Are home prices dropping in Arizona?
Home prices were rising in 2021, when lack of inventory drove potential homebuyers to bidding wars that squeezed many out of the market. Between January and October 2021, the median sale prices for a home in Phoenix rose from $325,000 to $404,300 according to real estate website Redfin—a 24.4 percent increase.
Is Tempe AZ growing?
Tempe is currently growing at a rate of 1.03% annually but its population has decreased by -3.78% since the most recent census, which recorded a population of 191,607 in 2020. Spanning over 40 miles, Tempe has a population density of 4,612 people per square mile.
Will home prices drop in Phoenix in 2022?
According to Redfin, the Phoenix housing market is very competitive. In July 2022, Phoenix home prices were up 11.6% compared to last year, selling for a median price of $441K. On average, homes in Phoenix sell after 32 days on the market compared to 25 days last year.