The East Valley is undoubtedly one of the fastest growing regions in the nation. From thriving cultural opportunities to amazing recreation areas with an ideal climate, the East Valley has developed into the place where individuals want to work, live and play. And East Valley real estate has been one of the hottest markets in the state.
READ ALSO: The 3 hottest neighborhoods in Arizona
More than 1.4 million people reside in the East Valley, and the area is expected to grow to nearly 1.9 million residents by 2050. The population is young — the median age of an East Valley residents is 38 — and collectively, the region has access to more than 1 million workers. The East Valley is also a magnet for jobs, and economists predict that the region will add an estimated 400,000 new positions in the next 30 years.
With its continued growth and innovation, the real estate market continues to be a competitive market for prospective buyers in the area.
In December 2021, Tempe home prices were up 20.22% compared to the previous year, selling for a median price of $450,000. Tempe saw 147 new listings and closed 198 sales in December 2021, with an average sales price of $459,770.
In the same timeframe, Chandler home prices increased 25.24%, selling for a median price of $490,000. Chandler saw 257 new listings and closed 398 sales, with an average sales price of $552,080.
The end of 2021 brought 311 new listings and 387 closed sales to Gilbert, with a median sales price of $532,000 and an average sales price of $610,388. The Gilbert community saw prices increase 29.06% over the previous year.
The Mesa housing market continues to be competitive with home prices up nearly 31% in December 2021. The final month of the year secured 719 new listings and 858 closed sales within the Mesa community. The median sales price of a Mesa home was $449,900 with the average sales price at $437,409.
Despite the effects of COVID-19, the East Valley has been growing exponentially. During the past year, dozens of companies have relocated or expanded in the region, bringing thousands of jobs with them. Among them: Able Aerospace, Amazon, AT&T, Banner Medical Center, Dignity Health, Comtech, JP Morgan Chase and Insight.
Recent awards and accolades for the East Valley include: Best City For Business in Arizona (Gilbert), 5th Best City in Job Growth (Mesa), Most Innovative University in the U.S. (Tempe), and Best Place to Become Wealthy (Chandler).
The East Valley boasts a diverse economy, a skilled and plentiful workforce, and a quality of life that is sure to contribute to the region’s residential real estate growth.
Darlin Gutteridge has been an agent for 25+ years. She has won several awards with RE/MAX International, including the RE/MAX Hall of Fame, Platinum Club 2014-2021 and Chairman’s Club in 2021. She believes in developing relationships and building trust with her clients, and is dedicated to listening to their needs and serving them with honestly, integrity and professionalism.
