DR Horton buys 220 lots in Maricopa for $16.74M
DR Horton bought 62.02 acres of land in Maricopa for $16,744,000, according to the commercial real estate tracking website Vizzda. The seller was McRae Group of Companies. The land includes 220 partially-improved lots in Tortosa South. McRae Group of Companies had previously purchased these lots in 2016 for $2,860,000.
READ MORE: Here’s the outlook for land and housing in 2021
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Maricopa has seen an influx of development since its’ 2003 incorporation. Development has proven to be extremely valuable, with property in town very important for builders, and homeownership is proving to be a worthwhile investment as well.
The seven-day average of median home list prices in Maricopa now stands at $300,000, according to Empire West Title Agency. Median home list prices have been hovering in the high 200 thousand range since late 2020, but finally reached the threshold on January 22. The latest numbers mean Maricopa median home list prices have seen more than a 25% increase from January 2020.
While median home list prices are increasing, many Maricopa homes still remain an affordable and desirable option for Valley residents. But the secret is out! Maricopa homes are, on average, on the market for just over a month – nearly a month shorter than Phoenix homes.
DR Horton, Inc. is a home construction company incorporated in Delaware and headquartered in Arlington, Texas. Since 2002, the company has been the largest homebuilder by volume in the United States. The company ranked number 194 on the 2019 Fortune 500 list of the largest United States corporations by revenue.