Residential sale prices for homes in Maricopa County hit all-time high
PHOENIX – The median single-family sale prices for homes in Maricopa County were at an all-time high in May, surpassing the pre-real estate recession high set back in June 2006.
According to a release from the Grand Canyon Title Agency, the median value for homes in Maricopa County in May was $294,900, nearly $7,000 more than the $287,500 median value in 2006.
The demand for jobs in the county — which saw the highest population growth out of all the counties in the United States over the past two years — played a major role in the rising home values, with more than two million now employed each month in the greater Phoenix area.
It’s been a roller coaster for homeowners in Maricopa County since the real estate recession hit. From June 2006 to August 2011, the median home value tumbled $167,500, hitting an all-time low of $120,000.
Since then, however, the value has gone up by $174,900, an increase of 69 percent.
While the demand for homes in Maricopa County has increased with the population, the number of homes on the market have decreased as would-be home buyers settle for rental properties.
Hand-in-hand with the real estate recession, the number of new-home builds also decreased, as investors purchased single-family homes in the area and re-listed them as rentals.
Out of the 1,043,000 single family homes in the greater Phoenix area, nearly 26 percent of them are listed as non-owner occupied, according to the title agency.
This growing trend in Maricopa County resulted in a new all-time high for the monthly median single family rent, which sat at $1,595 in May.