By Terrance Thornton | Digital Free Press
The Phoenix metropolitan housing market is a testament to the tenets of the supply-and-demand equation whereas affordable single-family homes are scarce, and the values and prices of homes in every corner of the Valley of the Sun are rising steadily.
The Scottsdale housing market is no outlier, numbers show, and one local expert offers the highs and lows of the local real estate game are the ebbs and flows of a free marketplace.
“All markets are local and are driven by assorted issues governed by the law of supply and demand. Factors also vary depending on the type of property, its location, features, and amenities,” said Scottsdale Realtor Gary Shapiro. “Scottsdale is a coveted location and buyer demand exceeds supply. As such, sellers currently have the upper hand.”
Numbers from the Arizona Multiple Listings Service show:
-The low selling price for a single-family home in May 2021 was $288,000 meanwhile during this same time period this year that number has swelled to $480,000.