Real Estate And Housing
ZIP code 85257 has a slightly less than average percentage of vacancies. The Census also indicates that there are one or more correctional facilities and nursing homes nearby.
The majority of household are owned or have a mortgage. Homes in ZIP code 85257 were primarily built in the 1960s or the 1950s. Looking at 85257 real estate data, the median home value of $177,400 is slightly higher than average compared to the rest of the country. It is also slightly higher than average compared to nearby ZIP codes. So you are less likely to find inexpensive homes in 85257. Rentals in 85257 are most commonly 2 bedrooms. The rent for 2 bedrooms is normally $1,000+/month including utilities. 3+ bedrooms are also common and rent for $1,000+/month. Prices for rental property include ZIP code 85257 apartments, townhouses, and homes that are primary residences.
For more information, see Scottsdale, AZ rent prices.
Real Estate Market In85251 Az
There are currently 276 homes for sale in 85251, AZ.Median Sale Price for homes in 85251, AZ was $429,769 last month.The total number of homes for sale in 85251, Scottsdale is 19% higher than it was at the same time a year ago.107 homes were listed for sale this month in 85251, Scottsdale. This is 33% lower compared to the same time last year, and 9% lower compared to last month.
104 homes were sold in 85251, Scottsdale this month. 8% less than previous month. 22% less than same month last year.Average days on market for homes in 85251, Scottsdale was 47 days this month, 49 days last month and 52 days last year.There are no bidding wars at the moment. Homes in 85251, Scottsdale are selling close to the asking price in the last three months.
Valley Zip Codes With Biggest Home Price Increases
A record high 21% year-over-year growth rate drove the median home-sale price to $348,500 across the nation, according to a new report from Redfin, the technology-powered real estate brokerage. And in Metro Phoenix, the growth rate is even more dramatic, with the median home price up 25% from last year, driven in part by the five Metro Phoenix neighborhoods with the biggest home price increases in the last year.
READ ALSO: 5 Arizona housing market predictions for 2021
One contributing factor to the large rate of growth is that more high-end homes are being sold now than a year ago. Asking prices nationally reached an all-time high of $360,975.
Here are other key housing market takeaways for more than 400 U.S. metro areas, comparing the 4-week period ending May 2 with 2020:
A record low of just 19 days on market for homes that sold during the period, down 16 days from the same period in 2020.
A record high of 48% of homes sold for more than their list price, up 20 percentage points from the same period a year earlier.
A record high 101.4% average sale-to-list price ratio, which measures how close homes are selling to their asking prices, up 2.7 percentage points year over year. This means that the average home sold for 1.4% more than its asking price.
A record high 58% of homes that went under contract had an accepted offer within the first two weeks on the market.
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Phoenix Real Estate Investment: Should You Invest In Phoenix
Should you consider Phoenix real estate investment? Many real estate investors have asked themselves if buying a property in Phoenix is a good investment? You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2020. If you are looking to make a profit, you dont want to buy the most expensive property on the Phoenix real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Phoenix that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.
Arizona Housing Market Trends 2021
If you are considering moving to Arizona, Scottsdale, Phoenix, and Tucson are some of the top places to call home. According to Zillow Home Value Index , since Nov 2011, Arizona housing prices have gone up nearly 182%. ZHVI is not the median price of homes that are sold in a month within a geographic region. It is calculated by taking all estimated home values for a given region and month , taking a median of those values, applying some adjustments to account for seasonality or errors in individual home estimates. It, therefore, represents the whole housing stock and not just the homes that list or sell in a given month.
By this calculation, the current typical home value of homes in Arizona is $383,799. It indicates that 50 percent of all housing stock in the area is worth more than $383,799 and 50 percent is worth less . In Sep 2020, the typical value of homes in Arizona was around $292,000.
Arizona home values have gone up 31.3% over the past year and most likely they will continue to rise at a similar rate over the next twelve months. This also raises a bit of a concern that in Arizona wages are not keeping up with the rising costs of housing. When prices go up, some buyers can no longer afford to buy and drop out. The faster that pricing goes up, the more buyers tend to drop out, at least in a healthy market.
Here’s the current overview of the Arizona home prices by counties
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E Latham St Scottsdale Az 85257
This Patio home is the perfect investment opportunity for a home in Scottsdale. Current lease must be honored through Summer of 2022. As you enter into the front yard area to access the front door, you are greeted with a beautiful pool that is maintained weekly by a pool service. The home is Tile throughout with a large kitchen and living room. 2 car garage with workshop area. Office/Den addition don by a license contractor by previous owner. Great front yard with block fence. Near parks and schools.
