Archive for August, 2009

Fayetteville is number one in rising home values again!

A STAFF REPORT from Zillow .com

Attention, Fayetteville homeowners: If you missed the news this past week, get ready to smile: The city’s housing market ranks No. 1 in the nation — again — for appreciating values in the second quarter, according to The news spread like wildfire in the media — from Business Week and Forbes magazines to ABC’s “Good Morning America.” Zillow is a real estate Web site, which analyzes home values based on its own formula. According to Zillow, Fayetteville’s median home value jumped 13.4 percent since the second quarter of 2008. That’s well above the other markets in the top five for growth. They all showed appreciation of 4.2 percent to 4.8 percent. Nationally, home values fell 12.1 percent over the past year, Zillow reports. The median value in the U.S. is $186,500, the site says. In Fayetteville, the median value was $120,600, according to the company. Nearly 12 percent of sales in June were foreclosed properties, and 16.2 percent of single-family mortgages had negative equity. By comparison, 22 percent of U.S. sales were foreclosures, and 23 percent of U.S. mortgages had negative equity, Zillow reports. The best-performing ZIP code in Cumberland County was 28306, with 28.4 percent appreciation year-over-year to a median value of $137,600 in June. Also, properties in 28312 appreciated 22.7 percent to a median June value of $130,100. Two ZIP codes that include Haymount, the downtown area and several wealthier neighborhoods showed significant growth, too – 28301’s median value was $96,700, up 17.7 percent, and 28305’s median value was $162,300, up 11.8 percent. Rounding out the top five U.S. markets for home appreciation were: Oklahoma City, Okla.; Binghamton, N.Y.; Burlington, N.C.; and Gainesville, Ga. The worst-performing markets were in California and Las Vegas, where values plunged 31 percent to 40 percent over the past year. The median home value in Las Vegas was $140,500 in the second quarter, with 67 percent of June sales being foreclosures, according to Zillow. The company says its value estimates include all single-family homes and condominiums regardless if they sold during a particular period. It uses data from public sources for 161 metropolitan statistical areas.

A reason to celebrate: The Fayetteville housing market is tops in the nation for home appreciation.