Home prices are falling across the Triangle. This map shows by how much.

Chantal Allam
·3 min read

On the back of rising mortgage rates and a slowing economy, the Triangle’s housing market continues to fizzle.

In ZIP code 27560, which includes Morrisville, the median home value stood at $502,404 in July — down by almost 11% year-over-year, according to the latest data from Zillow.

Meanwhile, ZIP code 27616, which is in Raleigh with portions in Wake Forest, the median home value slid nearly 9% compared to this time last year. It now hovers around $366,080.

However, there are also a few exceptions.

ZIP code 27510, which is in Carrboro with portions in Chapel Hill, had the biggest price jump in the region. The median value for a single-family home there stood at $488,074 as of July 2023, up 3% year-over-year.

Across all displayed ZIP codes, the median home value was $489,800, down roughly 3%.

The median is the midpoint where half the homes cost more and half cost less. 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.

https://embed.dataherald.com/v4/viz/64ff68a008781b86b1319937

Among the highlights:

  • ZIP code 27713, which includes Durham with portions in Cary, reported the third biggest drop. The median value for a single-family home there stood at $429,448 as of July 2023, down nearly 9% year-over-year.

  • Behind that was ZIP code 27527, which is in Clayton. Home values stood at $395,694, down 8.5% year-over-year.

  • ZIP code 27704, which is in Durham, had home values of $314,028, down 8% year-over-year.

Another view

For comparison, the median sale price in the Triangle stands at $416,000 in July — down 1% year-over-year, according to the latest data from Triangle MLS (TMLS).

New listings are down around 25% and home sales are down nearly 17%, the report said.

Currently, the region has 1.7 months’ supply, which is unchanged year-over-year. Months of supply suggests how long it would take for all current homes on the market to sell.

But the Triangle area needs more housing. A healthy market has a four- or five-months’ supply, many experts say.

Meanwhile, homes for sale are staying on the market longer. In July, it was 20 days, up from 12 days last year.

“Specific types of housing, especially condos and townhouses, as well as new construction within the Triangle region, continue to attract strong buyer interest,” says TMLS executive director Matt Fowler.

Outlying suburbs, such as Cary, Apex and Morrisville in Wake County and Hillsborough in Orange County, are also seeing lots of foot traffic, he said.

“Despite the decline in affordability, the demand remains robust,” he says.

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