These are Charlotte's hottest ZIP codes for home value appreciation

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

Two ZIP codes on the far outskirts of Charlotte experienced the highest home appreciation in the past year — outpacing the prosperous south Charlotte area.

Why it matters: Charlotte is among the fastest-growing cities in the U.S., and that is driving home values up.

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The big picture: Some of America's fastest-growing places are not cities themselves but their outer suburbs, or "exurbs."

• "Fewer of the fastest-growing places between 2022 and 2023 were inner suburbs than in 2019 ... and more were on the far outskirts of metro areas — 30, 40 and even more than 60 miles away from the largest city's downtown," according to a Census Bureau analysis.

State of play: The ZIP code that saw the fastest home appreciation in the past year was 28159 in Rowan County, home to the town of Spencer and the North Carolina Transportation Museum.

• Home values there grew 13% to $203,034.
• The second-fastest appreciating ZIP code was 28660 in Iredell County, home to the small township Olin and parts of Statesville, where home values grew 11% to $319,426.
• Reasonable price points and proximity to Uptown are to credit for the rising values in those areas, says Maren Brisson-Kuester, chief operating officer of Corcoran HM Properties.

The other ZIP codes seeing the biggest rises in home values were all in south Charlotte, which Brisson-Kuester says has been the "boom corridor" for decades.

• 28211, located around Cotswold Village, with home values up 11%.
• 28270, the same ZIP as Providence High School, 11%.
• 28210, Quail Hollow, 11%.

The bottom line: "You're seeing more and more people move there, so you're seeing more competition," Brisson-Kuester says of south Charlotte. "You're seeing developers compete for the dirt there to build and you're seeing prices go up."

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