understanding Raleigh’s “Months Supply of Inventory”
First, we’ll explore the “Months Supply of Inventory” for Raleigh. This metric elucidates how long it would take to sell all the current homes in Raleigh if no new listings were added. For our city, the months supply of inventory stands at 1.42. This signifies that, on average, all the homes would be sold in just over a month and a half.
Decoding the “12-Month Change in Months of Inventory” for Raleigh
Turning our attention to the “12-Month Change in Months of Inventory,” we see a rate of -14.46%. This percentage showcases the decrease in the duration required to sell all Raleigh homes compared to the previous year. This notable reduction might stem from heightened demand or perhaps a decline in new listings in Raleigh.
Raleigh’s “Median Days Homes are On the Market”
Here’s another key metric: the “Median Days Homes are On the Market” for Raleigh homes is 16. This represents the average number of days from listing a Raleigh home to its sale. Clearly, homes in Raleigh are selling swiftly, averaging just over two weeks on the market. This velocity indicates keen buyer interest in our local market.
Assessing Raleigh’s “List to Sold Price Percentage”
Up next, we have Raleigh’s “List to Sold Price Percentage” at a whopping 99.9%. This figure denotes the proportion of the listing price Raleigh homes are fetching upon sale. Nearly hitting their mark, sellers in Raleigh are attaining almost their full asking price. This trend signals a robust seller’s market where buyers are nearly matching the listed prices.
Zooming in on Raleigh’s “Median Sold Price”
Lastly, let’s highlight the “Median Sold Price” in Raleigh, which currently sits at $445,900. This metric offers a snapshot of the midrange price for homes sold in Raleigh. Here, our median price indicates an even split: half of the homes in Raleigh are sold for less, and half for more than this price. It’s an invaluable gauge for buyers and sellers to grasp Raleigh’s pricing dynamics.
Raleigh Real Estate: A Summary for Buyers and Sellers
In conclusion, Raleigh’s real estate metrics sketch an intriguing landscape for both Buyers and Sellers. With a lean months supply of inventory, a considerable yearly decrease in selling duration, quick sales, prices nearly aligning with listings, and a median sale price of $445,900, Raleigh’s housing market radiates vigor and competitiveness. Prospective buyers in Raleigh should brace for swift decisions, while sellers can anticipate robust demand and favorable pricing.
Top 10 Trending Neighborhoods in Raleigh, NC
As Raleigh continues to evolve and grow, certain neighborhoods are standing out as particularly desirable for various reasons. Whether you’re a homebuyer seeking a vibrant community or a seller looking to gauge the popularity of your area, here’s a rundown of ten of the most sought-after neighborhoods in Raleigh:
- Five Points: Known for its historic homes and a mix of boutique shops and eateries.
- North Hills: A mix of modern development with shopping, dining, and entertainment options.
- Village District: One of Raleigh’s earliest planned communities, it boasts a popular shopping district.
- Boylan Heights: Offers historic charm, tree-lined streets, and proximity to downtown.
- Mordecai: Home to some of Raleigh’s oldest homes and the birthplace of 17th U.S. president Andrew Johnson.
- Oberlin Village: Historically significant with roots in the post-Civil War era, offering a blend of old and new.
- Stonehenge: A family-friendly neighborhood with a variety of housing styles and community events.
- Bedford at Falls River: A newer community that offers a mix of homes and amenities, including pools and parks.
- Warehouse District: Trendy and urban, this area is filled with art galleries, restaurants, and converted industrial spaces.
- Glenwood South: A lively area with a mix of residential options and a bustling nightlife scene.
Each of these Raleigh neighborhoods offers its unique charm and appeal, making the city a diverse and dynamic place to live.
If you would like to talk to a Realtor®, please contact us. We are here to help and answer any questions.
