April 26, 2024 4:46 am
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Phoenix real estate is at the top of the hill, with no end in sight

By Jim Cross | KTAR

PHOENIX– It is not a bubble, but a boom. That is how a long-time economist in Arizona describes the rising real estate prices we are experiencing in the Phoenix metro area.

Valley home prices are up by approximately 18% from May of 2020, when the COVID-19 pandemic took a foothold in Arizona, according to Elliot Pollack with Elliot D. Pollack & Company.

According to the real estate consultant, we are down to an eight-day supply of housing when it’s usually a six-month supply. That is the lowest inventory he has ever seen.

As of May 14, just over 5,000 homes were listed in the Phoenix metro area with a median list price of $345,900, according to a property-listing database.

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© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.