The Phoenix real estate market is of the top-performing, not only in the Arizona real estate market but nationwide as well. Phoenix Rental Trends: According to RentCafe, the average rent for an apartment in Phoenix is $1,141, a 10% increase compared to the previous year. One-bedroom apartments in Phoenix rent for $1189 a month on average (an 8.66% increase from last year). The capital of any state will be home to its flagship university, and Phoenix is no exception. The percent of Phoenix homeowners underwater on their mortgage is 7.4%, which is higher than the Phoenix-Mesa-Scottsdale Metro at 7.1%. As per the Phoenix foreclosure data by Zillow, in Phoenix 0.4 homes are foreclosed (per 10,000). Prices are up 17.8% since two years ago and 145% since prices bottomed out in May 2011. It shows no sign of cooling off, surprisingly so. https://www.zillow.com/Phoenix-az/home-values It’s only wise to think about how you can and should be investing your money. Phoenix, AZ Housing Market In December 2020, the median list price of homes in Phoenix, AZ was $335K, trending up 5.3% year-over-year. The entire Greater Phoenix area is breaking records over records in sales prices. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? They’re choosing to rent over buying a single-family home or an apartment. Phoenix real estate prices are well above average cost compared to national prices. https://www.tripsavvy.com/what-is-a-snowbird-2683049, Tourism/Airbnb Maricopa County is a county in Arizona and consists of 43 cities. Similar growth has been recorded by NeighborhoodScout.com as their data also shows that in the past ten years, Phoenix real estate appreciated by 139.72%. Yes, real estate in Phoenix at is an "essential business" and we are still working, albeit slightly differently these days. Phoenix isn’t just redeveloping downtown to create a dense, walkable urban core. 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. Conclusion – Phoenix Real Estate Market Report – August 2019. September recorded the highest median sales price ever reported, the highest average sales price ever reported and the highest sales volume for any September in the past. Discover more Phoenix listings for open houses, price reduced, foreclosures, recently sold, new home communities, and new home construction. You’ll be glad to know that the Phoenix real estate market is among these compared to surrounding states. Even in the times of the Covid-19 pandemic, the sales prices in the Phoenix housing market are not declining. The Airbnb market has exploded in Arizona during the past five years. A law that went into effect in 2016 made Arizona a leader in Airbnb rentals. Current trends fairly predict that the Phoenix home prices and real estate appreciation rates in 2020 are very likely to be the same as in the past year. The city stands out for its sixty-plus RV parks. Home-price appreciation appears to be slowing a bit in the Phoenix area and most experts agree that prices will continue to climb for the foreseeable future. There are several reasons to consider investing in the Scottsdale real estate. (That’s based on their proprietary assessment of house prices.) If you have cash, or if you are a seller it is about as good as it has ever been in the past 32 years. Let’s discuss a bit about the Phoenix metro area and do a quick recap of how its housing market has performed in 2020 so far. Either way, knowing your profit potential and purpose is the first thing to consider. The biggest mistake buyers make is sitting around waiting for sale prices to decline while their potential mortgage payment plummets. It is quite evident that the ongoing pandemic has not had any major impact on Phoenix's housing market. Months supply of inventory has shrunk to as low as 1.48. https://yourbusiness.azcentral.com/percent-taxes-pay-selling-real-estate-17380.html, Cheap property There are also a wide variety of economic and political factors that can and do impact real estate markets. In 2018, Millennials made up about 22 percent of the population in the United States. Norada Real Estate Investments The 15-year fixed-rate mortgage has dropped 2.32%. Only Texas and Florida outpaced it, in terms of year-over-year growth. Best Real Estate Websites For Buyers And Sellers In 2021. http://capstonecapitalusa.com/the-most-friendly-8-landlord-states Phoenix, AZ is a seller's market in December 2020, which means that there are more people looking to buy than there are homes available. Investing in Phoenix's real estate can be a worthy investment due to a steady rate of appreciation. Homes in the Phoenix housing market are approaching the 2006 record. The median listing price per square foot was $208. phoenix real estate market who will help? Central City South is the