How insane is the real estate market in the Phoenix metro?

By Monica Garcia | AZFamily

PHOENIX (3TV/CBS 5) — Home prices in the Valley are skyrocketing. Even hard-to-sell homes are getting offers above the asking price. Get this; it’s so insane there’s a house underneath a freeway with a price tag of nearly a million dollars.

“It’s whatever the buyer will pay,” said Realtor Carla Magee.

With inventory low and demand high, Magee with My Home Group Commercial said the market value is taking on its own meaning here in the Valley.

“At this point, you can’t blame the seller for saying, hey, if I can get that for my house right now, sign me up for that,” said Magee.

There’s a house near downtown Phoenix turning a lot of heads with its listing price. At 1,300 square feet, the 2 bedroom, 2 bath, sits right underneath the I-10 freeway. The asking price? $800,000.

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