The past year has been a rollercoaster ride for homebuyers and, this Halloween season, we’re delving into the real horrors they’ve been facing. From skyrocketing home prices to vanishing listings and fierce competition, we’ve analyzed how scary the 200 largest U.S. markets are. So, you might be wondering where in Metro Phoenix are home prices rising the most and where is finding inventory a scary proposition?
READ MORE: Here are the Top 10 suburbs in Metro Phoenix
While California often steals the spotlight when it comes to daunting housing markets, data reveals that Arizona has its own set of surprises. We found that:
- Home Prices on the Rise: In 2023, Tempe takes the lead with a 5.1% increase, followed closely by Tucson (3.1%) and Phoenix (2.3%). This means homes became $24,000 more expensive in Tempe since 2022, while in Tucson and Phoenix, median prices jumped by $10,000;
- Low Inventory: Similar to the broader U.S. trend, certain large AZ cities are experiencing a dwindling inventory, creating a competitive landscape for prospective homebuyers. Chandler, Gilbert, and Mesa witnessed the highest drops of more than 55%. 4 other AZ cities also saw their own inventory shrink by more than 44% since 2022;
- The (Only) Bright Side: Despite the price increases, there’s a silver lining for budget-conscious buyers. Tucson, in particular, stands out with the lowest price mark for homebuyers at just $330k.
Check out the full set of data and accompanying visuals, including ranks of the 200 largest U.S. housing markets, here: https://www.point2homes.com/news/us-real-estate-news/scary-us-housing-markets-2023.html