most affordable neighborhood, with a median listing price of $200K. However, it was quite expected that social distancing, higher unemployment, and lower overall economic activity would constrain real estate activity in the near term. As the economy continues to rebound, the pending home sales in the Phoenix area are climbing again, which indicates that the housing market slowdown this summer would be much less than previously expected. Arizona has long attracted retirees who couldn’t afford Florida or wanted a cleaner, allergy-free air that never included storm clouds. There are not suburbs to Chandler, because it is a suburb of Phoenix surrounded by other cities of similar size. Phoenix housing market has been one of the highest appreciating communities not only in Arizona but in the nation as well. The percent of delinquent mortgages in Phoenix is 0.6%, which is lower than the national value of 1.1%. If you’re thinking about buying a home or selling a home, in either case you might want to just bounce some of your ideas off somebody. Homes in Phoenix receive 3 offers on average and sell in around 33 days. On average, homes in Phoenix, AZ sell after 46 days on the market. Here are some foreclosure statistics of the Phoenix real estate market. It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals such as duplex and triplex in Class A neighborhoods. Single-family homes account for about 60% of Phoenix's housing units. 85043 zip code has the lowest foreclosure rate, where 1 in every 10190 housing units become delinquent. The state has a relatively low transfer tax on deeds or land contracts, too. The distressed seller's market is becoming a non-factor in this region. Annual/normal appreciation in most housing markets is … April 8, 2019 By John Cunningham. The same things that attract many people to Phoenix as snowbirds cause many to retire here permanently. The three most important factors when buying real estate anywhere are location, location, and location. There are 4559 active houses for sale in Phoenix, AZ, which spend an average of 46 days on the market. Get the low-down on the local housing market here in the Phoenix metro. The question now is what happens moving forward. There are 35 neighborhoods in Phoenix. The Phoenix Housing Market has undergone tremendous shifts in the number of distressed properties. Phoenix is also one of the hottest real estate markets in the nation. http://www.friends.org/latest/accessory-dwelling-units-are-cities-and-counties-doing-enough https://www.realtytrac.com/statsandtrends/az/maricopa-county/phoenix, Renovation https://www.mashvisor.com/blog/arizona-real-estate-market-2018-the-place-to-invest-this-year Chandler. High rise developments and mixed-use projects have been built, and several more are underway. $9 equates to a 5.52% rise (reminder: we’re looking at annual averages). While California and Florida are seen as hot real estate markets, one of the major attractions of the Phoenix real estate market is the affordable real estate. See more real estate market trends for Phoenix. When I look at the inventory it's up about 50% from just a month ago (beginning of March). This makes Phoenix a great place to buy a single-family home or condo to rent out to tourists (as a short-term rental). This is lower than the Phoenix-Mesa-Scottsdale Metro value of 0.5 and also lower than the national value of 1.2. Let’s take a look at the number of positive things going on in the Phoenix real estate market which can help investors who are keen to buy an investment property in this city. The typical home value of homes in Phoenix is $283,594. Demand would raise the price of your Phoenix investment property and you should be able to get a good return on your investment over the long term. Currently, the zip code with the highest foreclosure rate is 85041, where 1 in every 6101 housing units is foreclosed. https://news.azpm.org/p/news-articles/2017/6/8/111864-arizona-housing-back-on-pace-after-housing-meltdown, Filed Under: Growth Markets, Housing Market, Real Estate Investing. He’s also the host of the top-rated podcast – Passive Real Estate Investing. About 89% of the apartments can be rented for less than $1500. Other snowbirds sell their condo and move into a single-family home when they decide to stay in Tucson year-round. Renter-friendly rules like requiring a landlord to return a rental deposit within two weeks are not a burden. The median home’s value has crossed $300,000 but that’s still cheaper than a starter home in coastal California. Phoenix Real Estate Market 2018 : Home Sales Predictions If you’ve been waiting to sell your home in the right Phoenix real estate market, 2018 may be the year you’ve been waiting for. That makes the Phoenix metro area the twelfth largest in the country. NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. The below graph historically depicts the State of the 2020 Phoenix real estate market. Buy a house, rehab it, and build a granny flat, and you have two rental properties for not much more than the price of one. Here is the latest housing forecast for Phoenix, Metro Phoneix, and Maricopa County until September of 2021. Now the market is facing a shortage of homes for sale. And that’s not going to happen. The year 2020 started with an extreme shortage of houses for sale, and an increasing number of sales over the asking price of property owners. Errors can lead to serious consequences. