Phoenix is also one of the hottest real estate markets in the nation. The Zillow Buyer-Seller Index (BSI) considers Phoenix a sizzling hot seller’s real estate market. The worst annual change in home values in the Phoenix Market was -23% in the twelve months ended with the 4th Quarter of 2008. John Wake analyses the Phoenix real estate market using Phoenix MLS (Multiple Listing Service) data. Also, as some investors are pulling out of the marketplace, the regular homebuyers are getting in a better position to scoop up properties left by them. Real estate prices are deeply cyclical and much of it is dependent on factors you can’t control. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers. The city also recognizes the need for affordable housing, and they allow people to build and rent out ADUs as affordable housing, especially if the property is within walking distance of public transit. The aging of the U.S. population makes investing in communities catering to older adults an excellent idea. Sales were up 18.5% from September 2019 and up 4.8% from August 2020. The state income tax is 2.59% for low-income earners, 4.54% for wealthier families. See Homes in Neighborhoods Near Phoenix, AZ. Desirability brings demand. Every listing I have had this year has sold within two weeks, for the list price or much higher. Encanto, where the average rent goes for $1,126/mo. Our mission is to inform and educate the buyers and sellers of commercial real estate in the 13th largest metropolitan area in the United States. However, Phoenix itself is massive. In addition to the generous amount of momentum real estate in Phoenix has carried over into 2020, a number of positive indicators look likely to act as a tailwind over the course of this year. Maricopa County is a seller's market, which means that there are more people looking to buy than there are homes available. The Airbnb market has exploded in Arizona during the past five years. According to Walletinvestor’s Phoenix real estate market research, home values will increase in the next 12 months. Homes in Phoenix receive 3 offers on average and sell in around 33 days. Not just limited to Phoenix or Arizona but you can also invest in some of the best real estate markets in the United States. Home-price appreciation appears to be slowing a bit in the Phoenix area and most experts agree that prices will continue to climb for the foreseeable future. Here are the ARMLS numbers for the Maricopa County housing market for the third quarter of 2020. There are 4559 active houses for sale in Phoenix, AZ, which spend an average of 46 days on the market. In late 2014, Phoenix only had 687 properties for rent listed on Airbnb. It is the nation’s fastest-growing county, home to approximately four and a half million people. This amounts to an annual real estate appreciation of 9.14%, which puts Phoenix in the top 10% nationally for real estate appreciation. The cancellation rate of contracts was around 60% as people rightfully feared the worst. With 1,680,992 people, 555,013 houses or apartments, and a median cost of homes of $259,681, Phoenix real estate prices are well above average cost compared to national prices. These schools alone have more than seventy thousand students. In May 2019, the state government passed a bill allowing for more regulations of short-term rental operators in the state of Arizona. If you have cash, or if you are a seller it is about as good as it has ever been in the past 32 years. Despite the large increase in new listings in September, the available supply of properties is not increasing. The trend for median days on market in Maricopa County, AZ is flat since last month, and slightly down since last year. Rising home prices and shortage of starter homes have not left Millennials many choices but to delay homeownership. As compared to 2018, single-family homes grew by roughly 4% in 2019. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. The state has a relatively low transfer tax on deeds or land contracts, too. In September of 2019, the difference was $75,153 With the chronic shortage of re-sale homes, many buyers are turning to new-builds. Story has a median listing price of $504.5K, making it the most expensive neighborhood. A slight increase is forecasted in October for both average sales prices and median sales prices, according to the latest data released by ARMLS on October 20, 2020. See homes for sale. On the other hand, Phoenix home prices are now only back to where they were at the top of the real estate bubble in 2006, 12 years ago. Homes in Phoenix, AZ sold for approximately the asking price on average in December 2020. The Arizona Summit Law School, Grand Canyon University, and several others are located here. It is quite evident that the ongoing pandemic has not had any major impact on Phoenix's housing market. You can also find 99 private and charter schools. The average sale price of a home in Phoenix … There are several reasons to consider investing in the Scottsdale real estate. Phoenix is becoming a top destination for people living in high-cost areas like. Here is the latest housing forecast for Phoenix, Metro Phoneix, and Maricopa County until September of 2021. The entire Greater Phoenix area is breaking records over records in sales prices. There is always going to be high tenant turnover in student housing markets. There are 4,404 homes for sale in Phoenix, AZ, 572 of which were newly listed within the last week. The sites are required to collect taxes on the rentals, simplifying revenue collection for the state and the landlords. His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. https://www.realtor.com/realestateandhomes-search/Phoenix_AZ/overview Here are some foreclosure statistics of the Phoenix real estate market. https://azbigmedia.com/downtown-phoenix-development-makes-it-harder-to-find-a-place-to-live/, Granny flats/ADUs They bottomed out in late 2011, following the last U.S. housing market crash and economic recession. https://www.mashvisor.com/blog/arizona-real-estate-market-2018-the-place-to-invest-this-year Last year saw was the eighth consecutive year of home price gains. There are 4,404 homes for sale, ranging from $23K to $9.5M. As per the Phoenix foreclosure data by Zillow, in Phoenix 0.4 homes are foreclosed (per 10,000). The Chandler area offers strong market fundamentals in addition to a favorable tax and regulatory climate. It is cultivating fifteen complete walkable communities across the metro area with strong public transit, denser housing, and locally provided services. The median listing price per square foot was $196. Access in the Phoenix Real Estate Market. Some of the popular