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Greetings. The real estate market is ever-evolving. The Phoenix Metro included. Recently, an intriguing trend has emerged in ‘The Valley’. A trend that contrasts with NATIONAL PATTERNS. Despite rising interest rates causing a drop in house prices nationally, a significant portion of Greater Phoenix homes are still fetching prices above list price. Today? We talk about it.
The Surprising Stats
The Greater Phoenix housing market is showcasing some UNIQUE TRENDS, differentiating it from the national scene. Here’s a glimpse:
- 19.22% of Greater Phoenix homes sold above list price
- National average is 32%, with a 2.7% increase from last year
- Greater Phoenix’s increase is more pronounced at 5.49%
- Median sales price in the Valley: $450,000
- Average selling price: 98.48% of the listing price
- Median days on market: 40, down from 52 last year
The National Housing Landscape
Comparing Greater Phoenix to other areas offers INTERESTING insights:
- High percentages in Rochester (72.24%), Hartford (70.04%), and Buffalo (65.51%)
- Lower percentages in Cape Coral (10%), West Palm Beach (11%), and New Orleans (11%)
- National average selling price: 99% of listing price
Also Read: General Tips On Buying A Piece Of Greater Phoenix Real Estate
19.22% Of Greater Phoenix Homes Sold Above List Price
Housing’s ‘Missing Middle’
This term, coined by David Parolek, highlights a CRUCIAL GAP in the housing market:
- Focuses on the lack of housing between traditional single-family homes and mid-rise apartments
- Emphasizes the need for walkable living in diverse neighborhoods
- Challenges include zoning policies favoring single-family homes
The Greater Phoenix Perspective
Greater Phoenix’s real estate market demonstrates RESILIENCE:
- Despite national trends, the metro sees a considerable share of homes selling above listing price
- The Valley’s market shows stability with a steady median sales price
- Quick sales indicate a still-vibrant market in Greater Phoenix
A Glimpse Into The Future
The Valley’s real estate market’s CURRENT STATE hints at broader trends. And potential shifts:
- Buyers may gain more leverage in various markets
- The demand for diverse housing options, like the “missing middle,” is increasing
- Zoning reform debates could reshape the housing landscape
Greater Phoenix’s real estate market, with its unique trends, continues to be a FOCAL POINT. Understanding these factors is crucial. As we keep an eye on these trends, it’s clear that the Greater Phoenix market offers a distinct narrative in the broader national context. Here at WLH, we help our clients understand the local real estate market. We specialize in real estate in Arcadia, Scottsdale, Mesa, Tempe, Cave Creek, Gilbert, Chandler, Phoenix, Paradise Valley, and more. Primarily the East Valley. If you’d like to learn more, feel free to send us a line.