Whether you are a real estate agent, a potential seller or buyer, or even an investor, it’s always good to keep an eye on the Phoenix real estate market. With its constantly fluctuating state, having a friend in the business that can guide you through the changes. The strong housing market that was established in 2017 has set a high bar for that of 2018. Fortunately, this positive market trend seems to be continuing into the new year. Here are our predictions for Phoenix home sales, home values, and the top cities/areas for 2018.
Phoenix Real Estate Market 2018 : Home Sales Predictions
If you’ve been waiting to sell your home in the right Phoenix real estate market, 2018 may be the year you’ve been waiting for. 2017 was a strong year for house appreciating in the Valley, and the median sales price of houses are continuing to increase. There was actually a low supply of houses for sale in 2017 so they are in high demand for the new year, with the median Valley home sales price near $260,000. Real estate experts are estimating that Phoenix home sales will continue their upward trend into 2018, although buyers in the market may struggle to find affordable homes as they become more and more sparse. Lendingtree.com recent named Phoenix one of the most competitive housing markets in the country. However, the AZ home appreciation rates may soften as the year continues which will hopefully offset the inflated seller’s market.
Phoenix Home Values Predictions
As mentioned before, the current Phoenix real estate market has shown an increase in home appreciation rates, but other home values are also showing signs of growth. Zillow predicts that the median home price in Phoenix will rise by 0.3% by March of 2018. They also stated last year that Phoenix home values have gone up 9.4% since 2016 and will continue to increase. Those looking to buy a Phoenix home may want to wait until the market slows down once more, otherwise they may never make their money back when they go to sell their house. It would be wisest to hold off on buying a new home so that you will get the most value out of your home when there are more available homes for sale in the future.
Phoenix Top Cities Predictions
Certain cities in the Phoenix area are experiencing real estate market fluctuations differently from one another. For instance, the development of the Phoenix Biomedical campus and the Arizona Cancer Center in downtown Phoenix is going to increase the value and sale price of homes in their vicinity. Phoenix, Gilbert, Chandler, and Glendale are also likely to see positive trends because of their low crime rates, new infrastructures, and local entertainment availability. Mesa is also predicted to rank better in the Phoenix real estate market for 2018 because Apple recently began production in their area. Not to mention that lesser known cities like Tonapah have been selected to build a new smart city in by Bill Gates’ Belmont Partners. This will clearly lead to more tourism, new homes built, and a rise in the Phoenix real estate market like never seen before.
Why Invest in Phoenix Real Estate?
The Phoenix real estate market is unique because each of the cities in its premises have individual periods of growth and deductions. This is helpful for finding areas to buy, sell, or invest in houses in if you have a friend in the business to help you determine the market’s condition. CENTURY 21 Northwest Realty not only has experienced local realtors that know the Valley like the back of their hands, but we also provide a free report to determine the value of your home. This also includes information on price trends and local sales to help you decide whether now is the right time or not for you to make a move. For more personal assistance, meet with one of our trusted realtors by contacting 623.299.2148.