Are you curious about the state of the Mesa, AZ housing market in 2024? The real estate market in Mesa has seen steady growth over the past year, with the average home value increasing by 4.4%. In this article, we will take a closer look at the current state of the Mesa housing market and explore the trends that are shaping the industry.
Mesa, AZ Housing Market Trends in 2024
The Mesa housing market is somewhat competitive, with homes receiving an average of two offers and selling in around 40 days. Despite the competitive landscape, the median sale price of a home in Mesa has increased by 4.7% since last year to $470K, with the median sale price per square foot up by 8.2%. These trends suggest that the Mesa housing market is healthy and growing, making it an attractive location for both homebuyers and real estate investors.
Key Takeaways
- The Mesa, AZ housing market has seen steady growth over the past year, with the average home value increasing by 4.4%.
- Despite the competitive landscape, the median sale price of a home in Mesa has increased by 4.7% since last year.
- The Mesa housing market is healthy and growing, making it an attractive location for both homebuyers and real estate investors.
If you're looking to buy or sell a home in Mesa, AZ, it's important to have a good understanding of the current state of the housing market. Here's a brief overview of the Mesa housing market in 2024.
Current Housing Prices
According to Zillow, the average home value in Mesa, AZ is $444,038, up 4.4% over the past year. This is higher than the median sale price of a home in Mesa, which was $424,333 last month.
It's worth noting that these are just averages and medians, and that housing prices can vary widely depending on factors such as location, size, and condition of the property. Additionally, the housing market can be affected by a variety of external factors such as interest rates, the overall economy, and local job markets.
Sales Volume Trends
In May 2024, 592 homes were sold in Mesa, as reported by RocketHomes. Of these, 40% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days. This suggests a relatively healthy sales volume, although it's important to keep in mind that sales volume can also be affected by external factors such as seasonality and overall economic conditions.
Overall, the Mesa housing market appears to be stable and moderately competitive, with a healthy sales volume and moderate price growth. Of course, as with any real estate market, individual properties can vary widely in terms of price and demand, so it's always a good idea to do your research and work with a qualified real estate agent to help guide you through the process of buying or selling a home in Mesa, AZ.
Factors Influencing the 2024 Market
When it comes to the Mesa, AZ housing market in 2024, there are several factors that are influencing its performance. Understanding these factors can help you make informed decisions when buying or selling a home in the area. Here are some of the most important factors to consider:
Economic Indicators
One of the biggest factors influencing the Mesa, AZ housing market in 2024 is the overall economic health of the area. Economic indicators such as job growth, income levels, and consumer confidence can all impact the demand for housing in the area. In general, a strong economy with low unemployment and increasing wages tends to lead to a strong housing market with high demand and rising prices.
Interest Rate Impact
Another important factor to consider is the impact of interest rates on the housing market. In 2024, rising interest rates could make it more difficult for some buyers to qualify for mortgages, which could lead to a slowdown in demand for housing. On the other hand, falling interest rates could lead to increased demand for housing as more buyers are able to qualify for loans.
Population Growth
Finally, population growth is another key factor to consider when looking at the Mesa, AZ housing market in 2024. As the population grows, so too does the demand for housing. This can lead to rising prices and increased competition among buyers. However, if population growth slows or stagnates, it could lead to a slowdown in demand for housing and a more balanced market.
Overall, there are several factors influencing the Mesa, AZ housing market in 2024. By understanding these factors, you can make informed decisions when buying or selling a home in the area.
Mesa's Allure: Beyond the Market
While the market dynamics are important, Mesa's charm goes far beyond numbers. Sunny skies, a thriving cultural scene, and a sense of community make it a place to call home. Whether you crave outdoor adventures on Usery Mountain or want to soak up the arts at the Mesa Arts Center, this city offers something for everyone.
The Final Take
Mesa's 2024 housing market presents a unique opportunity. Embrace the buyer's advantage, explore the diverse offerings, and discover why Mesa is more than just a great place to live – it's a place to thrive. So, dive into this dynamic market, and let Mesa become the backdrop for your Arizona dream.
Mesa Housing Market Predictions for 2024
Short-Term Outlook
The Mesa, AZ housing market is expected to remain stable in the short-term. According to RocketHomes, during May 2024, 592 homes were sold in Mesa, with 40% of homes sold within 30 days, 45% sold within 30 to 90 days, and 15% sold over 90 days. This indicates that the market is balanced, with neither buyers nor sellers having a significant advantage.
While the percentage of homes that had price drops increased to 33.7% from 27.0% the previous year, the sale-to-list price ratio was 98.4%, up 0.09 points year over year, which suggests that sellers are still able to get close to their asking price. Moreover, the average time on the market has remained consistent over time, indicating that homes are selling at a steady pace.
Long-Term Predictions
Looking ahead, experts predict that the Mesa, AZ housing market will continue to grow, albeit at a slower pace. According to Houzeo, the average median home price in Arizona is $433,200, up by 6.7% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 97.9%, with an increase of 0.7 pt YoY.
While the market is projected to grow, it is not expected to experience a significant boom or bust. Rather, it will continue to be a stable market for buyers and sellers alike. As always, it is important to keep an eye on economic indicators such as interest rates and job growth, as these factors can have a significant impact on the housing market.
Frequently Asked Questions
What are the current trends in the Mesa, AZ housing market for 2024?
The Mesa, AZ housing market is showing a steady increase in home prices as of 2024. According to Zillow, the average home value in Mesa is $444,038, up 4.4% over the past year. The number of new listings for homes for sale in Mesa has also increased by about 20% from a year ago, indicating a healthy market.
What is the median home price in Mesa, AZ as of 2024?
As of 2024, the median sale price for a single-family home in Mesa, AZ is $583,982, according to Phoenix AZ Real Estate and Homes for Sale. The median sold price for a single-family home in Mesa, AZ in May 2024 was $500,000, which is a 4.4% increase from a year ago.
How does the 2024 housing market in Mesa, AZ compare to neighboring cities like Gilbert and Chandler?
The housing market in Mesa, AZ is similar to that of its neighboring cities, Gilbert and Chandler. All three cities have seen an increase in home prices over the past year, with Mesa showing a 4.4% increase, Gilbert showing a 5.3% increase, and Chandler showing a 4.8% increase, according to Zillow.
Are home prices in Mesa, AZ expected to rise or fall throughout 2024?
As of 2024, the Mesa, AZ housing market is expected to continue its steady increase in home prices. Experts predict that the median sale price will increase due to the tight inventory. However, it is important to note that no one can predict the future of the housing market with certainty.
What factors are influencing the Mesa, AZ housing market in 2024?
Several factors are influencing the Mesa, AZ housing market in 2024. One factor is the tight inventory, which is driving up home prices. Another factor is the overall strength of the Arizona economy, which is attracting more people to the state and increasing demand for housing. Additionally, low-interest rates are making it more affordable for people to buy homes, which is also contributing to the increase in home prices.
How is the overall Arizona housing market performing in 2024 compared to previous years?
As of 2024, the overall Arizona housing market is performing well compared to previous years. The average median home price in Arizona is $433,200, up by 6.7% year over year. The sale-to-list price ratio is at 97.9%, with an increase of 0.7 pt YoY, indicating a strong market.
Is Mesa, AZ Cheap to Live?
Mesa offers a cost of living below the national average, especially when compared to some nearby Phoenix suburbs. Housing, groceries, and utilities tend to be affordable. However, affordability is relative and depends on your lifestyle choices.
What are the most affordable housing options in Mesa?
Renting an apartment is generally cheaper than buying a house. Additionally, exploring areas outside the most expensive neighborhoods can reveal good deals.
