Phoenix Homes for Sale
With 1,660,272 people, 555,013 houses or apartments, and a median cost of homes of $255,505, Phoenix real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Phoenix, accounting for 61.13% of the city’s housing units. Other types of housing that are prevalent in Phoenix include large apartment complexes or high rise apartments ( 25.17%), duplexes, homes converted to apartments or other small apartment buildings ( 6.31%), and a few row houses and other attached homes ( 4.17%).
The most prevalent building size and type in Phoenix are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.15% owning and 46.85% renting.
There is a lot of housing in Phoenix built from 1970 to 1999 so parts of town may have that “Brady Bunch” look of homes popular in the ’70s and early ’80s, although some of these houses were built up through the early ’90s as well. There is also a lot of housing in Phoenix built between 1940-1969 ( 24.65%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.40%). There’s also some housing in Phoenix built before 1939 ( 1.87%).
PHOENIX HOME APPRECIATION RATES
In the last 10 years, Phoenix has experienced some of the highest home appreciation rates of any community in the nation. Phoenix real estate appreciated 139.72% over the last ten years, which is an average annual home appreciation rate of 9.14%, putting Phoenix in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Phoenix definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Phoenix that despite a nationwide downturn in the housing market, Phoenix real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Phoenix appreciation rates continue to be some of the highest in America, at 8.24%, which is higher than appreciation rates in 95.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Phoenix. Phoenix appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.02%.
Importantly, NeighborhoodScout’s exclusive research found that Phoenix’s housing market shows one of the top real estate appreciation rates in the U.S.A. in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Arizona, our data show that Phoenix’s latest annual appreciation rate is higher than 80% of the other cities and towns in Arizona.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Phoenix differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Phoenix – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Phoenix real estate investment or home purchase decisions.
This information is provided to you by: https://www.neighborhoodscout.com/az/phoenix/real-estate#description
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Just Listed Phoenix Homes for sale
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