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The number of new listings homes for sale has decreased by about 40.9% year-over-year. The average price of single-family homes in Phoenix has increased by 2.2% from a year ago to $534,549. Importantly, this makes Mesa one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength. The minimum wage in Arizona is $12.00/hr and the Average Renter Wage is $17.46. Cost-burdened is defined as spending more than 30% of one’s monthly income on housing and utilities. Neighborhoods in west and South Phoenix are the most cost-burdened.
This creates an unusually diverse opportunity for those considering investing in the Phoenix real estate market. Although Phoenix has experienced consistent population growth, the housing market has not grown at the same rate. An Up for Growth study found that between 2000 and 2015 Arizona underproduced 505,134 housing units. For example, in the last 30 years Phoenix produced approximately 220,000 new housing units, however, the population has grown by 820,000 people.
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The median home’s value has crossed $300,000 but that’s still cheaper than a starter home in coastal California. Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level. Different neighborhoods within a city or town can have drastically different home appreciation rates. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data.
If this forecast is correct, Phoenix metro home prices will be slightly lower in the 3rd Quarter of 2023 than they were in the 3rd Quarter of 2022. 12.4% of homes were sold above their original asking prices, which is 34.2% less when compared to last year. Percentages are based on the number of housing units for each type over the total number of units across all types.
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The section of Phoenix wedged between Seventh Street and Seventh Avenue is undergoing a wave of commercial redevelopment, fueled by more than five billion dollars invested to date. High-rise developments and mixed-use projects have been built, and several more are underway. That is making this area and neighborhoods bordering it an excellent place to invest in the Phoenix housing market. Phoenix isn’t just redeveloping downtown to create a dense, walkable urban core. It is cultivating fifteen complete walkable communities across the metro area with strong public transit, denser housing, and locally provided services. This is a radical shift from the suburban sprawl the area has long been known for.
In some cases, more than 50% of households are paying 30% or more of their income on housing costs, while less than 29% of renting households are housing cost-burdened in the north. Florida, Texas, and Arizona are the three states with the most rapid population increases. Years of underbuilding are a key contributor to the low inventory. As the population is expected to rise yet there are only a few available homes on the market.
Asking Price vs. Sold Price
Los Angeles homebuyers searched to move into Mesa more than any other metro followed by Seattle and Tucson. Across the nation, 3% of homebuyers searched to move into Mesa from outside metros. In Sep '22 - Nov '22, 26% of Mesa homebuyers searched to move out of Mesa, while 74% looked to stay within the metropolitan area. The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
The median home price in Phoenix has in fact dropped by 1.2% from a year ago to $425,000. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Secure your position in the market with a mortgage from Rocket Mortgage®, our sister company. Fire risk estimates the risk of wildfires, based on the likelihood of burning in the future and the potential size and severity of a fire. Click on the risks below to learn which exist in Mesa today and how they’ll change by 2050. School service boundaries are intended to be used as reference only.
The average homes sell for about 5% below list price and go pending in around 65 days. The average homes sell for about 3% below list price and go pending in around 52 days. This underproduction was magnified when construction virtually shut down during the recession of 2008.
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.
Phoenix has been one of the hottest real estate markets in the U.S. The Greater Phoenix housing market was extremely strong last year. It is a metropolitan area, centered in the city of Phoenix, which includes much of the central part of Arizona. The Phoenix real estate market not only recovered after a slump due to COVID-19 but the demand reached new heights. Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes .
Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at Average House Price – This month’s average house price on Realtor, including single family houses, townhomes, and condos.
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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