Phoenix home values could grow 20% this year

By Mike Sunnucks | Rose Law Group Reporter

Home prices continue their aggressive climb in metro Phoenix.

That is starting to impact demand and the volume of home sales, according to Steven Hensley, advisory manager for real estate research firm Zonda.

Hensley said the median price for a new home stands at $424,000, according to Zonda’s latest data.

That is up from $325,000 a year ago.

Hensley said the prices for existing homes in the Valley is also up $100,000 over the past year and stands at $395,000.

Hensely said new home prices are up 13% in metro Phoenix over the first four months of 2021.

“That’s really remarkable to see something like that,” Hensley said.

He said home values could appreciate as much as 20%.

Hensley said the volume of new homes sales was down 16% in June compared to May, according to Zonda.

Some of that drop stems from a traditional seasonal slowdown with Phoenix’s intense summer heat.
But Hensley said the run-up in prices since last year is pricing some buyers out of the market.

“People are getting priced out. There is no doubt about that,” Hensley said.

The continued influx of new residents into Arizona from California, the East Coast and Pacific Northwest (all of which have high housing costs) could keep spurring demand even with some local buyers on the sidelines.

Hensley said the Valley has posted 2,000 new home sales or more nine of the last 12 months.

“It’s healthy,” he said. “Demand is still there.”

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories

Top 10 multifamily builders for 2022

By Ranking Arizona | AZ Big Media Here are the Top 10 multifamily builders in Arizona, based on public voting for the 2022 edition of Ranking Arizona, the state’s biggest and most comprehensive business

Read More »
June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930