The Fonville Morisey Market Minute

Focus On: Northwest Raleigh Area Housing Market September 2021

Zip Code(s): 27612, 27613 and 27617
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -13%
Vs. Year Ago
Down -66%
Vs. Year Ago
Up 26%
Vs. Year Ago
Down -38%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 77 sold this month in Northwest Raleigh Area versus 89 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 13% versus September 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 77 units or 66%. The total number of active inventory this September was 39 compared to 116 in September 2020. This month's total of 39 is lower than the previous month's total supply of available inventory of 52, a decrease of 25%.

Median Sale Price
Last September, the median sale price for Northwest Raleigh Area was $330,500. This September, the median sale price was $415,000, an increase of $84,500 compared to last year. The current median sold price is higher than in August.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -28%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 4.8%
Vs. Year Ago
Down -61%
Vs. Year Ago

Months of Supply
In September, there was 0.5 months of supply available in Northwest Raleigh Area, compared to 1.3 in September 2020. That is a decrease of 62% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 76 homes newly listed for sale in Northwest Raleigh Area compared to 105 in September 2020, a decrease of 28%. There were 82 current contracts pending sale this September compared to 100 a year ago. The number of current contracts is 18% lower than last September.

Sale Price to List Price Ratio
In September, the average sale price in Northwest Raleigh Area was 104.3% of the average list price, which is 4.8% higher than at this time last year.
Days on Market
This month, the average number of days on market was 16, lower than the average last year, which was 26, a decrease of 38%.
 The Fonville Morisey Market Minute Northwest Raleigh Area are defined as properties listed in zip code/s 27612, 27613 and 27617.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Long & Foster Real Estate, Inc.