With 107,600 net new residents added between July 1st of 2016 and 2017, the U.S. Census Bureau shows Arizona topping the 7 million population mark for the first time. The increase ties Arizona with Florida for the fifth-fastest growing state at a rate of 1.6 percent, behind Idaho, Nevada, Utah and Washington. It also was the seventh-biggest numeric change in comparison to the net new residents of Texas at 399,700. Arizona remains the 14th state in total population, from 6.91 million in 2016 to now 7.02 million this past year.
With new residents coming in and renters switching to homeownership due to the rising cost of rent, it might not be a suprise if Metro Phoenix home sales hit 8,113 by August 2017, translating to a 3.4 percent increase from 2016. Homebuyers in the Valley are facing competition for houses in the right price range especially now with supply being so tight. The median home price for Metro Phoenix is at $245,000, up by 7 percent from last year although the rise of Valley home prices cooled off a bit in the summer.
Now no need to be fazed about finding your dream home in The Valley- all you need to do is to get help from the right people! Comprised of well trained and qualified group of experts in the greater Phoenix area (as well as the Greater Salt Lake City and Park City, UT areas!), the Shanna Day Team can work with you to find the right home at the right price for you, including all the neighborhood amenities and essential criteria that matter. Contact us right away if you're ready to go find your dream home- we can help!