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. https://metrorealtyphx.com/phoenix-real-estate-market-report-this-month https://www.movoto.com/phoenix-az/market-trends/ The presence of universities also influences local home prices and rents. Single-family homes continue to drive the Arizona real estate market. The snowbird movement is somewhat different than the conventional tourist market. If you want to invest in real estate, you typically want to do so in a market where you can quickly evict people who don’t pay their rent or damage property. The median home is worth around $177,000 and came with a property tax bill of around $1400, well below what you’d pay in Texas. For example, the area is famous for its snowbirds, retirees who come for the winter before returning home. Phoenix remains the biggest city of Arizona and the state’s capital. Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments, Latest Market Data, Trends, and Statistics, https://www.zillow.com/Phoenix-az/home-values, https://www.littlebighomes.com/real-estate-phoenix.html, https://www.movoto.com/phoenix-az/market-trends/, https://www.neighborhoodscout.com/az/phoenix/real-estate#description, https://www.realtor.com/realestateandhomes-search/Phoenix_AZ/overview, https://metrorealtyphx.com/phoenix-real-estate-market-report-this-month, https://arizonarealestatenotebook.com/phoenix-housing-market-predictions-2019, https://www.mashvisor.com/blog/arizona-real-estate-market-2018-the-place-to-invest-this-year, https://www.azcentral.com/story/money/real-estate/catherine-reagor/2020/05/28/coronavirus-arizona-phoenix-housing-market-success-2020-pandemic-impact/5223134002/, https://armls.com/docs/2020-APRIL-STATwith-commentary.pdf, https://www.realtytrac.com/statsandtrends/az/maricopa-county/phoenix, https://azbigmedia.com/7-projects-between-the-7s-in-downtown-phoenix/, https://azbigmedia.com/downtown-phoenix-development-makes-it-harder-to-find-a-place-to-live/, http://www.friends.org/latest/accessory-dwelling-units-are-cities-and-counties-doing-enough, https://www.phoenix.gov/sustainability/transportation, https://www.curbed.com/2016/11/4/13518302/downtown-phoenix-real-estate-urban-planning-devleopment, http://capstonecapitalusa.com/the-most-friendly-8-landlord-states, https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters, https://universe.byu.edu/2017/02/22/this-tiny-arizona-desert-town-is-a-retirement-mecca-for-2-million-human-snowbirds/, https://www.azcentral.com/story/news/local/mesa/2015/01/20/phoenix-area-snowbirds-easily-seen-tracking-financial-impact/22034575/, https://www.tripsavvy.com/what-is-a-snowbird-2683049, https://www.azcentral.com/story/news/politics/legislature/2016/07/27/airbnb-arizona-benefits/86314492/, https://www.bizjournals.com/phoenix/news/2017/02/15/exclusive-airbnb-hosts-in-arizona-earned-51m-in.html, https://www.kiplinger.com/slideshow/taxes/T006-S001-10-tax-friendly-states/index.html, https://yourbusiness.azcentral.com/percent-taxes-pay-selling-real-estate-17380.html, https://news.azpm.org/p/news-articles/2017/6/8/111864-arizona-housing-back-on-pace-after-housing-meltdown, Greater Phoenix Housing Market Report (September 2020), Phoenix Housing Market Prices And Trends 2020 (YTD Summary), Impact of Covid-19 on The Phoenix Housing Market, Phoenix Real Estate Foreclosure Statistics 2020, Top Reasons To Invest In The Phoenix Real Estate Market, Growing And Affordable Real Estate Market, The Major Wave of Renovation in Downtown Phoenix, Phoenix, Arizona Real Estate Investment Markets, The Tucson real estate market is good for investment, There are several reasons to consider investing in the Scottsdale real estate, The Chandler area offers strong market fundamentals, New York Real Estate Market: Prices | Trends | Forecast 2021. It is written by David Meek, an 18-year Realtor® and licensed Arizona real estate broker with Keller Williams Arizona Realty in … The Chandler area offers strong market fundamentals in addition to a favorable tax and regulatory climate. Alhambra, where the average rent goes for $942/mo. Don't Neglect These 6 Maintenance Tasks - Or Else, Debunked! Many real estate investors have asked themselves if buying a property in Phoenix is a good investment? https://www.kiplinger.com/slideshow/taxes/T006-S001-10-tax-friendly-states/index.html The average sale price of a home in Phoenix … Short sales dropped -52.0% year-over-year. Phoenix, AZ hosts 724 public schools rated good and higher by GreatSchools. