Phoenix: Hot in More Ways Than One

It’s not quite 114-degrees, but the housing market can still be described as hot.

A few weeks ago Stan took a look at the Phoenix housing market, and we’ve since had requests for a heat map in this area (see it also on our new heat maps page).  While the Phoenix Zindex  is slightly below the national Zindex, we have seen a consistently strong price appreciation in the Phoenix area.  However, he also pointed out the rising inventory levels that may indicate future downward price pressure.  If you’d like to look further into the market conditions in Phoenix, you can find a great amount of information at the ASU’s Arizona Real Estate Center.

Now, taking a look at the Phoenix area Zestimate price per square foot, we can get a visual picture of prices in the Phoenix metro area.  The hills around Paradise Valley and Camelback offer some of the area’s most exclusive real estate at prices nearing $1,000 per square foot.  Slightly more affordable real estate can be found near the country clubs of Curry’s Corner and up to Reata Pass (north of Scottsdale Airport).  Lookout Mountain, just south of Bell Road and east of I-17, has some nice neighborhoods that are priced a bit less than the more exclusive areas of Paradise Valley, Camelback, and the northern suburbs.  Heading down to the South Mountain Park area between Phoenix and Chandler may also give you a home with some seclusion and a view for a good price.  The most affordable real estate can currently be found around Glendale and Mesa.