Phoenix neighborhoods see stabilization
The stabilizing housing market is showing positive signs in Phoenix. However, some experts are cautioning that these trends are just seasonal growth. Real estate in Phoenix, AZ, has increased in price and the June report indicated that costs seem to be returning back to normal.
In the popular Ahwatukee Foothills neighborhood, the median home value is $441,511, which is much higher than the city median price of $256,800. As the top-ranked neighborhood in the metro area, according to Areavibes, Ahwatukee Foothills home prices are much higher than most of the city. For instance, the lowest ranking neighborhood by comparison is Central City, with a median home value of $152,196.
Another top-rated neighborhood, Desert Valley, has the highest median home price of $505,548. Desert Valley and Ahwatukee Foothills are two neighborhoods that did not suffer as much as the rest of the city, and are still prosperous.
When comparing June 2011 to 2012, evidence proves there has been a significant price recovery in Phoenix. The median sales price is up 29 percent to $150,000 and the price per square foot is up 21 percent, to just over $98.