Metro Phoenix Home Prices Leveling Off
Home sales have been flattening nationwide over the last year. And that means home prices are also falling and sellers are slow to adjust.
Home value website Zillow reports a 7.6 percent home price appreciation for Maricopa County during 2017. That gain is less than anticipated by Valley home sellers, who are just now noticing that prices are flattening. Nate Martinez is a real estate agent with RE/MAX. He says while sales are still strong in the Valley, some sellers are pricing homes too high as the local market starts to level off.
“And I’ve studied several different cities, mostly in Glendale and Peoria. Both of those cities, for several months in a row now, each month we’re seeing at least 50 percent of the inventory obtain a price reduction,” said Martinez.
Zillow also reports the median price of homes currently listed in Maricopa County is $305,000 while the median price of homes that sold is $254,300.