5 Valley zip codes with biggest home price increases

Real Estate | 20 May |

A record high 21% year-over-year growth rate drove the median home-sale price to $348,500 across the nation, according to a new report from Redfin, the technology-powered real estate brokerage. And in Metro Phoenix, the growth rate is even more dramatic, with the median home price up 25% from last year, driven in part by the five Metro Phoenix neighborhoods with the biggest home price increases in the last year.


READ ALSO:  5 Arizona housing market predictions for 2021


One contributing factor to the large rate of growth is that more high-end homes are being sold now than a year ago. Asking prices nationally reached an all-time high of $360,975.

Here are other key housing market takeaways for more than 400 U.S. metro areas, comparing the 4-week period ending May 2 with 2020:

• A record low of just 19 days on market for homes that sold during the period, down 16 days from the same period in 2020.

• A record high of 48% of homes sold for more than their list price, up 20 percentage points from the same period a year earlier.

• A record high 101.4% average sale-to-list price ratio, which measures how close homes are selling to their asking prices, up 2.7 percentage points year over year. This means that the average home sold for 1.4% more than its asking price.

• A record high 58% of homes that went under contract had an accepted offer within the first two weeks on the market.

• A record high 45% of homes that went under contract had an accepted offer within one week of hitting the market.

5 Valley neighborhoods with biggest home price increases

Here are the five Metro Phoenix neighborhoods with the biggest home sale price increases, according to the Arizona Regional Multiple Listing Service:

1. Peoria

Of all Metro Phoenix neighborhoods, zip code 85342 in Peoria experienced the biggest increase in home prices during the past year, jumping 42.4% to hit a median sale price of $292,000 this year.

2. Chandler

Zip code 85249 in Chandler had the second-biggest home price gain over the last year, with a 39.4% increase to a median sale price of $585,000.

3. Paradise Valley

Zip code 85253 has always been one of the priciest communities in Arizona, but this Paradise Valley community saw its median home sale price climb 34.8% to $2.15 million.

4. Scottsdale

Zip code 85262 in North Scottsdale, also one of the priciest communities in Arizona, the median home sale price increased 34.3% to $1.175 million.

5. (tie) Mesa

Homes in zip code 85205 in Central Mesa increased 34% to a median sale price of $335,000.

5. (tie) Phoenix

Zip code 85034, a Phoenix neighborhood centered around Sky Harbor International Airport, also increased 34% in the last year to a median sale price of $268,000.

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