Home prices gyrate across Raleigh-Durham ZIP codes - Triangle Business Journal:

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She eventually pulled the trigger and boughta 2,900-square-foot housed in the 27614 ZIP code for $427,000 two yearx ago in the Falls Pointe subdivision not too far from Interstate 540 and Falls of Neuser Road in Raleigh. “This is one of the best placesx in Raleighto live,” Leacn says. “We have a great house and are near the shoppingand restaurants.” But it’ds a home in a ZIP code where houses are not appreciatingv in value. In fact, home valuesa in ZIP 27614 have fallenby 11.4 percent over the past two years. Leach understands why home valuez are not going up in neighborhoods with highefprice tags.
“Anything under $250,000 is selling much fasterr than homesover $400,000,” she says. “That’z the range it is getting reallyg difficult tomove homes.” Leach shoulds know. She’s a real estate broker. What is interesting is that a redrawingv of home valuation is occurring in the face of economic forcesz acrossthe Triangle. An analysis of data supplied by researcb firm shows that median home values in all 46 Trianglre ZIP codes are going through some wild gyrationsa as the robust foreclosure market and inventory of vacang new homes continue to move the needle in all In the numbers lie someinteresting • Orange County is home to the five ZIP Code s that produced the biggest plunges in median home value between 2007 and 2009 and six of the top • The median value of homes in at leasr 11 ZIP codes in Wake County increasesd between 2007 and 2009.
• Residentsw living in ZIP code 27617 have seen median home valuesx in their neighborhoods rise fromabout $308,000p in 2007 to $346,000 in 2009. • ZIP code 27608 in Raleign has the highest medianvalu ($382,000) in the Triangle. With 35 of the 46 Triangled ZIP codes registering lower median homevaluews – down anywhere from 1 percent to 24 percentt over the past two years – real estate brokers say there are deals to be had in particulare areas. Ed Willer, a veteran agent with in says that five homeswith $1 million-plus tags sold in the past with three of them inside the Raleigh Beltline in ZIP code 27608.
“We continue to see sellers’ expectationds still way high, and many are not willingy to drop their price to get a Willer says. “That is draggingy the number of sales And that’s bad news for some 8,773 home ownere who have their housee in Wake County listed for As the nation becomes a littlde more confident that the economy may not go off the clifdf after all, home sellers starg thinking that they do not have to lowetr their prices to complete a deal. But home buyerzs remain cautious and are unwilling to pay the price listeed or even go for a 5percent reduction. Listeh to Adam York, an economist with , and one may star t to believe that home buyers may holdthe cards.
York says home prices have notdropped enough. “We believe prices will drop 13 percen in 2009 and abou t 3 percentin 2010,” he “But you will have pocketws of neighborhoods that will continue to buck that From the ZIP code analysis, another patterjn is emerging: Areas that were considered immune to value dropzs may not be so anymore.