Arizona Real Estate Market
Is the COVID-19 pandemic still affecting the Arizona real estate market? Hence, this is a question many real estate agents, prospective sellers, and prospective buyers ask themselves. The good news is that experts expect the real estate market to stay stable as we continue to get through the worst of the pandemic. Take a closer look at the current real estate market and what you can expect if you want to buy or sell in the remainder of 2021 in Arizona.
Last year, the economic impact that COVID-19 had globally was immense, and Arizona was not immune to those challenges. As some of the pandemic-era protections are ending, some people are afraid of what that might mean for the real estate market. But never fear — there remains little expected to come from homeowners foreclosed after the expiration of these federal protections. The housing market crash of 15 years ago is fresh in people’s minds, even after all this time, but experts don’t anticipate another impact like that after this past year of financial hardships.
The current trends show that Phoenix Real Estate Market gets set to remain a seller’s market in the next year. According to Redfin, the Phoenix housing market is competitive right now. In August 2021, Phoenix home prices were up 23.8 percent compared to last year. On average, homes in Phoenix sell after 25 days on the market compared to 33 days last year. There were fewer homes on the market right now, compared to this time last year. The average home sells for about 2 percent above list price, with some listings selling for 5 percent above list price. More than half of homes on the market are sold above their original asking prices, which is up from last year.