GREENSBORO, N.C. — The prime house-hunting season of 2021 horizon! Many homeowners, whether investing or buying to live-in, want to see the value of their homes go up over time, even in a year when prices are high.
By pulling data from Info Sparks' 'Triad Multiple Listing Service,' which is used to by realtors, appraisers and banks to assess a home's value, we can examine the areas in Greensboro that have seen the greatest and most consistent growth in property value in the past decade.
This data is complied by zip code, so we asked local real estate broker, Drew Mathison of The Command Team at Keller Williams One, to break down what differentiated the zip codes where property values performed well from one another.
Why it matters: Real estate has had an unprecedented year with the pandemic. Now, many buyers are sitting on a pile of savings and looking to change homes with work-from-home lifestyles becoming more commonplace due to the COVID-19 pandemic.
They face an ultra-competitive market with very few sellers compared to the number of buyers, which drives up the price of properties. Buyers will want to know which areas have a history of success so they might be able to predict the future of their home's value and make wise investments.
Here are great areas to look at based on the numbers:
Zip code 27410 - Greatest appreciation
Homes in the 27410 zip code has seen an average 14 percent increase in property value in the last decade, the highest in Greensboro, according to Info Sparks'.
- What increases its value: Proximity to the airport, large neighborhoods
- Mathison: "People move into that area and some of those neighborhoods and tend to want to stay there, from what I've seen. So that tends to make the prices climb because people buy because they want that house. [They'll buy] more on emotions."
Zip code 27455 - Most consistent
A concentrated effort has been made to build north of the city and south of Highway 150 between N. Church St. and Lawndale Dr. in recent years, Mathison said. This zipcode has seen the most consistent year-to-year appreciation of home values in Greensboro.
- What increases its value: Lakes, more space, growth
- Mathison: “There are new construction developments that are really, really strong right there. So we’ve seen a really stable market in resales and new construction.”
Zip Code 27408 - A bit of both, but more expensive
Perhaps the most valuable land in Greensboro is centered around three neighborhoods: Old Irving Park, New Irving Park and Kirkwood. The proximity to Greensboro combined with higher-end developments makes Mathison believe home values in this area will continue their run of prolonged growth.
- What increases its value: Proximity to city, businesses and schools. High-value neighborhoods
- Mathison: "As a whole, Greensboro is very stable, but we’ve seen a great increase in value here."