Home prices dip across Triangle. This map shows how your neighborhood is faring
After two-plus years of sky-high prices, home prices continue to slide across the Triangle with a few exceptions.
In ZIP code 27562, which includes New Hill and portions of Apex and Holly Springs, the median home value is $626,444 — down by almost 5% in June year-over-year, according to the latest data from Zillow. Meanwhile, in 27517, part of the town of Chapel Hill, the median home value is up by 1.61% compared to this time last year, at $684,435.
Across all displayed ZIP codes, median home values were down 1.9% in June.
A new interactive map, powered by data 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 ZIP code with the second biggest drop, behind New Hill, was 27526, which includes Fuquay-Varina and portions of Angier, Cary and Holly Springs. The median value for a single-family home there stood at $439,811 as of June 2023, down 4.44% year-over-year.
- Behind that was the ZIP code 27616, which is in Raleigh with portions in Wake Forest. Home values stood at $367,064, down 3.79% year-over-year.
- ZIP code 27604, which includes parts of Raleigh and Knightdale, had home values of $352,230, down 3.55% year-over-year.
Another view
For comparison, the median sale price in the Triangle stands at $410,000 in June — down 2.8% year-over-year, according to the latest data from Triangle MLS (TMLS).
New listings are down around 25.7% and home sales are down 14.3%, the report said.
Inventory is up 21.4% year-over-year but there’s still a serious under-supply of housing. Currently, the region has 1.7 months’ supply. In a healthy market, it’s more like a four- or five-months’ supply.
Meanwhile, homes are staying on the market longer. In June, it was 19 days, up from nine last year.
“For homebuyers, there are definitely some bright spots,” said Matt Fowler, executive director of TMLS. “While buyers continue to face a more expensive market, inventory levels have also grown across the region, providing them with more options.”
This story was originally published July 26, 2023 at 8:30 AM.
