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Purchasing a home becomes more accessible in crucial swing counties, but impact may not be felt by voters until after the 2024 election


The housing market in Maricopa County, Arizona, which includes Phoenix, is finally starting to shift in favor of buyers after a frenzy during the pandemic. The area’s Home Buyer Index has decreased, indicating reduced competition and more concessions from sellers. The Federal Reserve hiking interest rates has contributed to a slowdown in sales, with homes sitting on the market longer and sellers reducing prices to stay competitive.

The market has been quieter than usual, with fewer buyers coming to look at properties. Sellers are hesitant to reduce prices as prices have risen slightly compared to last year, but they are also lower than the peak in 2022. The median sales price in September was $475,000, a significant increase from a few years ago.

The affordability of homes in Maricopa County remains a challenge, with households needing to earn at least $96,000 annually to afford the typical home. Rental properties are also facing challenges, with high competition and stagnant prices compared to previous years. Evictions have increased in Phoenix, and homelessness remains a significant issue in the county.

Overall, the real estate market in Maricopa County is shifting from a seller’s market to a more balanced market, with buyers starting to see some advantages. However, affordability continues to be a concern, and challenges remain in the rental market as well as in addressing homelessness and eviction rates in the area.

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www.nbcnews.com

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