Home Value Trends in Arizona

For months now you've heard the media and industrynightlife of the major cities of Phoenix, Tucson and
experts moan about how the real estate market is inFlagstaff (where visitors and locals alike partake in the
a dive, the housing bubble is about to burst wide openmyriad bars, billiards, casinos and music and comedy
and the national median home value is decreasing. Ifshows available) as well as the many museums and
you're tired of all that bad news, here's some goodfestivals dedicated to the cultural arts. With a large
news for you: the real estate market really isn't as badNative American population, Native ruins, historic and
as they say. Maybe, by looking at the state of thecultural sites are always a big draw, as are any sites
market on a national level, it has the appearance ofhaving to do with the "Old West." With so many
such a gloomy forecast. In reality, the real estatedifferent things to do, it's no wonder Arizona has been
market varies from area to area, and the nationalone of the top recipients of new people moving in
home value median isn't important for you to know iffrom another state.
you're thinking of buying, selling or relocating. (But ifArizona is currently home to 6,166,318 people, with the
you're curious, the median home value in 2006 wasunemployment rate for April at about 4%, just a bit of
$221,900). The only market you should be worriedan increase from the historical low of 3.9% from the
about is the one in the area you're selling or buying.previous month (March 2007). As of 2004 the median
Before deciding to sell your home, or move to a newhousehold income was about $43,696, which has most
area, it is important to get an idea not just of thelikely increased to about $45,000 or so by the end of
average home value and rate of sale, but the2006. The median home value in Arizona is currently
economy, employment, and attractions in that area.$306,877 for a home a little over 1700 square feet.
Arizona is well known for it's bustling capital city ofMost real estate professionals agree that Arizona's
Phoenix, a hot spot of cultural, natural and historicalmarket has definitely shifted to a buyer's market and
value. The whole state of Arizona has much to offerthe huge inventory of houses for sale help keep the
residents or visitors in the way of job opportunities, realhome value averages down. Even the median home
estate and attractions. The economy is based aroundvalue for the greater Phoenix is down somewhat from
agricultural production in cattle, cotton, diary, lettuce andwhat it was this time last year. Until the inventory of
hay, while their industries focus on mining, electric andhomes levels out, home value averages are likely to
transportation equipment, machinery, printing andstay down. If you're looking to buy in Arizona, now is a
publishing, food processing, electronics and tourism.great time to do it. If you're trying to sell your home, be
These markets are steady enough that jobpatient, because it may be a while. Supply is too high
opportunities are all around, keeping the state a primeand demand is too low for Arizona home value
locale for new residents, which in turn helps stabilizeaverages to stay as high as they were a year ago.
the real estate market and home value averages.Most realty professionals predict that the market will
Arizona is also home to one of the 7 Wonders of theslowly begin to rise again as long as the huge gap
World, the Grand Canyon, which is the biggest touristbetween buyers and sellers begins to balance out.
draw in the state. Other attractions include bustling