Welcome to FindMyRealtor, your trusted partner in navigating the Phoenix, Arizona real estate market! In this article, we will discuss the current state of the market, including trends, statistics, and what you can expect as a buyer or seller.
The Phoenix real estate market has been booming in recent years, and that trend shows no signs of slowing down. According to Zillow, as of September 2021, the median home value in Phoenix is $340,504, which is a 29.5% increase compared to last year. Home values have been steadily rising in the Phoenix area for several years, with a current forecast that the median home value will continue to appreciate by 17.1% over the next year.
Low inventory has been a major factor in driving up prices in the Phoenix real estate market. As of September 2021, there are just 3,136 homes listed for sale in Phoenix on Zillow, which is 49.9% fewer than the same time last year. This means that there is high competition among buyers, and homes are selling quickly.
Despite the low inventory, the number of homes sold in Phoenix has increased by 7.4% compared to last year, according to the latest data from the Arizona Regional Multiple Listing Service. The median sales price for homes sold in Phoenix is currently $375,000, which is 26.9% higher than last year.
As a buyer in the Phoenix real estate market, it’s important to be prepared for a competitive market. You may need to act quickly when a property that meets your needs becomes available, and you may need to make a strong offer to stand out from other potential buyers. Working with an experienced real estate agent who has knowledge of the local market can be invaluable in helping you navigate the process.
As a seller, the current market conditions present an excellent opportunity to maximize your profits. With high demand and low inventory, you may be able to sell your home quickly and for top dollar. However, it’s still important to price your home accurately and work with an experienced agent who can help you market your home effectively to potential buyers.
At FindMyRealtor, we have a team of experienced real estate agents who specialize in the Phoenix market. We can help you navigate the current market conditions and find the perfect home or sell your property for the best possible price. Contact us today to learn more about how we can help you achieve your real estate goals in Phoenix!