As we head into 2022, Arizona’s housing market is performing exceptionally well, which is expected to continue throughout the year. The Ahwatukee real estate market, in particular, is one of Arizona’s shining stars when it comes to the state’s housing market. Ahwatukee is amongst the most desirable and in-demand neighborhoods in the Phoenix area. This community contains a range of homes, from average-sized single-family residences to sprawling luxury estates and condominium residences.
Ahwatukee has become a popular location for young professionals and families, as it’s close to Sky Harbor Airport as well as Phoenix, Scottsdale and Tempe downtown areas, plus its school district is highly-rated. While housing markets in other areas of the country are beginning the path back to normal, the Ahwatukee real estate market is sending no such signals.
If you’re looking to buy in Ahwatukee right now, it pays to understand the current market and know where it’s headed. When you consider factors like high rent and upcoming mortgage rate increases, you can determine that buyers will benefit from purchasing earlier in 2022 rather than later in the year. The seller’s market in Arizona, and increasing home prices for homes for sale in Ahwatukee, show no signs of slowing down. Conversely, sellers who sell property earlier in the year will still profit, but they may have the opportunity to sell higher if they wait until later in the year.
Keep reading to understand some of the top trends to be aware of regarding the current Ahwatukee real estate market.
Home prices are increasing
Ahwatukee is one of the fastest-growing communities in the Phoenix area. Ahwatukee real state has a history of growth. Analysts initially predicted resale home prices would grow by 7.9% - 11.0% compared to 18.8% growth rate for 2021. Last week it bumped that prediction to 11.2% - 17.3%. The median sales price for homes for sale in Ahwatukee is now well over $500,000.
Many factors contribute to increasing prices in the Ahwatukee real estate market, with population growth foremost. Ahwatukee has been experiencing significant growth, with new families and young professionals moving to the area thanks to its proximity to the high tech corridor of Chandler and its high-quality school district. When more people move to an area, housing prices rise as supply decreases while demand for homes for sale in Ahwatukee increases.
Many factors contribute to increasing prices in the Ahwatukee real estate market, with population growth foremost. Ahwatukee has been experiencing significant growth, with new families and young professionals moving to the area thanks to its proximity to the high tech corridor of Chandler and its high-quality school district. When more people move to an area, housing prices rise as supply decreases while demand for homes for sale in Ahwatukee increases.
Homes are appreciating
If you plan to purchase a home in 2022, the earlier you take action, the lower the price you’ll likely pay. Houses for sale in Ahwatukee continue to increase in price and value. The market for luxury homes and condos in Ahwatukee is highly competitive and expected to become more so as the months go on. When you buy one of the homes for sale in Ahwatukee earlier, it can start appreciating for you right away.
As a seller, you may want to hold off until a bit later in the year to allow your property to appreciate even more. As homes for sale in Ahwatukee appreciate, you can list and sell them at a higher price. Whether you’re a buyer or seller, it’s essential to know that homes for sale in Ahwatukee are already high in value and will likely continue to rise in the coming years.
As a seller, you may want to hold off until a bit later in the year to allow your property to appreciate even more. As homes for sale in Ahwatukee appreciate, you can list and sell them at a higher price. Whether you’re a buyer or seller, it’s essential to know that homes for sale in Ahwatukee are already high in value and will likely continue to rise in the coming years.
The seller’s market will persist
The Ahwatukee real estate market is currently a seller's market, with increasing demand for homes in the area and a low supply of listings for sale in Ahwatukee. Interested buyers are having a hard time getting their offers accepted since sellers have a vast pool of interested buyers to choose from.
Supply chain issues have only amplified this trend, as the construction of new homes has slowed due to shipping backlogs. So, the amount of homes listed on the market remains low, pushing the seller’s market forward. To prepare for the strong seller’s market regarding Ahwatukee real estate, buyers should get pre-approved and find a reliable Realtor. An experienced Agent will work with you to find your best options and secure one of the homes for sale in Ahwatukee you have your eye on.
Mortgage rates are likely to increase
Mortgage rates stayed at record lows throughout 2021, increasing homes' affordability for many first-time buyers. The expectation for mortgage rates in 2022 is not as rosy. Experts predict that mortgage rates will only rise this year, discouraging some potential buyers. Word amongst experts is that in 2022, mortgage rates are expected to climb higher than they were in recent years; predictions by experts indicate that it will be in the 4.0 - 5.0% range for 30 year fixed rates.
While this rate is significant compared to the low 3% rates potential buyers had in 2021, this increase won’t put homes entirely out of reach for potential buyers; however, it could change when people buy property. If buying a home in 2022 is part of your plans, taking advantage of lower mortgage rates while you can will secure lower payments. Again, the earlier in the year you buy a home, the more you will save on mortgage interest payments in the long term.
The Ahwatukee real estate market has exhibited impressive performance, which is expected to continue well into 2022. Homes for sale in Ahwatukee will continue to increase in value and sell at higher prices as the year goes on.
Whether you intend to buy a luxury home in Ahwatukee or want to sell your condominium and upgrade to a larger property, an experienced Arizona real estate agent like those in The Santistevan Group can guide you through the process. Our Property Specialists are well-versed in Ahwatukee real estate, and our Group can help you easily navigate the process of buying or selling your home.
While this rate is significant compared to the low 3% rates potential buyers had in 2021, this increase won’t put homes entirely out of reach for potential buyers; however, it could change when people buy property. If buying a home in 2022 is part of your plans, taking advantage of lower mortgage rates while you can will secure lower payments. Again, the earlier in the year you buy a home, the more you will save on mortgage interest payments in the long term.
The Ahwatukee real estate market has exhibited impressive performance, which is expected to continue well into 2022. Homes for sale in Ahwatukee will continue to increase in value and sell at higher prices as the year goes on.
Whether you intend to buy a luxury home in Ahwatukee or want to sell your condominium and upgrade to a larger property, an experienced Arizona real estate agent like those in The Santistevan Group can guide you through the process. Our Property Specialists are well-versed in Ahwatukee real estate, and our Group can help you easily navigate the process of buying or selling your home.
