In recent months, reports have cited Phoenix as a residential real estate market that is finally bringing home prices down after nearly two full years on a steep decline. real estate agent.com reports that the Valley is a chilling market for buyers, with the median home price dropping 9.9% from June to September this year. However, the September 2022 list price was still 4.4% higher than it was in September 2021, proving that the city of Phoenix continues to be on the cutting edge of real estate.
As the Phoenix residential real estate market continues to cool down, now is the time for those looking for a new home to get serious. Here’s what we know about this ever-changing Arizona market.
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Phoenix market recovers better than most
The housing market across the country has seen a steady ascent following the 2020 global pandemic. Nationally, the median sale price is on the rise 5% compared to last year. Although Phoenix may still have higher priced homes compared to last year, they have the second largest drop in median home list price from June to September of this year, indicating that the market is falling asleep.
Phoenix is one of the first markets to recover
Phoenix is one of the first markets to recover from the price spike. Although interest rates are putting pressure on the quoted figures, the market remains solid with a 7.5% increase of the median selling price last year. This proves the tenacity of the market and indicates continued growth.
Other major markets across the country are comparable to Phoenix
Phoenix has become one of the most attractive places to live in recent years. With a population of just over 1.6 million residents, the Phoenix metro market continues to grow. It is the fifth largest city in the United States, making it the most populous state capital in the country. It’s a beautiful city with a lot to offer, making it one of the hottest real estate markets in the country.
The Phoenix metropolitan housing market is constantly adapting to stay ahead of competing markets.
Author: Rich La Rue is the Designated Broker for HomeSmart Phoenix, the flagship brokerage operation of the HomeSmart System. For more information, visit www.richlarue.com.