Study shows the value of Phoenix metro homes increased in past year
The Phoenix housing market is continuing to make improvements. According to a recent housing report from Arizona State University, the median price of a single-family home has increased by 25 percent in the past year. The uptick from $112,000 to $140,000 will not only allow residents with homes for sale in Phoenix get a better price, but can also help buyers purchase a home that will make for a stronger investment.
"Demand remains strong in the market, as evidenced by multiple-bid situations for the majority of resale home listings. Most homes priced well are attracting multiple offers within a couple of days. Up to 20 or 30 offers for a home are becoming common, and often, many offers exceed the asking price," said Michael Orr, a real estate expert at ASU’s W.P. Carey School of Business.
Increasing home prices are a sign of a strengthening local economy. More potential buyers are entering the market and trying to find a property that meets their needs – allowing sellers to price competitively and make a better sale. Residents interested in buying a home can check out the MLS listings in Phoenix.