85048 Home Prices & Values

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Mortgage and Lending with The Money Source NMLS #251674

The median home value in 85048 is $307,100. 85048 home values have gone up 0.6% over the past year and Zillow predicts they will rise 2.1% within the next year. The median list price per square foot in 85048 is $150, which is higher than the Phoenix average of $126. The median price of homes currently listed in 85048 is $305,000 while the median price of homes that sold is $278,750. The median rent price in 85048 is $1,450, which is higher than the Phoenix median of $1,056.

Foreclosures will be a factor impacting home values in the next several years. In 85048 1.3 homes are foreclosed (per 10,000). This is lower than the Phoenix value of 4.1 and also lower than the national value of 4.0

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in 85048 is 2.6%, which is lower than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 85048 homeowners underwater on their mortgage is 15.8%, which is lower than Phoenix at 23.6%.

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Topic:
Mortgage / Finance
Location:
Arizona
Groups:
Realtors®

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Mike Aavang

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