The Long & Foster Market Minute

FOCUS ON: RALEIGH AREA HOUSING MARKET SEPTEMBER 2024

Zip Code(s): 27601, 27603, 27604, 27605, 27606, 27607, 27608, 27609, 27610, 27612, 27613, 27614, 27615, 27616 and 27617
Units Sold
488
Active Inventory
1,492
Median Sale Price
$444,145
Days On Market
34
Up 4%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -53%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 488 sold this month in Raleigh Area Real Estate versus 519 last month, a decrease of 6%. This month's total units sold was higher than at this time last year, an increase of 4% versus September 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 131 units or 10%. The total number of active inventory this September was 1,492 compared to 1,361 in September 2023. This month's total of 1,492 is higher than the previous month's total supply of available inventory of 1,442, an increase of 3%.

Median Sale Price
Last September, the median sale price for Raleigh Area Homes was $418,000. This September, the median sale price was $444,145, an increase of 6% or $26,145 compared to last year. The current median sold price is 3% lower 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
735
Current Contracts
540
Sold Vs. List Price
98.8%
Months of Supply
3.1
Up 12%
Vs. Year Ago
Up 29%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 6%
Vs. Year Ago

Months of Supply
In September, there was 3.1 months of supply available in Raleigh Area, compared to 2.9 in September 2023. That is an increase of 6% 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 735 homes newly listed for sale in Raleigh Area compared to 656 in September 2023, an increase of 12%. There were 540 current contracts pending sale this September compared to 418 a year ago. The number of current contracts is 29% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Raleigh Area was 98.8% of the average list price, which is 0.6% 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 73, a decrease of 53%.

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.