One of the country’s most dynamic real estate markets, Phoenix’s, has been going on for some time. In the Greater Phoenix area, home sales are soaring this year. The cities of Tucson and Mesa are included in the Phoenix metropolitan area, which spans much of central Arizona. The Phoenix real estate market has returned, and demand has soared to unprecedented levels since COVID-19.
According to a group of Zillow economists and real estate professionals, Arizona real estate is expected to be the second-hottest property market in the United States by 2021. Phoenix, Nashville, Tampa, and Denver, all relatively affordable and sunny, are predicted to see home value rise in 2022, higher than the national average.
Compared to the more expensive coastal districts, growth in property values has been fueled by rising prices for properties located within the country’s five most populous cities. According to the Arizona Regional Multiple Real estate listing Service, the median sales price in Phoenix rose 28.1% every year and 1.5% every month as a result of low availability and above-average demand. According to MLS data, Phoenix’s median home sale price was $424,000 in November 2021.
It’s an increase of $38,000 from the November 2013 median price. In cities like San Francisco and Los Angeles, the median home price is more than $100,000 higher. This month’s prices are expected to rise unless something drastic happens.
When seen from this perspective, the cost of a home in Phoenix remains affordable. The inventory supply was 1.28 months in November, down from 1.38 months in October. How long it would take to sell the current inventory of properties if sales continued at their current rate. There are expectations that in 2022, the Greater Phoenix area will be a seller’s market, albeit with decreasing demand from buyers.
When it comes to the sale of homes, the price doesn’t go down. However, a few extra days on the market could mean that an offer is accepted. You can often get the house under contract with a cash offer, making Arizona real estate a Good Realtor. Buyers may be less eager to pay for an appraisal and any necessary repairs.