Price Adjustment and Affordability
Nearly one in five homes saw a price reduction in October, as rising inventory gives buyers more negotiating power. Sellers of homes at the lower- and mid-tier are the most likely to adjust their asking price, while luxury home prices remain largely untouched, with reductions least common at the top of the market.
A recent ranking of America’s fastest-growing affordable suburbs is giving a better idea of just how influential Metro Phoenix is on the national stage. Four Metro Phoenix suburbs — Maricopa (#9), Buckeye (#15), San Tan Valley (#16), and Goodyear (#26) — rank among the fastest-growing and most affordable suburbs with home values under $500,000. The average home value in Maricopa is $360,155, along with $408,000 in Buckeye, $410,000 in San Tan Valley, and $483,000 in Goodyear. Using data from Zillow and the U.S. Census Bureau, the study highlights suburbs with strong population growth and home values under $500,000.
