Raleigh, NC Housing Market: November 2024 Analysis
The Raleigh, NC metro area housing market in November 2024 presents a complex landscape, characterized by both declines and growth in various metrics. The Median Sales Price stands at $440,000, reflecting a slight decrease of 0.3% year-over-year. Similarly, the Median List Price is also $440,000, showing a more significant decline of 3.3% compared to the previous year.
Despite the decrease in sales and list prices, the median Price Per Square Foot has increased by 2.0% to $215.00, indicating a rise in property value on a per-square-foot basis. The Median List Price per square foot has seen a marginal increase of 0.1%, now at $216.83.
The number of Homes Sold in November 2024 is 1,586, marking an 8.6% decline from the previous year. Pending Sales have also decreased by 7.0%, with a total of 1,576 transactions. However, New Listings have increased by 1.5%, totaling 1,467, suggesting a slight uptick in market activity.
Inventory levels have surged by 25.1%, reaching 4,287 homes, which has contributed to a significant increase in the Months of Supply, now at 2.70 months, up by 70.0% year-over-year. This increase in supply may provide more options for buyers, potentially easing the competitive pressure in the market.
The Median Days on Market have decreased by 10.0%, now averaging 36 days, indicating that homes are selling faster than they did a year ago. The average sale to list ratio has slightly decreased to 98.7%, down by 0.5% from last year, while the percentage of Homes Sold above list price has dropped by 6.5%, now at 16.1%.
Interestingly, there have been no changes in the percentage of Price Drops, which remains at 0.0%. The percentage of homes going off the market in two weeks has increased by 5.2%, now at 29.9%, suggesting that a significant portion of homes are still being snapped up quickly despite the overall market slowdown.
Overall, the Raleigh housing market in November 2024 reflects a cooling trend with declining sales and list prices, yet it also shows resilience with increased inventory and faster sales times. Buyers may find more opportunities with the increased supply, while sellers might need to adjust expectations in a less competitive environment.
