The real estate industry is one of the most interesting and dynamic markets in the United States. Not only is it about buying and selling a house, but other factors such as location and lifestyle make it attractive for people looking to invest in a new property.
Regarding realty in Yuma, AZ, the trends and predictions for 2023 prove that it could be an excellent investment in short- and long-term gains. But deep knowledge and analysis of the market are needed to make a wise decision that fits your individual needs and interests. So if you’re wondering about the current status of the real estate market in Yuma, AZ, this blog post is for you! Keep reading.
Real Estate Housing Market Facts For 2023 In AZ
Right now, the realty market in Yuma, AZ, is booming. Home values have increased by 4.3% in the last 12 months alone. Zillow predicts this trend won’t be slowing anytime soon, with a potential increase throughout 2023.
According to data projections for 2023, the housing competition will remain fierce. Homes rarely go below their initial list price since they’re selling at a 98.3% median sale-to-list ratio, indicating high demand throughout the state. The alluring Arizona real estate market is in hot demand, with an impressive 13.8% of sales exceeding list prices.
It takes an average of 47 days to sell a home. Most experts think that home prices will stay the same or increase slightly in 2023. According to predictions, the Phoenix metro region will experience a notable decrease of 1.5%, with an initial 0.9% slump by February 2023 and an increase of 1.6% by April.
While prices may remain relatively static in some areas, Sierra Vista is predicted to see a steady incline over the next two years. Housing costs could increase by 0.4% before February 2023 and rise again by another 1.1%, culminating with an overall 2.6% surge at the start of 2024.
Even though it’s important to consider that economic changes can cause sudden transitions in the process, if you’re looking to invest in real estate in Yuma, AZ, getting the help of a dedicated agent with the right expertise is recommended.
Work With A Professional Real Estate Agent In Yuma, AZ, Today!
I understand that the real estate current status can be hard to follow, so I’m here to provide you the best guidance. Whether you’re a first-time homebuyer or a seasoned seller, partnering up with an expert real estate agent in Yuma, AZ, is crucial. Karen Spencer Real Estate is the dedicated expert you need. I’m passionate about helping my clients find the right property to fit their needs.
With over 40 years of experience in the real estate industry in Yuma, AZ, I have extensive knowledge and expertise in the ever-changing market. I understand that buying or selling a home can be stressful, so I take the time to understand your individual needs, budget, and property preferences so you can make a decision that’s suitable for you.