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The Massive Snowbird Market
The snowbird movement is somewhat different than the conventional tourist market. Arizona has long attracted retirees who couldnt afford Florida or wanted a cleaner, allergy-free air that never included storm clouds. Quartzite, Arizona in particular draws two million snowbirds and tourists. The city stands out for its sixty-plus RV parks. An estimated 300,000 people stay all winter before returning home. Some own second homes in Arizona communities restricted to active adults, while others stay in trailer parks. This creates an unusually diverse opportunity for those considering investing in the Phoenix real estate market.
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Soaring Home Prices Making Lasting Mark
With skyrocketing housing prices and a dwindling supply, Scottsdale is a microcosm of the Phoenix Metro region as a whole, where buyers are finding it increasingly difficult to purchase a home without breaking the bank.
Valleywide the annual median sales price of a home jumped 25 percent from $264,990 in April 2019 to $330,000 today, according to the Cromford Report, a web service that studies the Valley housing market.
The growth in Scottsdale has been even higher during that span, with annual median sale prices citywide rising 27 percent and some ZIP codes seeing prices rise 30 to 40 percent compared to two years ago.
The largest jump occurred in 85262, which includes parts of northern Scottsdale, Cave Creek and Carefree. There, the median sales price jumped 41 percent between April 2019 and 2021. The median sales price of a home in that ZIP code is now north of $1.1 million.
The increase in home values is not just isolated to the citys swanky northern enclaves.
The second highest percentage jump in median sales price between April 2019 and April 2021 happened in 85257, where prices increased 32 percent to over $454,000.
In April 2019, only three of 10 Scottsdale ZIP codes had median sales prices over $700,000.
Today, that number has doubled.
According to industry experts, the price spike is the result of a nearly-unprecedented shortage of homes on the market coupled with high demand as a result of Arizonas growing population and low mortgage interest rates.
Phoenix Housing Market Forecast 2021
What could be the Phoenix real estate market predictions for 2021 & 2022? Phoenix is the 5th largest city in the country and continues to grow. New residents are drawn to Phoenix by its strong economy, relatively low cost of living, high quality of life, economic opportunity, and cultural attractions. Since 2000, Phoenixs population has grown by 20% to include approximately 555,013 households and 1.6 million people.
It is the biggest city in Arizona and the states capital. It is a minimally walkable city in Maricopa County with a population of approximately 1,442,530 people. However, Phoenix itself is massive. It is the only state capital with more than a million people. It is the fifth-largest city in the country. The Phoenix housing market is much larger than Phoenix itself it encompasses the entire Valley of the Sun, Phoenixs sprawling suburbs that are home to another five million people. That makes the Phoenix metro area the twelfth largest in the country.
The favorable living conditions have, furthermore, comforted real estate investors and buyers to invest in Arizona real estate market. The Phoenix housing market was a headline in the news a decade ago when the housing crisis of 2007 and 2008 caused home values here to fall by as much as half. The slow recovery of the national housing market has taken a decade.
The chart below, created by Zillow, shows the growth of median home values since 2011 and their forecast until Sep 2022.
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Stats And Demographics For The 85257 Zip Code
ZIP code 85257 is located in central and covers a slightly less than average land area compared to other ZIP codes in the United States. It also has a large population density.
The people living in ZIP code 85257 are primarily white. The number of people in their late 20s to early 40s is extremely large while the number of seniors is large. There are also an extremely large number of single adults and an extremely small number of families. The percentage of children under 18 living in the 85257 ZIP code is small compared to other areas of the country.
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The Growing Phoenix Rental Market
There is always going to be high tenant turnover in student housing markets. The presence of universities also influences local home prices and rents. The capital of any state will be home to its flagship university, and Phoenix is no exception. Phoenix is so large that it doesnt just host the flagship Arizona State University campus in Tempe. There are secondary campuses in downtown Phoenix, northwest Phoenix, and neighboring Glendale. These schools alone have more than seventy thousand students. The Arizona Summit Law School, Grand Canyon University, and several others are located here. There are easily 100,000 college students renting in the Phoenix housing market. You could invest in large single-family homes or multi-unit buildings to rent to students at any of these campuses.
