The real estate market is something that’s always changing, fluctuating, and defining Phoenix area home prices for future years to come. Phoenix has become known for being one of the most popular and affordable metro areas to move to. Because of this, certain neighborhoods have jumped up in prices while others are predicted to be cheaper by 2017. The easiest way to predict Phoenix area home prices is to examine the az real estate price changes from previous years. Here are a few statistics and estimates to get you started.
Phoenix Home Prices and Market Changes for 2017
Since 2015, Phoenix area home prices have exceeded most people’s expectations. Come last April, foreclosures fell to their lowest levels since 2006, and Phoenix home sales jumped nearly 8% since 2015. The Valley’s median price range dropped $20,000 and homebuilding increased by 25%. Overall, the Phoenix real estate market has shown great promise from last year’s conditions, however, there are still changes to be cautious about for the future.
Despite the decrease in price and increase in homebuilding, there is a low supply of homes between $200k – $500k and a higher supply but little to no appreciate rates for more expensive houses. It’s fair to predict that mortgage interest rates will rise to meet this issue and Phoenix home prices will reflect this sudden increase. Many realtors suspect that the surplus of new construction will help balance the market back out in a year or two so long as interest rates do not drive people from their homes.
If you’re concerned about finding a house within your budget, work with one of Century 21 Northwest’s best Arizona realtors. Their knowledge and experience can assist you in choosing a neighborhood that’s safe, inexpensive, and ideal for your current or future living situation. Receive a chance to find your dream home today by contacting a resourceful Century 21 real estate agent at 623.299.2148.