Shoppers considering buying a new home in the Phoenix Metro Area better look soon. Home prices in the Valley will climb an average of 7 to 9 percent this year. Compared to last year’s rate of 2 percent, this is a significant change and should motivate buyers to purchase soon.
Home construction costs are rising, our market is set to perform better than ever before, and sales growth is set to reach nearly 10 percent.
To put all of this in perspective, all other things equal, a home that is on the market today for $550,000 will cost $588,500 by the end of the year. That’s a difference of $38,500!
Last year the median price of a new Valley home was about $311,000 in November, according to RL Brown’s Phoenix Housing letter. Now, this year the demand from buyers has picked up. In 2016 alone, 18,000 homes were built. That’s the most since 2006. Jim Belfiore, Arizona housing analyst, has predicted that more than 21,000 homes will be built in the Phoenix area this year.
If you’re interested in buying or selling a home contact:
Zillow Premier Agent
480 229 0123