Home Prices Falling in Phoenix: Affordable Options Available in the Area

Home Prices Falling in Phoenix: Affordable Options Available in the Area

ByAudInsights.blog

Real estate prices in certain cities skyrocketed during the pandemic, but now some of these pandemic boomtowns are experiencing a decline, including Phoenix. According to a report from Realtor.com, the median home price in the Phoenix metropolitan area was $537,900 in August 2023, a 1.2% decrease compared to the previous year. Although this decline is relatively modest, it raises concerns of a potential real estate crash similar to the one experienced after the 2008 financial crisis. However, for those looking to take advantage of falling prices, now may be a good opportunity to find affordable homes in the area. Here are five of the lowest-priced homes currently available in Phoenix:

  1. Three-bedroom, one-bath home located in Phoenix priced at $309,900. This charming flip home was recently updated and is situated in the heart of Phoenix.
  2. Three-bedroom, two-bath home located in Glendale priced at $255,000. This vintage-feel home is situated in the suburb of Glendale, just outside of Phoenix, and offers easy access to local amenities.
  3. Another three-bedroom, two-bath home located in Glendale priced at $309,900. This home provides a blank slate with its neutral colors, and it’s relatively rare to find a home with a basement in the Phoenix area.
  4. One-bedroom, two-bath home located in Chandler priced at $380,000. This home is situated in Sunbird Golf Resort, a community for people aged 55 and older, and it’s a great option for older adults looking to thrive in Arizona.
  5. Three-bedroom, two-bath home located in Phoenix priced at $324,900. Although driving is the most popular way to get around Phoenix, the city is also looking to strengthen its public transportation system, providing more options for residents.

Despite the extreme heat and climate risks, Phoenix continues to be a popular destination for homebuyers, especially for those seeking more affordable options compared to expensive coastal cities. Whether you’re looking for a charming flip home or a blank canvas to personalize, there are affordable options available in Phoenix.

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Source: Home prices are dropping fast in Phoenix. Here are 6 of the lowest-priced real estate listings there right now — including one at $215,000.

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