Related: COMPARE PRICES BY ZIP CODE • Complete Home Report 2004

But what may come as something of a surprise is that a fair bit of that gain can be attributed to the rise of pricey townhouses and cluster developments -- stylish but lower-maintenance homes designed to appeal to a high-end market.

Examples of the trend include the Enclave at Crooked Creek, a small cluster-home development, and Academy Park, a John Wieland Homes townhouse development in downtown Alpharetta, with prices ranging into the $400,000 area.

"It's more concentrating on a leisure sort of lifestyle," said Lisa Curren, marketing manager for Ashton Woods.

The homebuilder's Enclave at Crooked Creek development is an example of one kind of growth that helped give the 30004 ZIP code the Atlanta region's fourth-largest increase in new-home prices, with a $61,150 bump in sale price.

Starting at $330,000 -- almost identical to the $330,350 median price for the ZIP code in 2003 -- the homes feature high-end amenities such as home offices, prewiring for entertainment systems and whirlpool tubs that active empty-nesters want, Curren said.

That the development is adjacent to a popular golf course is also a draw, she said.

Although data show the area's housing supply inventory has increased nearly 45 percent from its 2000 low of about six months, meaning more houses are on the market, real estate brokers anticipate continued strong demand.

Mary Wargula, the broker at Prudential Georgia Realty in Alpharetta, said she expects north Fulton's new-home market to continue to thrive in the $350,000 to $800,000 price point -- despite slowing regional population growth and uncertainty over the future of interest rates.

"Right now, our agents are going around saying, 'I wish I had more listings because they're going so rapidly,' " Wargula said. "I'm very confident that unless something catastrophic happens, things are going to continue good."