Phoenix Rental Trends: 36% of the households in Phoenix are renter-occupied while 64% are owner-occupied. The rents are rising and it makes sense to keep your home and rent it out. In some neighborhoods, the average rental home may rent well over $2,500 a month.
As of November 9, 2021, the average rent for a 1-bedroom apartment in Phoenix, AZ is currently $1,250. This is a 23% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Phoenix decreased by -3% to $1,050. The average rent for a 1-bedroom apartment remained flat, and the average rent for a 2-bedroom apartment increased by 1% to $1,550.
Employment Income Earnings And Work
The median household income of $47,194 is compared to the rest of the country. It is also compared to nearby ZIP codes. So 85257 is likely to be one of the nicer parts of town with a more affluent demographic.
As with most parts of the country, vehicles are the most common form of transportation to places of employment. In most parts of the country, the majority of commuters get to work in under half an hour. More commuters in 85257 get to experience these short commute times than most other ZIP codes. It is very uncommon, compared to the rest of the US, for employees to have to travel more than 45 minutes to their place of employment.
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Compare To Nearby Neighborhoods
- Some homes get multiple offers.
- The average homes sell for around list price and go pending in around 31 days.
- Hot homes can sell for about 3% above list price and go pending in around 9 days.
- Some homes get multiple offers.
- The average homes sell for around list price and go pending in around 28 days.
- Hot homes can sell for about 3% above list price and go pending in around 13 days.
- ~$750K Offer3Beds, 2.5Baths, ~2,250Sq. Ft. HouseOffer Not Accepted Sold for $800KUnder List Price
The Major Wave Of Renovation In Downtown Phoenix
The section of Phoenix wedged between Seventh Street and Seventh Avenue is undergoing a wave of commercial redevelopment, fueled by more than five billion dollars invested to date. High-rise developments and mixed-use projects have been built, and several more are underway. Public transit in this area is significantly improved. That is making this area and neighborhoods bordering it an excellent place to invest in the Phoenix housing market. Phoenix isnt just redeveloping downtown to create a dense, walkable urban core. It is cultivating fifteen complete walkable communities across the metro area with strong public transit, denser housing, and locally provided services. This is a radical shift from the suburban sprawl the area has long been known for.
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Real Estate & Homes For Sale
Homes for sale in 85257 have a median listing home price of $550,000. There are 118 active homes for sale in 85257, which spend an average of 39 days on the market. Some of the hottest neighborhoods near 85257 are Indian Bend, Monterey Arcadia, Alameda, Kiwanis – the Lakes, McCormick Ranch. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 85251, 85268, or three bedroom homes for sale in neighboring cities, such as Phoenix, Scottsdale, Las Vegas, San Diego, Mesa.
New Homes For Sale In Arizona
Pulte communities in Arizona offer a wide range of beautifully crafted housing options for every budget and need, including family friendly and resort-style living. With a central location that allows easy access to the many outdoor activities, great restaurants, and wonderful school districts, Pulte homeowners will be as comfortable and happy outside of their home as they are in it.
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Scottsdale Housing Market: Not Just For Snowbirds Anymore
250 people are moving to Maricopa County a day
Historically, retirees have always put Scottsdale high on their list of destinations when looking to take advantage of lower home prices, larger lots, agreeable weather and low cost of living.
But the Scottsdale housing market, and Arizona as a whole, has seen an enormous uptick in out-of-state movers in the past 14 months when the COVID-19 pandemic began spreading across the country, ultimately allowing people to work from home and seek larger, more cost-effective lots to live on.
Over the past 10 years, Arizona has enjoyed the ninth-largest population increase in the past 10 years, up 11.8% from 2010, per a recent U.S. Censusreport. In 2020, approximately 20% of all Americans moved and Arizona was the seventh most-popular destination of those movers.
The proof is in the home prices, which have shot up in Arizona since the beginning of 2020. Per Realtor.com, the median home listing price in the Scottsdale housing market is currently $699,900 a 12% rise year over year, and about $320 per square foot, on average. Listing prices hit an average of $725,000 in September 2020 the highest in more than two years.
Sellers know they can ask a lot for their homes because the demand is the craziest its ever been, said John Diaz, a broker with MyHomeGroup in Arizona.
Diaz said that, on average, 250 people are relocating to Scottsdale and Maricopa County a day, and inventory just cant keep up.