2021 has been a record-breaking year for Phoenix real estate. Whether it was for top states to move to, or even Home sale prices increase, Phoenix is one of the top real estate markets to watch.
With new records being set almost every month, we recap the top records set for Phoenix that you need to know for 2022!
Here are the Top 5 2021 Phoenix Real Estate Records!
Phoenix #2 In Nation For Real Estate Market
Earlier this year, Phoenix ranked as the second hottest real estate market in the nation. Phoenix ranked second for the hottest housing market in 2021, following Austin, Texas, according to Zillow’s latest report.
Phoenix’s recorded annual appreciation was second-fastest in August 2021 at 31.8%. Zillow says the typical Phoenix-Mesa-Scottsdale Metro home value is $418,170 and it has increased by 32.7% over the past year. Phoenix was also the fastest growing city in the United States from 2010 to 2020 according to the U.S. Census Bureau.
With rising home prices and a steady influx of new residents, Paradise Valley is seeing rising appreciation rates, and Phoenix is set to have a strong market in 2022.
Arizona Second Highest Home Equity In the Nation
Arizona was ranked the second-highest home equity in the nation, according to ATTOM third-quarter 2021 U.S. Home Equity & Underwater Report, which shows that 39.5% of mortgaged residential properties in the United States were considered equity-rich.
The portion of mortgaged homes that were equity-rich in the third quarter of 2021 – one in three – was up from 34.4% in the second quarter of 2021 and from 28.3% in the third quarter of 2020.
States with the biggest home equity increases were:
- Utah (up from 45.5% in the second quarter of 2021 to 60.9%
- Arizona (up from 39.7% to 53.2%)
- Idaho (up from 54.2% to 65.1%)
- North Carolina (up from 28.4% to 38.6%)
- Nevada (up from 34.9% to 44.9%)
Across the country, 46 states including the District of Columbia saw equity-rich levels increase from the second quarter to the third quarter of 2021.
Phoenix #3 In Nation For House Flipping
Phoenix continues to be the hotbed for real estate investing opportunities. Phoenix ranked as the third in the nation for home flipping and broke records for home price increases.
In the second-quarter 2021 U.S. Home Flipping Report, ATTOM showed that 79,733 single-family homes and condominiums in the United States were flipped in the second quarter. Those transactions represented 4.9% of all home sales in the second quarter of 2021, or 1 in 20 transactions was a flipped home. In this report, Phoenix ranked as the # 3 market for the most home flipping with 8.1% of homes sold being a flip.
Rentals had a great year as well in Phoenix. By comparing the affidavits of value from August 2021 with August 2020 in Maricopa County, sales of homes intended to be rented are up 97%. According to ARMLS listings, The average rental price per square foot has increased from $1.00 in September 2019 to $1.36 this month. That is a 36% increase in just two years.
Phoenix #1 For Home Sales Price Increase
Homes have been selling faster and for more across the nation. Nationally, a third of homes sell within one to two weeks according to a new report from Redfin. Phoenix was #1 for home price increases for 25 consecutive months. Phoenix topped home price increases on the S&P CoreLogic Case-Shiller report, at 29.3% year-over-year. Nationally, home price increases were at a record high in June with an 18.6% annual gain – the largest increase in over 30 years.
The top 3 selling cities in Metro Phoenix, based on price per square foot for home sales:
- $549.71 – Paradise Valley
- $372.07 – Scottsdale
- $337.12 – Carefree
The average $/SF for listings under contract in Phoenix is up more than $10 over the past 2 months and set a new all-time record. The monthly average sales price per square foot for closed listings and is also up around $10 over the past 2 months, with a record high on Monday last week. Nationally, the median home-sale price increased 13% year over year to $355,600.
Phoenix #2 Moving Destination Nationwide
Phoenix continues to be one of the top destinations to move to according to a RedFin report. Nationwide, 29.5% of Redfin.com users looked to move to a different metropolitan area in October. Phoenix ranked #2 for a top moving destination nationally, and #1 destination for people moving from Los Angeles. Miami, Phoenix, Sacramento, Las Vegas, and Tampa were the most popular migration destinations of any major U.S. metros in October!
In a recent survey, 30.2% of Redfin.com users looked to move to a different metropolitan area in the third quarter of 2021 nationally. Phoenix ranked as the #2 destination for U.S. homebuyers looking to move to a new city. Miami, Phoenix, Sacramento, Las Vegas, and Tampa were the most popular migration destinations of any major U.S. metros in the third quarter.
The top 5 states moving to Phoenix are:
- California
- Washington
- Texas
- Colorado
- Illinois
According to the latest Census five-year estimates covering the 2015-2019 period, Arizona drew 266,648 migrants from other U.S. states each year.
Summary:
With the fast-moving real estate market, it can be hard to stay on top of the real estate market. 2021 saw amazing growth for flips, rentals, and much more. With Phoenix the second-highest real estate market, many potential homebuyers have their eyes set for Phoenix in 2022.
Top 5 2021 Phoenix Real Estate Records Are:
- Phoenix #2 In Nation For Real Estate Market
- Arizona Second Highest Home Equity In the Nation
- Phoenix #3 In Nation For House Flipping
- Phoenix #1 For Home Sales Price Increase
- Phoenix #2 Moving Destination Nationwide
What was the most surprising 2021 Phoenix Real Estate Records?
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