The Observer reports that for homes in ZIP code 28204, last year brought the highest average sales price of the last six years. If you take a look at the interactive map, you'll notice that 2008 also saw the fewest number of homes sold in the ZIP: 98, or about 10 fewer than the average sold each of the last six years. Having fewer homes sold in a year could affect the average price, but it's difficult to say which way.
So at least up until 2008, home prices were still rising in Elizabeth. Is that still the case? Too early to tell, I guess. Homes seem to linger on the market longer than they used to, but that's just based on my limited observation. I've always maintained that as long as downtown Charlotte remains a viable office park, property values in Elizabeth and other close-in neighborhoods should do well. Can downtown Charlotte prosper with two banking behemoths reeling?