Scottsdale Market Trends
Maricopa County Market Trends
The overall prices of homes in Scottsdale and Phoenix are softening as interest rates rise. The inventory of homes for sale is also rising which gives Buyers more options to choose from. It is becoming a more balanced market between Buyers and Sellers in 2022. In the second quarter of 2022, the median sales price for homes in Maricopa County is up 23.1 percent from last year, and the average sales price is up 18.4 percent.
For more information on current market trends in Phoenix and Scottsdale contact Carmen Brodeur at Carmen@TopScottsdaleHomes.com, or check out recent articles below.
Housing Market Drastically Changing in Scottsdale
By Paul Maryniak, Scottsdale Progress, August 22, 2022
Scottsdale’s housing market is quickly moving toward a balance between supply and demand, a leading analyst of the Phoenix Metro housing market reports – but whether that brings new hope for buyers is another matter.
The Cromford Report said the entire region is seeing demand dip and inventory rise sharply – sending the Phoenix Metro area into territory not seen for well over two years.
Phoenix Home Price Growth Exceeds 28% in May, Deceleration on the Horizon
By Lindsey Wells, Phoenix Agent Magazine, July 6, 2022
Steeper mortgage rates and priced-out buyers paved the way to a slightly cooler housing market in Phoenix and other major cities this spring, hinting that the booming post-pandemic seller’s market may have an expiration date.
Although the market appears to be shifting slightly in favor of buyers, aspiring U.S. homeowners shouldn’t expect to see lower home prices or interest rates anytime soon.
Phoenix Ranks No. 2 Among Hottest Housing Markets in U.S.
AZ Big Media, July 1, 2022
The housing market has exploded in recent years due to fluctuating mortgage rates, high demand accompanied by low inventory, as well as remote working opportunities allowing millions to rethink their home base. Americans have begun to rethink their priorities in a living space, many prioritizing space and comfort while others have flocked to bustling metropolises, leading to an exponential increase in home ownership.
What’s Ahead for Housing in Phoenix
By Steven Hensley, Builder, June 23, 2022
Those involved in the Greater Phoenix housing market are beginning to feel the fury of years of rapidly rising home prices and now rapidly rising mortgage interest rates. The latest Zonda data shows the average new-home base price sits at $697,135, which is 44% higher than two years ago. From year-end 2021 to today, the double whammy of rising home prices and rising mortgage interest rates results in an estimated monthly mortgage payment increase of 52%.
Stay informed on the latest Scottsdale real estate market trends by bookmarking this page. The real estate trends in Phoenix and Scottsdale are completely different than the national trends. This page is updated frequently to keep you informed on the changes in the market. Research the latest Scottsdale real estate trends and housing statistics right here. We want all of our clients to have access to the most current Scottsdale real estate stats.
Please call Carmen Brodeur at (602) 791-0536 with any questions.