Home prices falling? See what it’s like in your ZIP code using interactive map
The Triangle’s housing market is “normalizing,” say experts, after two-plus years of sky-high prices.
The result: Home prices are shifting — up or down by as much as 6% — depending on where you live, according to the latest data from Zillow.
A new interactive map, using analysis from the national real estate firm, shows the median home value for most ZIP codes in Raleigh, Durham and the greater Triangle.
Among the highlights:
- The median home value for all displayed ZIP codes was $472,700, a 1.4% drop year-over-year.
- The ZIP code with the biggest jump in price was 27522 in Creedmoor, about 16 miles northeast of downtown Durham. The median value for a single-family home there stood at $322,972 as of May 2023, up 6.82% year-over-year.
- Behind that was the 27576 ZIP code, which is in Selma, about 30 miles southeast of downtown Raleigh. Home values stood at $248,212, up 5.28% year-over-year.
- Rounding out the top three: ZIP code 27517, part of the town of Chapel Hill, with home values of $665,491 up 4.66% year-over-year.
- The ZIP code with the steepest decline was 27704 in Durham, with a median home value of $304,240, down 6.99% year-over-year.
- ZIP codes 27701 and 27707, also in Durham, showed similar declines.
Zillow’s Home Value Index is based on a Zillow algorithm that collates data from public property records, tax records, recent home sales in the area, and user-submitted information. For more information, go here.
Another take
For comparison, the median home price in the Triangle stands at $400,000 in April — down 3.6% year-over-year, according to the latest data from Triangle Multiple Listing Services (TMLS).
Inventory remains on the rise — 51.2% higher year-over-year — and home sales are down across the region by 16.6%, the report said, with homes staying on the market for longer. In April, it was 27 days, up from 10 last year.
“The Triangle region’s real estate market appears to be on a positive trajectory with indicators pointing towards a gradual return to a more normalized state,” said TMLS CEO, Matt Fowler. “Homebuyers and sellers alike can expect continued activity.”
