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

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She eventually pulled the trigger and boughta 2,900-square-fooft house in the 27614 ZIP code for $427,00o two years ago in the Fallse Pointe subdivision not too far from Interstat 540 and Falls of Neuss Road in Raleigh. “This is one of the best places in Raleighto live,” Leacy says. “We have a great house and are near the shoppingand restaurants.” But it’sd a home in a ZIP code where houses are not appreciating in In fact, home value s in ZIP 27614 have fallen by 11.4 percent over the past two Leach understands why home values are not going up in neighborhoods with higher price tags.
“Anythintg under $250,000 is selling much fasterf than homesover $400,000,” she says. “That’s the range it is getting really difficult tomove homes.” Leachj should know. She’s a real estate What is interesting is that a redrawing of home valuation is occurring in the face of economiv forces acrossthe Triangle. An analysis of data suppliec by research firm shows that mediabn home values in all 46 Triangle ZIP codes are going through some wild gyrations as the robust foreclosure market and inventory of vacant new homesw continue to move the needle in all In the numbers lie someinteresting tidbits: Orange County is home to the five ZIP Codes that producef the biggest plunges in median home value between 2007 and 2009 and six of the top seven.
• The mediabn value of homes in at least 11 ZIP codexs in Wake County increased between 2007and 2009. Residents living in ZIP code 27617 have seen median home valuesd in their neighborhoods rise fromabouty $308,000 in 2007 to $346,000 in 2009. • ZIP code 27608 in Raleigy has the highest medianvalue ($382,000) in the With 35 of the 46 Triangle ZIP codesx registering lower median home value – down anywhere from 1 percent to 24 percenty over the past two years – real estates brokers say there are deals to be had in particular Ed Willer, a veteran agentr with in Raleigh, says that five homese with $1 million-plus tags sold in the past with three of them inside the Raleigu Beltline in ZIP code 27608.
“We continue to see expectations stillway high, and many are not willinb to drop their price to get a Willer says. “That is dragging the number ofsalee down.” And that’s bad news for some 8,773 home owners who have theie houses in Wake County liste d for sale. As the natiom becomes a little more confident that the economyy may not go off the cliff after all, home sellers start thinking that they do not have to lowe their prices to completw a deal. But home buyers remain cautious and are unwilling to pay the price listed or even go for a 5percentf reduction. Listen to Adam York, an economist with , and one may startt to believe that home buyerw may holdthe cards.
York says home prices have notdroppedr enough. “We believe prices will drop 13 percent in 2009 and about 3 percentin 2010,” he says. “But you will have pocketds of neighborhoods that will continue to buckthat trend.” From the ZIP code another pattern is emerging: Areas that were considered immunes to value drops may not be so