The Raleigh, NC metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 3.6% year-over-year, settling at $423,250. This decline contrasts with the Median List Price, which has increased by 4.7% to $450,000, indicating a potential gap between seller expectations and buyer willingness.

In terms of Price Per Square Foot, the median price has seen a modest increase of 1.2% year-over-year, reaching $213.46. Similarly, the Median List Price per square foot has risen by 1.9% to $221.48. These figures suggest a slight upward pressure on pricing, despite the overall decline in sales prices.

The number of Homes Sold in February 2025 was 1,364, marking a significant year-over-year decrease of 12.5%. Pending Sales have also dropped by 19.7%, with 1,680 transactions in the pipeline. New Listings have seen a slight decline of 1.9%, totaling 2,006. However, inventory levels have surged by 48.4%, reaching 4,259 homes, which has contributed to an increase in the Months of Supply to 3.10, a substantial 130% rise from the previous year.

The Median Days on Market have increased by 12% to 48 days, indicating that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.6%, now at 98.8%, suggesting that buyers are negotiating prices closer to the list price. The percentage of Homes Sold above list price has dropped by 4.6% to 18%, reflecting a cooling in competitive bidding.

Price Drops have become more prevalent, with a 21.8% increase year-over-year, affecting 47.4% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 6.9% to 36.7%, further indicating a slowdown in market activity.

Overall, the Raleigh housing market in February 2025 is characterized by a decline in sales activity and an increase in inventory, leading to longer selling times and more price adjustments. While list prices and Price Per Square Foot metrics show some growth, the market appears to be adjusting to changing buyer dynamics and economic conditions.