The Phoenix area is mentioned in every real estate list you can imagine: Hottest Real Estate Markets, Most Competitive Rental Markets, Most Popular Places, Best Places to Invest, etc. According to WalletHub's Best Real-Estate Markets, out of the 300 cities evaluated, there are 7 Phoenix area cities in the top 60. Today we're looking at the best value real estate properties currently for sale in Scottsdale, Arizona, but if we wanted an interesting nearby market we could have also looked at Tempe, Chandler, Gilbert, Mesa, Surprise, Peoria, or Phoenix itself.
Plentiful Good Jobs and Rising Prices
Prices in the Phoenix area, along with Austin, TX, grew more than any other area in the country in 2021. In 2022, Zillow expects prices to continue to grow but at a pace that should make Phoenix only the 8th fastest growing city instead of in the top 2. Realtor puts specific numbers to the 2022 outlook for the Phoenix area, predicting that real estate property prices will increase 6.8% as compared with over 20% in 2021.
Both PricewaterhouseCoopers and Zillow predict growth in the number of jobs in Phoenix which should in turn continue to help property values as workers compete for housing. Zillow also warns of Phoenix being a market that correlates strongly with the stock market, so a drop in the market could mean a slow down in real estate property price growth as well.
Strong job growth, particularly in tech, has multiple corresponding effects. As the population grows and real estate property prices go up, people get priced out of the buying market and demand for rentals increases. Consequently, Phoenix is one of the most competitive rental markets in the U.S. If you can get a rental property at a reasonable price, you're likely to have it rented as the vacancy rate is 5.4%. A forecast of robust appreciation and rentability makes it a great place to invest.
Property #1 really stands out for its price which is just a fraction of the price for other properties on our list. You'd expect it to be in need of work given the price, but it appears to be move-in ready. Property #9 is one of the few single family homes near the top of the list. At just under a million dollars, you get a large 3000+ square foot home with 5 bedrooms in a contemporary pueblo revival style.
It's striking how many condos made the top of our ranking list. In this case, hoa payments are very reasonable which affects a property's score. It appears that buildings are cheaper to maintain in Arizona, perhaps due to limited vegetation and a dry climate.
- RENTcafe's Hottest Rental Markets in the U.S.
- Zillow's 2021 Most Popular Places
- PolicyGenius's Best Places to Invest
- WalletHub's 2021's Best Real-Estate Markets
- Zillow: 2022's Hottest Markets
- Realtor's 2022 market predictions
- PricewaterhouseCooper's Emerging Trends in Real Estate
|Median List Price||Median Sqft||Median Lot Size(SqFt)||Median HOA Fee|
8221 E Garfield St Unit L107
27440 N Alma School Pkwy Unit 131
27440 N Alma School Pkwy Unit 34-5
27440 N Alma School Pkwy Unit 37-5
4515 N Phoenician Pl Unit 7706
27440 N Alma School Pkwy Unit 29-1
27440 N Alma School Pkwy Unit 139
6000 E Camelback Rd Unit 7707
28517 N 146th Pl
16736 E Gloria Ln
3313 N 68th St Unit 245
3314 N 68th St Unit 135
15030 E Chaparosa Way
29215 N 136th St
15514 E Milton Dr
4354 N 82nd St E Unit 171
14155 E Carefree Hwy
16244 E Skinner Dr
14021 E Carefree Hwy
14037 E Nightingale Star Dr
16236 E Skinner Dr
16220 E Skinner Dr
34514 N 142nd St
32308 N 138th St
14041 E Carefree Hwy