Real Estate Market Report Phoenix Arizona January 2021
January real estate in the greater Phoenix area continues 2020’s trend of higher prices and lower inventory. Active listings stand at 6,055 down 50.1%, year over year, and the median sales price is $332,000, up 14.7% year over year.
Interest rates have hardly moved for over a year and are still at historic lows. Thirty-year money is down slightly at 2.65% with 0.7 points, and although current Fed projections are calling for a slight increase in rates by the end of the year, rates overall are expected to remain historically low. (Freddie Mac, January 2021)
Phoenix is still in the top five states for inbound relocations in America, with many more moving here than moving out. This will continue to put pressure on home availability, whether sales or rentals.
Home appreciation should continue but perhaps at a slightly slower rate in the second half of 2021. Rental costs are rising as quickly as home prices, and owning is still a very strong mitigation strategy to these rising rents. (Cromford report, January 2021)
All this means that 2021 should be a good year for real estate in Phoenix and that sellers are still very much in the driver’s seat.
If you are thinking about making a move this year, then please don’t hesitate to reach out. I am an experienced, local real estate specialist serving the entire East Valley of Phoenix, Arizona. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. Working with an experienced team of real estate professionals matters even more now than it ever did. From start to finish, I will be there to guide you and answer your questions with no pressure, only the highest level of care and support! Please don’t hesitate to contact me via email or call/text 480.220.1321 to schedule a no obligation consultation today.
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group