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Click on the risks below to learn which exist in Phoenix today and how they’ll change by 2050. Our offer was a back up only, $299,999 and 3% seller concessions. 74% of Phoenix homebuyers searched to stay within the Phoenix metropolitan area. Los Angeles homebuyers searched to move into Phoenix more than any other metro followed by Seattle and Tucson. Across the nation, 3% of homebuyers searched to move into Phoenix from outside metros. In Sep '22 - Nov '22, 26% of Phoenix homebuyers searched to move out of Phoenix, while 74% looked to stay within the metropolitan area.
Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices. The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level.
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Hot listings on the market can sell for around the list price and go pending in around just 25 days. Median House Price – This month’s median house price on Realtor, including single family houses, townhomes, and condos. The median house price is most representative of house prices in the entire metro area. According to NeighborhoodScout.com, in the past ten years, Phoenix real estate appreciated by 270.01%. This amounts to an annual real estate appreciation of nearly 13.98%, which puts Phoenix in the top 10% nationally for real estate appreciation. During the last twelve months (2021 Q2 – 2022 Q2), Phoenix's appreciation rate has been 23.71%, which is higher than appreciation rates in 94.10% of the cities and towns in the nation.
There are several sports teams located in Phoenix and a wealth of tourist attractions. What makes Arizona unusual is the state’s open relationship with rental sites like Airbnb. A law that went into effect in 2016 made Arizona a leader in Airbnb rentals. The sites are required to collect taxes on the rentals, simplifying revenue collection for the state and the landlords.
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Consequently, it is difficult to make reliable projections for the Arizona real estate market or any other market in the United States. The average homes sell for about 2% below list price and go pending in around 62 days. The average homes sell for about 3% below list price and go pending in around 72 days. The average homes sell for about 2% below list price and go pending in around 49 days.
The super-hot housing market in Arizona has many other places for real estate investment. Tucson like Phoenix sees a massive influx of snowbirds, and retirees who flock here during the winter. The need for many retirees to sell their second homes when they can no longer travel or live independently provides an opportunity to snap up properties at a bargain rate.
Asking Price vs. Sold Price
Risk Factor™ is a peer reviewed scientific model, designed to approximate flood risk and not intended to include all possible risks of flood. Flood risk in Mesa is increasing faster than the national average. Save this search to get email alerts when listings hit the market.
With 504,258 people, 186,503 houses or apartments, and a median cost of homes of $405,603, Mesa real estate prices are well above average cost compared to national prices. In November 2022, Mesa home prices were up 5.4% compared to last year, selling for a median price of $430K. On average, homes in Mesa sell after 53 days on the market compared to 26 days last year. There were 393 homes sold in November this year, down from 815 last year. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process.
No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Homes in Phoenix receive 2 offers on average and sell in around 52 days. The average sale price of a home in Phoenix was $408K last month, down 0.49% since last year. The average sale price per square foot in Phoenix is $259, down 0.77% since last year.
The predominate size of homes in the city based on the number of bedrooms. Homes include single family houses as well as apartment and condominium units. Average market rent is exclusively developed by NeighborhoodScout. It reveals the average monthly rent paid for market rate apartments and rental homes in the city, excluding public housing. The data relating to real estate listings on this website comes in part from the Internet Data Exchange program of Multiple Listing Service of Southern Arizona.
In November 2022, the median listing price for a property in Maricopa County, Arizona was $488.1K, representing an annual increase of 3.9%. It is a balanced market with a Sale-to-List Price Ratio of 98.22%. The supply and demand of homes are about the same, and it's what we see in most housing markets today. Even as Phoenix home prices have reached new heights, the market remains attractive to residential real estate investors.
The Phoenix metro housing market forecast ending November 2033 is negative. It is a minimally walkable city in Maricopa County with a population of approximately 1,442,530 people. The Phoenix housing market is much larger than Phoenix itself – it encompasses the entire Valley of the Sun, Phoenix’s sprawling suburbs that are home to another five million people. That makes the Phoenix metro area the twelfth largest in the country.
Phoenix’s housing production has not kept pace with population growth. The favorable living conditions have, furthermore, comforted real estate investors and buyers to invest in Arizona real estate market. The Phoenix housing market was a headline in the news a decade ago when the housing crisis of 2007 and 2008 caused home values here to fall by as much as half.
Phoenix's housing market is now cooling off, which is excellent news for buyers but not for homeowners. According to the Census Bureau, home sales are down almost 18% since January 2022. To uncover where housing markets are cooling off most, SmartAsset analyzed the 100 largest metro areas, 92 of which had complete data. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property.
The graph below depicts the median or average house value in the region over a number of years. Migration patterns, according to some analysts, are the fundamental reason for this hot housing market. Arizona continues to get a significant number of residents from California, Texas, Illinois, and Washington. Because of the high demand, homebuilders are unable to keep up with supply, and a housing bubble can't burst if there aren't enough homes for sale. The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc.
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