Home Real Estate Phoenix home values up 20% and sell in just 7 days, report...

Phoenix home values up 20% and sell in just 7 days, report reveals


Seemingly endless demand and low supply have driven record-breaking home value appreciation over the past year, Zillow’s latest Market Report shows. April pushed the envelope even further: Annual home values for a typical U.S. home have grown 11.6%, the highest seen since 2005.

Key stats for the Phoenix metro region: 

• The typical home is now worth $355,822, up 20.4% or $60,357 since last April.

• Typical rents are $1,559, up 13.4% year over year – which is equal to a $184 increase.

• Inventory is down 28.6% from last year

• Homes are staying on the market just 7 days before going under contract

• 33% of homes sold above list price in February (the most recent data available), compared to 12% that sold above list in Feb. 2020.

READ ALSO: 5 Arizona housing market predictions for 2021

Meanwhile, rents are roaring back across the board, with a 1.5% monthly spike (larger than any in Zillow data going back through…

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