The Long & Foster Market Minute


Zip Code(s): 27601, 27603, 27604, 27605, 27606, 27607, 27608, 27609, 27610, 27612, 27613, 27614, 27615, 27616 and 27617
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -4%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -59%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 629 sold this month in Raleigh Area Real Estate versus 653 last month, a decrease of 4%. This month's total units sold was lower than at this time last year, a decrease of 4% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 113 units or 11%. The total number of active inventory this May was 1,179 compared to 1,066 in May 2023. This month's total of 1,179 is higher than the previous month's total supply of available inventory of 1,045, an increase of 13%.

Median Sale Price
Last May, the median sale price for Raleigh Area Homes was $435,000. This May, the median sale price was $455,000, an increase of 5% or $20,000 compared to last year. The current median sold price is 1% higher than in April.

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
Up 36%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Up 15%
Vs. Year Ago

Months of Supply
In May, there was 1.9 months of supply available in Raleigh Area, compared to 1.6 in May 2023. That is an increase of 15% 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 922 homes newly listed for sale in Raleigh Area compared to 680 in May 2023, an increase of 36%. There were 653 current contracts pending sale this May compared to 625 a year ago. The number of current contracts remained stable as compared to last May.

Sale Price to List Price Ratio
In May, the average sale price in Raleigh Area was 99.3% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 83, a decrease of 59%.

The Long & Foster Market Minute Raleigh Area are defined as properties listed in zip code/s 27601, 27603, 27604, 27605, 27606, 27607, 27608, 27609, 27610, 27612, 27613, 27614, 27615, 27616 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.