May 1, 2024 - News

The hottest ZIP codes for home appreciation in the Triangle

ZIP codes with the greatest home appreciation in the Raleigh metro area
Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

The ZIP codes in the Raleigh area experiencing the highest home appreciation in the past year include areas in exurban Johnston County and some of the most desirable neighborhoods in town.

Why it matters: Fewer homes on the market kept prices growing in most areas, meaning affordability dwindled, according to Zillow chief economist Skylar Olsen.

State of play: The ZIP code which saw the fastest home appreciation in the past year was 27542 in Johnston County, home to the town of Kenly, about 40 miles east of Raleigh.

  • Home values there grew 11% to $250,122.
  • The second-fastest appreciating ZIP code was 27518 in southern Cary, where home values grew 10% to $728,237.

The other ZIP codes seeing the biggest rises in home values were:

  • 27609, located around North Hills in Raleigh, with home values up 9%.
  • 27569, rural Princeton in Johnston County, 9%
  • 27523, Apex, 8%.

Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive houses.

  • "In a small ZIP code, a few houses selling for higher prices may make the entire ZIP look like prices are appreciating quickly," Zillow data scientist Anushna Prakash says.

In the Durham-Chapel Hill metro, the ZIP codes seeing the fastest home appreciations were:

  1. 27510, which includes areas around downtown Carrboro, was up 9.9%
  2. 27565, which includes Oxford in Granville County, 9.6%
  3. 27514, Chapel Hill, 8.2%
  4. 27231, Cedar Grove in Orange County, 8.1%
  5. 27559, Moncure in Chatham County, 7.7%.
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