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Mar 24, 2023 · After peaking at 4.28 units in November, housing supply fell to 3.56 months in December before rebounding to 4.1 months in January 2023. If a balanced market includes from four to six...
- Trends in The Phoenix Real Estate Market
- What's Affecting The Phoenix Housing Market in 2024?
- Is The Housing Market in Phoenix Going to Crash?
- Predictions For The Phoenix Real Estate Market
- Is The Phoenix Area Good For Real Estate Investment?
- FAQs
The Phoenix real estate market in March 2024 (based on Redfin data) paints a picture of a strong seller's market with rising prices and a competitive buying environment. Let's look at recent trends regarding Phoenix that you should be aware of:
While Phoenix boasts a strong seller's market currently, some factors could influence its trajectory in the coming months. Potential buyers and sellers should consider these before making any major real estate decisions:
The Phoenix housing market in 2024 presents a picture of stability with underlying factors influencing its trajectory. Unlike some national markets experiencing a shift, Phoenix continues to benefit from a tight supply of available homes. This low inventory acts as a buffer against significant price drops, and coupled with consistent buyer demand, ...
Phoenix, Arizona,known for its warm climate and booming economy, has long been a hotspot for real estate investors and homebuyers alike. The average Phoenix-Mesa-Scottsdale home value is $458,776, up 3.5% over the past year and goes to pending in around 23 days. Looking ahead, analysts predict continued growth, with projections indicating an upward...
Investing in real estate is a significant decision that requires careful consideration of various factors. It's safe to say that Phoenix is currently a great place for both buyers and sellers. As a buyer, however, it's essential that you evaluate all your options carefully and try to negotiate a better price if possible. The Phoenix Metropolitan St...
Is Phoenix a Buyer's Market or a Seller's Market?
As of May 2024, Phoenix leans towards a seller's market. This means there's a lower inventory of available homes compared to buyer demand. This translates to quicker selling times, potentially higher competition for properties, and prices closer to asking price (or even exceeding it).
What Makes Phoenix Popular for Investors?
Several factors make Phoenix attractive to investors: 1. Strong Job Market:A growing job market attracts new residents, leading to steady rental demand. 2. Relative Affordability:Compared to some major cities, Phoenix offers a good value proposition for investors. 3. Limited Inventory:Low inventory helps keep rental vacancy rates low and potentially drives up rental prices. 4. Favorable Tax Climate:Arizona's lower-than-average tax rate benefits those seeking to maximize returns.
Are Home Prices Dropping in Phoenix, AZ?
While Phoenix experienced a decline in home values in 2023 compared to the national trend, forecasts for 2024 suggest a slight rebound. A modest increase of 1.5% in average home prices for the entire MSA is expected.
The Phoenix housing market is somewhat competitive. Homes in Phoenix receive 2 offers on average and sell in around 47 days. The median sale price of a home in Phoenix was $440K last month, up 0.6% since last year. The median sale price per square foot in Phoenix is $279, down 0.36% since last year.
2021 Phoenix AZ Housing Market Update Highlight. Number of new listings homes for sale has increased about 1.2% from 2020. 2021 average sold price for single family home in Phoenix AZ is $498,343, that is about 24.1% increased from a year ago.
There are 4,906 homes for sale in Phoenix, Maricopa County with a median price of $450,026, which is an increase of 5.9% since last year. See more real estate market trends for Phoenix.
May 3, 2022 · Unfortunately for locals, wages in the area have not been on the same high-speed elevator, growing only 5.3% in 2021. According to a study done by Arizona economist Elliott Pollack, the median...
Jan 20, 2022 · Phoenix’s real estate market slowed down during the holidays as expected but is closing out the year with record-setting home sales. We are entering the new year with the lowest number of active listings at year’s end on record, continuing to propose a challenge for buyers in the market.
