With a lot of chatter about when the next housing market crash will hit, it only makes sense for active participants in the real estate market to be looking at predictions. While a housing market bubble popping would affect the nation as a whole, certain markets could be better prepared. What can we expect from the Arizona housing market next year? Let’s take a look at some key Arizona real estate trends.
PRESSURE ON ARIZONA HOME PRICES TO GO HIGHER
Whether you are a home buyer or a real estate investor, affordability will typically be one of the first things on your mind. So what kind of prices does the Arizona housing market forecast is in store for you? According to the latest forecast, you are looking at a hot seller’s market state-wide, with the median home value in the Arizona real estate market currently at $254,600. Having already increased by 5.3 percent since last year Arizona housing market for the year is the point to event more value increase which will lead to higher prices as well. However, different cities within the Arizona housing market will experience different price trends.
DEEPER LOOK AT THE MARKET
The Phoenix real estate market: Phoenix is currently one of the hottest markets in the state, but only expected to go up in value by 0.9 percent in 2020. The average sales price of Phoenix homes that sold over the last month is $265,000. This is 6 percent higher than last year.
The Scottsdale real estate market: Another red hot location in the Arizona housing market, Scottsdale is projected to experience a 1.6 percent increase in home value within the next year. With Scottsdale properties selling at an average price almost double Phoenix, expect to pay around $480,000 for Scottsdale investment properties.
The Tucson real estate market: You definitely won’t find a buyer’s market here as competition is through the roof, and price increases reflect that. One of the Arizona housing market predictions is that Tuscon homes will increase by 3 percent in value by 2020. Currently, the average selling price is $217,000, 4.2 percent higher than what it was last year.
Before you invest in the Arizona housing market you should know the general return of investment for a rental property.
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