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. If you’d like to talk about your real estate goals, I’d love to help you out. https://www.phoenix.gov/sustainability/transportation The Scottsdale housing market has a more diverse rental market than just catering to those who can’t afford to buy a single-family home. Some of the information contained in this article was pulled from third party sites mentioned under references. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates. It is the nation’s fastest-growing county, home to approximately four and a half million people. It's more reasonably priced housing, lower cost of living, available workforce, and stable climate forecast a growing economy and stronger housing growth. That's because homebuyers don't have to enter into a bidding war with real estate investors. Homes in Phoenix, AZ sold for approximately the asking price on average in December 2020. The Phoenix housing market is one of the hottest markets for 2020. In December 2020, the median list price of homes in Phoenix, AZ was $335K, trending up 5.3% year-over-year. This makes Scottsdale a good place for real estate investing. In March, Metro Phoenix’s median home price hit a record of $302,500. Share . The median price in this market was around $260,000 as of January 2020. But since then, it has been a steady upward climb. Here they will not face multiple offers, but they may find some builders are not accepting contracts except for homes that are near completion. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. With all other things being equal, steady population growth tends to put upward pressure on home prices. The Phoenix real estate market is of the top-performing, not only in the Arizona real estate market but nationwide as well. That creates a large, seasonal rental market. This figure also corroborates with Zillow's positive forecast, so the home prices in this region would increase by at least 8-10% in the next twelve months. The Phoenix and the entire metro area market is so hot that it cannot shift to a buyer’s real estate market. Median rental price: $1,171/mo Median purchase price: $358,000. What does it mean for homebuyers in Phoenix? However, there are some restrictions on short-term rentals. Evaluate the specifics of the Phoenix housing market at the time you intend to purchase. It's still a seller's real estate market in Phoenix, but there are fewer bidding wars on the most affordable homes (less than $500,000) on the market. These values (by Zillow) are seasonally adjusted and only include the middle price tier of homes. In January, many experts expected moderate growth and moderate price appreciation in 2020. Good cash flow from Phoenix investment properties means the investment is, needless to say, profitable. parks and gyms. As you can see, home prices within the Phoenix real estate market have been following a steady upward trajectory for roughly eight years. Suppose you buy a house to renovate and rent out. Here is a short and crisp Phoenix housing market forecast for the 3 years ending with the 3rd Quarter of 2021. Here are the best public schools in Phoenix, AZ: You can find dozens of grocery stores, and hundreds of cafes and restaurants in Phoenix, AZ. 2017 was a strong year for house appreciating in the Valley, and the median sales price of houses are continuing to increase. Don’t forget that the large retiree market means there is strong demand for one and two-bedroom houses and condos here, and those units are a fraction of the cost of a three-bedroom home. https://www.littlebighomes.com/real-estate-phoenix.html With 1,680,992 people, 555,013 houses or apartments, and a median cost of homes of $259,681, Phoenix real estate prices are well above average cost compared to national prices. Our free service analyze millions of home sales to find the perfect agent for you. Located in the south-central portion of Arizona, the number of locals who rent and own a home are split almost evenly with homeowners occupying 8% more homes than renters. The Phoenix Home Price Index has increased for the last 29 consecutive quarters. Similarly, if you are an investor, Scottsdale has a track record of being one of the best long term real estate investments in the nation. – The national homeownership rate is on the decline for the first time since 2017. 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