Where Are Phoenix Home Values Heading?

Phoenix Real Estate Video Blog with Curtis Johnson

One of the most common questions we get from Phoenix sellers is, "What are home values doing?" Today, we are going to answer that question.
First, let's look at the average sales price in the suburbs around Phoenix, and where they have gone in the last 3+ years.
In 2011, the average sale prices in these Phoenix suburbs were:
Chandler: $178,000
Glendale: $110,000
Tempe: $309,000
Paradise Valley: $1,114,000
As you may already now, home values have increased a lot in 3 short years. Here are the current average sales prices for these neighborhoods, as of December 2014.
Chandler: $265,000
Glendale: $182,000
Tempe: $371,000
Paradise Valley: $1,065,000
As you can see, nearly every market has seen exponential growth in home values in the last

3 years with the exception of Paradise Valley. Luxury markets like Paradise Valley tend to not follow the same trends as your average real estate market.
So, where are home values headed in 2015? If we look at national projections, homes are going to continue to appreciate in 2015 and 2016 by 3.7% and 3.2%, respectfully. Phoenix will see appreciation anywhere from 3-5% in the next 2 years, which is a very healthy number.
If you have any questions for us, don't hesitate to give us a call. We would be glad to send you a market report specific to your neighborhood so you can get an even better idea of what your home is worth.