Across Arizona for two years in a row, home values increased. In the past year, the median property values increased in Phoenix, Mesa, and Scottsdale by 9.5 percent.
The S&P forecasts a gradual decrease of 0.1 percent in prices between November 2022 and November 2023.
That tiny drop has yet to happen. In Phoenix, the average price of a single-family home rose to $534,549, 2.2 percent from 2021. In 2021, single-family homes in the city went for about $430,000.
Higher-priced homes take longer to sell in some markets like Phoenix. According to Phoenix Realtors, the housing supply jumped by nearly 200 percent since November 2022. Although the city offers more houses for sale, home sales fell by 46.4 percent.
Where is the best place to live in Phoenix?
The sprawling city offers many neighborhoods, and the best place to live depends on your likes and dislikes. Goodyear offers a Litchfield Park feel complete with a resplendent golf course but with housing costs of much less. While Litchfield Park homes typically cost more than $1 million, Goodyear offers homes near its lovely golf course for between $250,000 and $750,000.
The community of Queen Creek housing costs more than most in the Phoenix area, but this family-oriented community provides excellent schools and after-school activities.
Those who would rather live in the heart of the artistic community for which Arizona became famous choose the Roosevelt Row Arts District (RoRo). Local artists reside in apartments and condos in the heart of RoRo.
Young professionals gravitate towards the North Mountain area because of its career opportunities, nightlife, transportation options, and its homes for sale in Phoenix. The same age group also purchases frequently in the downtown Phoenix area.
The Desert View community in Phoenix offers well-rated schools, a low crime rate, nightlife, career opportunities, and transportation. Its location on the edge of town offers easy access to outdoor leisure activities. This area of Phoenix costs more – both housing and the cost of living.
What is the safest area of Phoenix?
Despite its coolness factor, downtown Phoenix racks up the highest crime rate in the city. Most of central Phoenix has higher crime rates. The three most common crimes in Phoenix consist of vandalism, theft, and drug crime. As you move to the edges of the city, the crime rate drops, so prioritize homes for sale in Phoenix’s outskirts.
The suburbs of Paradise Valley, Vista del Cerro, Peoria, Wildflower, Laveen, Ahwatukee, Alta Mira, and Gilbert experience almost no crime.
These edge-of-the-desert communities earn grades of A and A+, while downtown earns an F from Crime Grade. Regardless of your destination, finding a safe area of Phoenix only takes driving to the city’s edge.
Is Arizona cheaper to live in than California?
Yes, it costs less to live in Arizona than it does in California. The cost of living index uses a scale with 100 as its midpoint. The 100 represents the national US average cost of living. In dollar terms, the average cost of rent and all necessities in the US equals $2,112 per month.
The cost-of-living index ranks Arizona at 102.2, meaning it costs 2.2 percent more to live there than the average US location. California ranks 149.9 on the cost-of-living index, meaning it costs 49.9 percent more to live there. In California, you would need $3,157.44 each month to purchase the same items and pay rent that a person in Arizona would pay $2,158.46.
Some areas of Arizona cost much less than the state average, though. For instance, the cost of living in Winslow, AZ, ranks 80.4. That means it costs nearly 20 percent less than the national average to live in that Arizona town. You’d need just $1,698.05 to buy the same items and comparable housing as the average American.
What is the median price of an Arizona home?
In Arizona, the median home price of $349,300 costs about half the median home price in California – $684,800. Nationally, the average home costs $291,700, about 20 percent less than Arizona and more than 50 percent less than California.
Arizona and California offer the right locale if you want to reside in a place with easy access to hiking trails, skiing, and camping. Arizona does so at a remarkably lower cost than California.
Both states offer numerous national and state parks, lakes, and mountain ranges. Fans of golf know that both states offer some splendid courses.
In California, homebuyers must shop for homes in rural areas to nab great deals on housing. They’ll need to pay premium housing costs if they want or need city life. Conversely, a home buyer in Arizona can find affordable, comfortable housing for reasonable prices. Even in gated communities like Litchfield Park and retirement communities like Scottsdale, home buyers can purchase luxury housing for less than $1 million. The same money spent in California would purchase a starter home.
Both areas offer all styles of homes and sizes, from starter homes to luxury mansions. When you spend $883,400 in Los Angeles, CA, you’ve spent the median home price. When you spend that in Arizona, you purchase a mini mansion in Litchfield Park or Scottsdale.
Buy Your Arizona Home Today
Luxuriate in the Arizona desert or play 18 holes at your favorite southwest course. Let ITSSOLDAZ help you buy or sell your home.
We purchase homes from buyers who want a quick sale. If they need renovating, we handle the updates. If they’re ready for resale, we sell them.
At ITSSOLDAZ, buying and selling a home should be simple and quick. We’re here to help you navigate the Arizona real estate market to find your new home. Fill out the contact form on our website to get started.