5 neighborhoods with biggest annual jump in home prices 2018
Move-up buyers are searching for the best values on bigger and pricier homes.
Phoenix’s Arcadia area, north-central Scottsdale, Ahwatukee, south Tempe, Chandler and Gilbert are some of the Valley’s most popular neighborhoods for move-up buyers. Prices in those areas have soared with demand.
The housing crash slowed upgrading for many buyers who couldn’t sell their homes. But now that Valley home prices have recovered from the crash for most homeowners, more are ready to trade up.
Here are some areas quickly climbing in popularity with move-up buyers.
This popular neighborhood, also known as uptown, is drawing more families moving from Valley suburbs farther out.
The area is home to popular restaurants, historic and new homes, light rail and prestigious private high schools.
“We are seeing more people, particularly from the West Valley who want to move back to the central city for schools and jobs,” said Bobby Lieb with HomeSmart Elite. “People are discovering great values in north-central, particularly compared to Arcadia.”
North-central’s median overall home price dipped about 1 percent to $545,000 in 2018, according to The Arizona Republic’s Street Scout Home Values.
The Street Scout data comes from The Information Market, owned by the Arizona Regional Multiple Listing Service.
SEE OUR DATABASE: Home values in metro Phoenix: See how your ZIP code fares
As home prices in Chandler and Gilbert have climbed, move-up buyers have headed farther out in the southeast Valley to find deals on new houses.
Queen Creek is a good area for finding some of the best values to move up in the East Valley, said Darwin Wall with Realty One Group.
Queen Creek neighborhoods closest to Gilbert and Chandler are the most popular. Neighborhoods farther out toward San Tan Valley are less expensive and drawing first-time buyers.
Buyers can often find new houses in Queen Creek similar to ones a few miles away in Chandler and Gilbert for at least $50,000 less.
The median new home price in Queen Creek is $334,155, compared to $407,463 in Gilbert and $423,450 in Chandler.