Arizona was arguably the most desirable place to own a home for many people due to its affordability. The housing market provided affordable real estate while still enjoying what many people believe to be ideal weather year-round as well as plenty of infrastructure. The market was especially popular for snowbirds or those looking for a vacation home, however as the market has shifted over the past few years many people are left wondering if Arizona is still affordable.
Much like the rest of the country, the Arizona market has indeed seen in influx in prices, with prices rising nearly 30% from November 2020 to November 2021. While the increase is indeed drastic, and unexpected to many locals as well as those looking to relocate to the area, Arizona remains one of the more affordable places to call home. While there are other states that boast lower house prices, the quality of life is questioned and with Arizona’s sunshine and warm weather, as well as the Phoenix metro area boasting shops, restaurants events and activities, there isn’t much to compromise on when calling Arizona home.
According to real estate experts the metro areas that remain the most affordable and are expected to see the largest rise in real estate prices include Phoenix, Nashville, Denver, and Tampa. With housing prices predicted to continue to rise, now is a great time to buy in the Phoenix area.
It’s important to remember that even though Arizona homes are rising in price, and of course value, the high prices still provide an affordable option for owning a home without compromising on a great location. In November 2021 the median sale price of Phoenix Real Estate was $424,000, and while that’s much higher than past years, it remains drastically lower than other metro areas such as Seattle, Los Angeles, Portland, San Francisco, and Denver, all of which were a minimum of $100,000 higher.
While the Arizona market is still favoring seller’s, the demand for real estate is starting to slow, another great sign for buyers to try and secure a home while the demand is lower. This allows for a little more wiggle room for negotiations, counteroffers, buyer credits, and ultimately, gives you a higher change of purchasing a home. The past year saw extreme bidding wars, appraisal gaps and more, making it hard for buyers to get their offers accepted, so even though home prices are rising, as the market seems to slow slightly, Arizona buyers have a great opportunity to find the perfect house to call home.
If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding Arizona Real Estate, please feel free to contact our office at any time.