It’s been about a decade since home prices peaked in the run-up to the housing catastrophe that nearly destroyed the American economy. In aggregate, the housing market has bounced all the way back, but as a recent analysis by The Washington Post found, the recovery has “exacerbated inequality, leaving behind many Americans of moderate means.”
As Jed Kolko, a senior fellow at the Terner Center for Housing Innovation at the University of California-Berkeley, put it: “U.S. housing markets are more unequal today than they were before the housing bubble.”
Where are the winners, and where are the losers? In the Triangle, on the whole, both Raleigh (home values up 21 percent since 2004) and Durham-Chapel Hill (grouped together by the Post, up 19 percent) are doing well. But zoom in closer, and the nuances of this recovery reveal themselves. The ZIP code 27701home to downtown Durhamhas seen home values rise 63 percent, more than anywhere else in the Triangle.
Here’s a snapshot of some notable ZIP codes and how much their home values are up since 2004. The national average is 14 percent.
27701 (downtown Durham) 63 percent
27703 (east and southeast Durham) 7 percent
27705 (Duke, Walltown, some north Durham) 22 percent
27704 (Northgate Park east out to Falls Lake) 12 percent
27713 (Southpoint) 14 percent
27510 (Carrboro) 25 percent
27514 (UNC, Chapel Hill) 20 percent
27517 (east of 501, down to Jordan Lake in Chapel Hill) 19 percent
27278 (Hillsborough) 16 percent
27560 (Morrisville) 24 percent
27502 (Apex) 27 percent
27511 (Cary) 27 percent
27601 (downtown Raleigh) 38 percent
27610 (southeast Raleigh) 7 percent
