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there were 7,417 home sales reported by ARMLS, which is a decline of 22.1% year over year. The city also recognizes the need for affordable housing, and they allow people to build and rent out ADUs as affordable housing, especially if the property is within walking distance of public transit. In this blog post, we will take a closer look at the Arizona housing market trends in 2023 and what they mean for buyers and sellers. Chandler Housing Market Forecast 2023-2024. And the city is almost certain to approve it because they want denser development. These trends provide a macro look at the growing rental demand. Hes also the host of the top-ratedpodcastPassive Real Estate Investing. Phoenix Housing Market Forecast | The U.S. News Housing Market Index They. The Arizona housing market has been experiencing steady growth over the past few years, and 2023 looks to be no different. There are easily 100,000 college students renting in the Phoenix housing market. Another thing to keep in mind is that mortgage interest is tax deductible for primary homes. In some cases, more than 50% of households are paying 30% or more of their income on housing costs, while less than 29% of renting households are housing cost-burdened in the north. Here is the latest housing forecast for Phoenix Metro Area. Prescott was third with rent climbing 4.1%. The current typical home value of homes in the Phoenix-Mesa-Scottsdale Metro is $434,289. The median home sold price was $445K. The company also issued a strong housing market forecast for the Phoenix area, extending into 2023. When asked if she would take an offer below the asking price, Scott replied, Depends on the offer.". of Revenue unclaimed property auction from Jan. 25-29, TRENDING: These 4 Arizona restaurants made Yelps Top 100 Places to Eat, Arizona Family spoke with the Arizona Association of Realtors, down 45% in the Phoenix metro area from Dec. 2021 to Dec. 2022. Rent has, Shifting buyer demand toward smaller, more affordable markets puts upward pressure on prices. Are you curious about the state of the housing market and how it's affecting mortgage rates? Lake Havasu City rent had the largest monthly growth rate, up 6.1%. over year. The homebuyers wont be able to outbid real estate investors and would end up renting. This trend is likely to continue for the foreseeable future unless inventory grows faster than demand or rising interest rates ultimately dampens the demand to that extent. The rents are rising and it makes sense to keep your home and rent it out. The same report suggests that Arizona could be one of the states to experience the most significant drop in housing prices in the West. There are more than 200 golf courses in Arizona, but most are located in and around the Valley of the Sun. Photography is important. In some neighborhoods, the average rental home may rent well over $2,500 a month. It would be wonderful if someone came in, fell in love with it, and paid full price, Scott told ABC15. Chandler Housing Market: Prices, Trends, Forecast 2023 Home prices will likely rise more slowly, and could even level off or dip. However, the market is expected to rebound slightly by the end of January 2024 with a 0.2% increase in prices. How to Renew Your Driving License in Malaysia, Fiance Visa UK 2022 Guidance | STEP-BY-STEP | Migrate, How Out-Of-State Students Can Get In-State Tuition - The College Funding Coach, Maltese Puppies For Sale in Washington Pennsylvania, How to Become a Teacher in Washington | BestColleges, 11 Best Sheriff, Police Department Agencies in WA (2022).
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