Phoenix has always been a popular destination for retirees but in recent years, the city’s beautiful weather and reasonable living costs, combined with the high quality of life most residents experience, has drawn families and professionals to the area in droves. In fact, Phoenix has been named the fastest growing city in the U.S. for five consecutive years, which has led to high demand for housing and created a seller’s market for those looking to sell property in the city.
The remainder of 2021 is expected to be strong for Phoenix’s housing market. Predictions published by Realtor.com anticipate an 11.4% rise in home sales over last year in 2021 and so far, 2021 has met (and sometimes exceeded) that expectation. Below, we’re talking about the current housing market in Phoenix, as well as how buyers should begin when they’re looking to buy a home in the area.
Current State of Phoenix’s Housing Market:
- The median listing price is $385,000
- The median price per square foot is $237
- The median sold price is $375,000
- There are more than 4,700 homes for sale and more than 1,600 homes for rent in Phoenix as of July 2021
- In May 2021, homes sold for an average of 1.35% above the asking price
- Homes are on the market for an average of 36 days before selling
Phoenix Neighborhoods and Home Values
When you’re looking at real estate in Phoenix, the first thing to consider is how much you’re able to afford and how much of that you want to spend. Phoenix features a diverse range of neighborhoods that offer options for nearly every budget. Those looking for high-value estate homes will want to start on the east side of the city in neighborhoods such as Skyline Heights and Links Point, while more moderate budgets may want to consider areas to the south, such as Laveen, and northern areas such as New River and Anthem. Families and individuals with more modest budgets can consider Phoenix’s westside and inner city.
Finding the Right Mortgage in Phoenix, AZ
If you’ve saved up some funds and are ready to start searching for a new home in the Phoenix real estate market, it’s important to work with the right mortgage experts. OneTrust Home Loans’s Potempa team is experienced in working with clients with a variety of budgets, credit scores and financial situations. Our team can advise you throughout the entire buying process, making sure you select the mortgage options that are right for your financial situation. Contact The Potempa Team today. Our team can help you find the right lending option and get you into your Phoenix, Arizona dream home today!