Arizona Real Estate Market
PHOTOS FROM 123RF
By Yvonne McFadden
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or many years Arizona has been a destination for retirees and those people who love spending time in the great outdoors. It offers a moderate climate that provides opportunities for outdoor activities and a wide variety of dramatic landscapes. Right now, homes in the Arizona market are at price higher because the demand is high but this varies depending on the market, the city, county, neighborhood or town. Currently, the median sale price is $ 444,400 and homes are spending an average of 35 days on the market. The average home value is at $ 436,441 which is an increase of 2.32% month over month. There are about 6,774 homes currently listed on the market which means a 0.4 months of housing supply. This is so below the recommended 3 months worth of supply for a normal market. WWW.THEPINMAGAZINE.COM
Arizona has been one of the greatest markets for buyers and investors alike and it is likely that this trend will be sustained for the foreseeable future. The homeownership rate is increasing compared to the past two years when the pandemic was at its peak. The listing price is much high than the home value and population growth is increasing rapidly. However, the inventory rate is low. In just one year, the population in Arizona has grown to 7,276,316 from a population of 6.6 million. Population growth has been a result of most people migrating to the state to occupy affordable homes as compared to other areas. This has increased household demand which has over 900,000 renters household accounting for 36% of the total number of the house. As a result, home prices increased. In 2020, there were about 3,080 000 housing units in Arizona which was l
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