In recent months, reports have cited Phoenix as a residential real estate market that’s finally lowering home prices after almost two full years on a steep incline. Realtor.com reports the Valley as a cooling market for buyers with the median home list price dropping 9.9% from June to September of this year. However, the September 2022 list price was still 4.4% higher than it was in September of 2021, proving the city of Phoenix continues to be on the cutting edge of real estate.
As the Phoenix residential real estate market continues to calm down, now is the time for those searching for a new home to get serious. Here’s what we know about this constantly evolving Arizona market.
The Phoenix market recovers better than most
The housing market across the country has been at a steady uphill climb in the wake of the 2020 global pandemic. Nationwide, median sale price is up 5% compared to last year. While Phoenix still might have higher priced homes compared to last year, they have the second largest decline in median home list price from June to September of this year, indicating that the market is evening out.
Phoenix is one of the first markets to recover
Phoenix is one of the first markets to recover from the pricing boom. Although interest rates are putting pressure on list figures, the market remains strong with a 7.5% increase in median sale price from last year. This proves the tenacity of the market and points to 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 nation. It’s a beautiful city with a lot to offer making it one of the hottest housing markets in the country.
The Phoenix metropolitan housing market is endlessly adapting to staying in front of competing markets.
Author: Rich La Rue is the Designated Broker for HomeSmart Phoenix, the flagship brokerage operation in the HomeSmart system. For more information, visit www.richlarue.com.