neighborhoods for buying a house or an investment property in Phoenix are Vistancia, Laveen, Deer Valley, South Mountain, Biltmore, DC Ranch, Arcadia, McDowell Mountain Ranch, Anthem, North Scottsdale, Cave Creek, Old Town, Litchfield Park, Trilogy at Vistancia and North Phoenix. The 10,303 home sales were not only the highest number of sales ever in July, but one of the highest monthly totals ever. * School data provided by National Center for Education Statistics, Pitney Bowes, and, Arizona State University Downtown Phoenix, Home Buyers Reveal: 'What I Wish I Had Known Before Buying My First Home, Selling Your Home? Even as Phoenix home prices have reached new heights, the market remains attractive to residential real estate investors. Discover more Phoenix listings for open houses, price reduced, foreclosures, recently sold, new home communities, and new home construction. The trend for median days on market in Phoenix, AZ has gone up since last month, and slightly down since last year. This is in addition to a plethora of high paying jobs that attract new residents and niche markets that are willing to pay higher rents in exchange for convenience and proximity to amenities. There are secondary campuses in downtown Phoenix, northwest Phoenix, and neighboring Glendale. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Phoenix. The reason is that sellers have shown great faith by putting up listings after a slump due to COVID-19. You’ll see better than average returns on the average Scottsdale real estate investment property, and its value will be bolstered by a variety of factors. We’re standing by to help you take the guesswork out of real estate investing. 8 Myths About Renting You Should Stop Believing Immediately, 6 Ways Home Buyers Mess Up Getting A Mortgage, 6 Reasons You Should Never Buy Or Sell A Home Without An Agent, Difference Between Agent, Broker & Realtor, Real Estate Agents Reveal the Toughest Home Buyers They've Ever Met, The 5 Maintenance Skills All Homeowners Should Know, Valley Academy - Reid Traditional Schools. Phoenix real estate appreciation rate in the latest quarter was at 1.90%, which equates to an annual appreciation rate of 7.83%. He’s also the host of the top-rated podcast – Passive Real Estate Investing. The year 2020 started with an extreme shortage of houses for sale, and an increasing number of sales over the asking price of property owners. Downtown Phoenix is a popular choice among students and young professionals, so a lack of potential renters will never be a problem. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2020. It is the fifth-largest city in the country. http://www.friends.org/latest/accessory-dwelling-units-are-cities-and-counties-doing-enough On average, homes in Maricopa County, AZ sell after 45 days on the market. Phoenix, AZ Real Estate Trends. Walk Score: 41; Transit Score: 36; Bike Score: 52; Phoenix is the 31st most walkable large city nationwide. The source of this report is the Arizona Regional Multiple Listing Service. In any property investment, cash flow is gold. What is the Phoenix real estate market doing today? There are also a wide variety of economic and political factors that can and do impact real estate markets. In March, Metro Phoenix’s median home price hit a record of $302,500. As they continue to compete for potential investment properties at the lower end of the market, the challenges for first-time homebuyers will remain. The below graph historically depicts the State of the 2020 Phoenix real estate market. However, Chandler has several points in its favor that make it a better choice for real estate investors than surrounding cities. https://www.phoenix.gov/sustainability/transportation, Redevelopment sites In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In September, the number of properties that received a foreclosure filing in Phoenix, AZ was 7% lower than the previous month and 88% lower than the same time last year. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. Don’t let memories of the Great Recession bust that cut home values in the Phoenix housing market keep you away. See more real estate market trends for Phoenix. In July & August, the Phoenix was a hot seller’s real estate market, which means there were roughly more buyers than there were active homes for sale. By researching and structuring complete Phoenix turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability. If you’d like to talk about your real estate goals, I’d love to help you out. This makes Scottsdale a good place for real estate investing. The same things that attract many people to Phoenix as snowbirds cause many to retire here permanently. Demand would raise the price of your Phoenix investment property and you should be able to get a good return on your investment over the long term. 2017 was a strong year for house appreciating in the Valley, and the median sales price of houses are continuing to increase. The start of 2020 was like a nightmare for regular homebuyers of Phoenix due to tight inventory and an increasing rate of price appreciation. September began with listings at 28% of the 3 year average of 324 (from 2017-2019) (source: valleywidehomes.com). http://capstonecapitalusa.com/the-most-friendly-8-landlord-states As the economy continues to rebound, the pending home sales in the Phoenix area are climbing again, which indicates that the housing market slowdown this summer would be much less than previously expected. Located in the south-central portion of Arizona, the number of locals who rent and own a home are split almost evenly with homeowners occupying 8% more homes than renters. Don't Neglect These 6 Maintenance Tasks - Or Else, Debunked! That is making this area and neighborhoods bordering it an excellent place to invest in the Phoenix housing market. That is our Phoenix real estate market report for August. That creates a large, seasonal rental market. The need for many retirees to sell their second homes when they can no longer travel or live independently provides an opportunity to snap up properties at a bargain rate. Quartzite, Arizona in particular draws two million snowbirds and tourists. The distressed seller's market is becoming a non-factor in this region. Population growth increases the demand for housing on both the purchase and rental side. Phoenix real estate prices are well above average cost compared to national prices. The median home is worth around $177,000 and came with a property tax bill of around $1400, well below what you’d pay in Texas. Choosing a real estate professional/counselor continues to be a vital part of this process. 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