Phoenix Growth = Home Prices Increasing?

Having been a "Valley Of The Sun" resident since the early 1970's, I have watched the Greater Phoenix Area grow up from that wonderful  "small town feeling" of around 918,000 people to the 5th largest city in the United States. We constantly change from 5th to 6th while competing with Philadelphia for the title. As of this post we are the 5th with just over 5 million people. 

According to the chart above, we are expecting a population explosion of nearly 20% over the next decade from 5 million people to 6 million people. Other experts predict the population growth will not be that high as you can see from the screen chart below with the historical population of the Phoenix area since 1950.

So what does this mean for home prices?

So how will the population growth of the Phoenix area affect home prices? The truth is no one really knows, but we can see what the latest market data shows thanks to Sarah Perkins at Navi Title.  According to The Cromford Report, the Monthly Median Sales Price has increased to $435,000, up from $429,900 just one moth ago. We have seen a steady increases of prices this year, approximately $20,000 for the Median Sales Prices in the Phoenix Area.

Due to supply (low) and demand (below average), our prices are continuing to increase and every city in the Phoenix Area are a Seller's Market except for two, Maricopa and Buckeye which remain a balanced market. ​

I have to admit, I miss that "small town feeling" Phoenix had growing up here in the 1970's into the 1980's. Some of the local favorite establishments have vanished and some are still here.  My grandfather worked for the steel company that supplied the steel for the "Madhouse On McDowell" where the Phoenix Suns played as a young new team and where the Arizona State Fair is still held today. 

If you are looking for that "small town feeling" you may want to consider Verrado Homes For Sale (all ages) and Victory at Verrado Homes For Sale in Buckeye AZ. In Verrado you can sit on your front porch and say "hello" to your neighbor as they walk their dog are on their way to the community park for a friendly bbq gathering.  You can click the links to view the latest homes for sale in the area.  I hope you had a great Memorial Day weekend and love calling Phoenix home like I do.