2022 is looking to be another great year for the Arizona real estate market as demand continues to rise, inventory remains limited, and home sale prices rapidly increase. Although we are still living in unprecedented times, the real estate trends for Scottsdale, AZ remains promising.
Get the latest information on market conditions, price range, real estate trends, and more. Read on to find out the most recent real estate news in Arizona this 2022.
Real Estate Trends Scottsdale, Arizona
According to reports published by Freddie Mac, Fannie Mae, and MBA, the average purchase price for a single family home in Arizona is $353,900. Experts opine that this amount might increase in the last quarter of 2022, averaging up to $377,000 for the same type of home.
Experts expect this trend to continue because inventory for homes in the area will stay sparse. While low rates have brought homebuyers into the market, high demand and low inventory have inevitably increased prices. Potential home buyers and investors are still attracted to the housing market despite the inevitable bidding wars and high home prices. Mortgage rates remain low, and the 30-year fixed rate currently sits just above 2.5%.
According to the Cromford Report, a trusted provider of detailed information on tracking the history and current status of the Arizona residential resale market whilst offering unique insight into its future direction, several analysts are commenting on what they interpret as a very high demand in housing. This can be read another way. While demand is above average, it is not unusually high. What is unusual about the current housing market in Arizona is the apparent shortage of available homes. This low inventory results in sales that feel like “high demand” because demand exceeds supply threefold. For instance, Scottsdale is down to 344 single-family homes for sale and there were 569 this time last year.
On the other hand, according to Redfin, interested home buyers can expect the Scottsdale housing market to remain competitive. In August of last year, Scottsdale home prices were up 25.7% compared to 2020. On average, homes in Scottsdale sell after 35 days on the market compared to 51 days in 2021. As for stats on home sold, there were 771 homes sold in August this year, down from 887 in 2020.
Zillow calls Arizona’s current real estate market a “seller’s market,” with home value change year over year of +31.5% and one year home values forecast at +12.7%. Mortgage delinquency rate remains at a measly 0.5%. Arizona continues to be a sought-after relocation destination. With a strong real estate market forecast, expect a lot of these trends to continue upwards as you go along the year.
If these real estate trends in Scottsdale sound like good news to you, it might be time to sell your extra property. And if you’re ready to sell your property to a cash home buyer, look no further than United Home Offer. We buy homes in any condition, so you don’t have to worry about making repairs or renovations, and you definitely don’t have to shell out cash just to sell your home. Experience a smooth and worry-free transaction when you choose to sell your home to us.
NEED TO LEARN MORE?
If you’d like to sell your home to a professional home buyer, you’ve come to the right place. Here at United Home Offer, we buy houses in Scottsdale, AZ. When you decide to sell your Scottsdale, AZ property to us, you can expect a quick and painless close in a matter of days. Just flipped your property? Great! We’ll buy it at fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close.
Take advantage of the current market trends and sell your home for a better return on investment than you would have had if you chose to sell through the traditional route. Unlike other house buying companies, we always give the highest cash offer on our first offer! We do not like to waste time giving our customers low offers, we want to let our customers know that we are a trustworthy company who will be able to take care of your house. To find out more about our home purchasing process, give us a call at (214) 817-4224 today.
