According to the Cromford Report, the median home price in Phoenix dropped from $480,000 in May to $460,000 in July. And while a slower summer market and sellers overpricing their homes explain much of the decrease, it’s true Phoenix values aren’t climbing at the same rates seen earlier this year. That said, it is still a seller’s market based on current inventory levels. As home buyers and investors evaluate which Metro Phoenix neighborhoods are expected to retain their value, we wanted to share our top picks.
This former citrus grove has long been one of the most coveted neighborhoods in the Valley. An oasis in the desert, Arcadia is known for its large grassy lots, abundant citrus trees, modern ranch homes, top notch schools, and some of the Valley’s best restaurants and cafes. Buyers looking for well-maintained homes and a close-knit community continue to choose Arcadia.
Home to some of the world’s best resorts and golf courses, Paradise Valley continues to rank among the nation’s most expensive zip codes. One acre lots, stunning luxury homes, and a lush desert environment are top draws for home buyers making Paradise Valley their primary residence, or in many cases a second or third home.
Scottsdale’s popularity as a tourist destination only continues to grow, as does the growth of people investing in short term rental properties in this wealthy Phoenix suburb. Beautiful weather, Cactus League Spring Training games, the Waste Management Phoenix Open, and the Barrett Jackson auction have long been draws for spring visitors, ensuring a steady flow of winter and spring visitors in need of housing. Aside from short term rentals, Scottsdale is also a top pick for those who enjoy the abundant shopping, dining, night life and entertainment options of this resort town.
The East Valley has become a huge semiconductor hub in the Valley, with massive corporate investments and thousands of new jobs coming to the area. Along with this growth comes a sustained demand for housing, and developers are working hard to keep up. This bodes well for home values in all of these East Valley neighborhoods, making them some of the most desirable Metro Phoenix neighborhoods.
With Creighton University opening a 195,000-square-foot Phoenix campus at Park Central Mall and ASU expanding its downtown footprint, the demand for city living has finally hit Phoenix. New high rise buildings, an explosive restaurant scene, and plentiful arts, culture, and sports entertainment, and the popularity of downtown living should result in continued increases in the area’s home values.
Oleg Bortman is co-founder and associate broker at The Brokery.