One of the hardest things about moving to a new city is finding out which neighborhoods are the most affordable. Whether you live in the area or are new to Phoenix, some of the best neighborhoods that are in high demand and are safe to raise kids are the most affordable to live in Phoenix. You can easily get the feel of it. family too.
Phoenix Median Selling Price Compared to National Trends
To understand the Phoenix market, we must first start with the baseline. Of the top 10 hottest home markets in the nation, Phoenix is his seventh lowest, which is good news for potential homebuyers. There is a reason people from all over the country move to the Valley of the Sun in droves. Other comparable cities are far too expensive, and many Americans can’t seem to justify wasting most of their budget on housing, as the astronomical cost of living and high crime rates make life impossible.
As you can see from the chart above, Phoenix hasn’t strayed far from the US median selling price baseline. House prices have started to fall since this summer. As of Sept. 10, 2022, the median selling price for single-family homes in Phoenix was $444,700, down $5,300 last month alone and down $31,000 in July, according to local housing analysts for the Cromford Report. did. That’s good news for current buyers, but the current median is still $40,000 higher than it was at this time last year. So Phoenix’s housing market is calm and not falling off a cliff like the rest of the country.
Phoenix Home Availability Works In Buyers’ Favor
More homes are now available in the Phoenix market than in years past. Cromford says he has around 18,700 active listings, an increase of more than 170% compared to this time last year, and a 4% increase from the previous month. In fact, he had over 1,630 homes that sold for a median price of $513,890.
With the market tilting in their favour, buyers have the opportunity to negotiate and potentially persuade sellers to offer lower prices and agree to concessions. This was almost unheard of before summer. Cromford added that the number of deals closed, with closing costs paid by sellers, increased by nearly 30% in July compared to just 7% in the previous month.
Read tips on how Show your power as a buyer.
The Most Affordable Areas to Live in Phoenix
Phoenix is one of the most diverse places in the Southwest. The ever-growing metropolis has some of the best sprawling suburbs and neighborhoods that are as unique as their charming people. Check out our list of the most attractive and affordable neighborhoods Phoenix has to offer.
Median Home Sales Price: $442,950
One of the fastest growing Phoenix suburbs, Buckeye is a great place to raise a family, with new programs, services and family-friendly events offered year-round. The city is committed to expanding its residential and commercial footprint, with nature conservation in mind, and most recently, A best practices guide for wildlife corridors.
Median Home Sales Price: $455,000
The urban community of Deer Valley, north of Phoenix, borders both Glendale and Peoria, conveniently close to schools, retail, and entertainment. Here you will find well-kept homes on extensive grounds, perfect for families with children.
Median Home Sales Price: $435,000
This economically viable historic district is full of architectural and cultural diversity. Garfield’s proximity to the Central Business District makes it an ideal location for entrepreneurs. Many studios, businesses and restaurants are making their homes in Garfield’s recent economic expansion. If you like the renovation of an old private house, please consider it!
Median Home Sales Price: $440,000
About 20 minutes from downtown Phoenix, the state’s “Antique Capital” is home to more than 70 antique and specialty stores, perfect for family exploration. Glendale has also hosted two Super Bowls in the last 15 years, so if you like sporting events, why not live nearby?Also, Glendale is the much-anticipated annual host chocolate festival February every year.
Median Home Sales Price: $460,000
Located in the East Valley of the Phoenix Metro, Mesa is Arizona’s third largest suburban city. You’ll find excellent school systems and communities that welcome families. We also have convenient access to downtown Chandler and Gilbert for additional dining and shopping. Additionally, Mesa has its own airport.
Median Home Sales Price: $512,500
Peoria, 30 minutes northwest of downtown Phoenix, is far from its agricultural roots. This rapidly growing suburb is surrounded by the natural beauty of the Sonoran Desert. Peoria is home to Lake Pleasant Regional Park, with 23,000 acres of boating, fishing, camping and many recreational activities.
Median Home Sales Price: $452,500
In addition to having many urban areas, Tempe is one of the most pedestrian and bike-friendly places in the metro area. Housing prices are also very reasonable. Arizona State University is not only one of the most prestigious educational institutions in the United States, it is also one of Tempe’s most important employers. Additionally, Tempe has excellent public transportation and easy access to major highways.
author: Trevor H. Halpern, JD is North&Co’s first independent agent based in Phoenix. CEO with Halpern ResidentialA Phoenix native, Halpern’s deep knowledge of both people and property has enabled him to lead clients to success in all areas of town. A graduate of his College of Law at ASU, Halpern prides himself on high-level strategy, efficient negotiation, and precise tactical execution. Since 2011, Halpern has sold more than $130 million of his properties, putting him in the top 1% of realtors in the Greater Phoenix area.