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Financial Home Market Update 2024 - May

By
Real Estate Agent with Luxury Valley Homes Scottsdale SA524104000

Financial Home Market Update 2024 - May

Key points about the financial outlook for homes in the Scottsdale/Phoenix area:

Positive Factors

- The Phoenix housing market is projected to see continued price appreciation, with Zillow forecasting a 6.3% increase in home values by January 2025.[5] This suggests a positive financial outlook for homeowners.

- Scottsdale is recognized as a highly livable city with a strong quality of life, which can drive housing demand and price growth.[2]

- As of late 2023, the Phoenix area was experiencing a balanced housing market that did not overly favor buyers or sellers, indicating relative stability.[1]

- New home construction starts in Phoenix were up 8.8% year-over-year in Q3 2018, signaling a healthy new home market.[1]

- Historically low foreclosure rates, reaching pre-housing crisis levels by 2015, point to a recovered market.[1]

- Robust in-migration and economic growth have fueled housing demand in Phoenix.[1]

Potential Negatives

- While appreciating, Phoenix home prices were outpacing the national average as of late 2018, which could price some buyers out of the market if that trend continues.[1]

- Some analysts viewed Phoenix as an "overvalued" market in 2018 compared to home prices.[1]

- Supply constraints and higher mortgage rates were cooling home sales nationally by late 2018, which could impact Phoenix.[1]

Summary

Most recent data suggests the Scottsdale/Phoenix housing market has strong positive momentum in terms of home value appreciation and new construction activity, buoyed by the area's desirability. However, affordability concerns exist if prices rise too quickly.[1][2][5]

Citations:

  • [1] https://www.topscottsdalehomes.com/current-market-trends/articles-and-information/
  • [2] https://www.scottsdaleaz.gov/Assets/ScottsdaleAZ/Tourism%2BReports/Resonance%2BSituational%2BAnalysis.pdf
  • [3] https://www.realestatechandler.com/market-data.php
  • [4] https://www.city-data.com/forum/phoenix-area/1918709-desert-mountain.html
  • [5] https://www.noradarealestate.com/blog/arizona-housing-market-forecast/

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Comments(3)

Thomas Santore Lic Associate Real Estate Broker
Coldwell Banker Realty/Coldwell Banker Commercial NRT - Yorktown Heights, NY
Realtor®-ABR-Land, Residential & Commercial Sa

Thank you, more post like this are needed. This type of information is needed.

Tom S

May 19, 2024 10:00 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing, make it a great Sunday and enjoy the rest of your weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

May 19, 2024 11:49 AM
John Pusa
Glendale, CA

Hello Jane & Jeff Daley, PhD very valuable financial home market update report for May 2024.

May 19, 2024 04:20 PM