Keeping your eye on the real estate market can help put money in your pocket. If you’re planning on buying or selling your Arizona home soon, it pays to understand what’s happening right now and what’s expected to happen in the near future.
Arizona Home Values
Home values in Arizona are up more than 150% since the last quarter of 2011. This recovery is rather impressive because the state was devastated by the 2008 housing crash. Values stayed low through January of 2012, but they’ve made a slow and steady ascent to their current levels since then.
The average San Tan Valley home value in June 2021 is $328,063. Arizona home values average just over $344,000, whereas the average American home is worth just $281,370. Homes in Arizona are traditionally on the higher end of the value spectrum for the country, so these figures are fairly typical.
Supporting Rising Home Values
There are a few features of Arizonan cities that help to keep home values high and rising. The Phoenix-Mesa-Scottsdale-Gilbert statistical metropolitan area is one of the best-planned cities in the nation. Grocery stores and vital services are perfectly located to serve neighborhoods evenly. There are green spaces, parks, playgrounds, art installments, and landscaped gardens in every neighborhood — even low-income neighborhoods.
The cities are very well maintained, with smooth roads and sidewalks that are extra wide to best accommodate the population. There are walking paths and hiking trails all over the city. Swap meets, farmer’s markets, restaurants, and entertainment venues are strategically distributed across the metropolitan statistical area so there’s something for everyone to do no matter where you are in the city. Every area of the city is almost always clean, and this helps homeowners build value.
Looking Towards the Future
There’s more to the State of Arizona than smooth sidewalks and lantana bushes, and there’s more to buying and owning a home than writing a check. The job market is what keeps the housing market going. Without good jobs that pay living wages, the housing market and every other market will crash. That’s why it’s good to know that Arizona’s job market is moving so quickly that it’s experiencing labor shortages right now.
The state’s economy is very stimulated, and personal incomes are expected to grow by 6.8% for the remainder of the year. Income growth is expected to be 5.5% through 2024, which is great news for the housing market throughout the state. The pandemic was expected to hurt the housing and job markets, but luckily the stimulus packages from the federal government worked in our favor. The economy of Arizona is running strong, and opportunities abound. There’s never been a better time to secure a mortgage than right now.
If you’re thinking about buying a home in Arizona, OneTrust Home Loans is here to help. Whether you’re looking for a property in the Phoenix-Mesa-Scottsdale area, or you live in another part of the state, we can help you secure the mortgage you need to make your dream of owning a home come true. Call Timothy Potempa’s team at OneTrust Home Loans of Phoenix to get started today.