Peoria, AZ is 2nd Hottest Real Estate Market!

Peoria, AZ is 2nd Hottest Real Estate Market!

A region in north Peoria has the second hottest housing market in the Valley, just behind and ahead of the Phoenix-metro area’s two most well-known luxury communities.

Home buyers in the 85383 ZIP code in north Peoria recorded a combined $766 million in total sales last year, according to Street Scout Home Values, an annual analysis of metro Phoenix’s housing market done with the Information Market.

In comparison, buyers in north Scottsdale spent $983 million in total sales value, while buyers in Paradise Valley spent $693 million.

Three other factors stand out in the north Peoria housing boom:

Home sales increased by 22.1 percent in 2015 compared with sales in 2014. The median home price was $317,000, less than half of the median price in north Scottsdale at $675,000 and less than a third of the median price in Paradise Valley at nearly $1.28 million. The median price in north Peoria rose 2.4 percent from 2014 to 2015. Although north Peoria led, home sales in three other West Valley ZIP codes cracked the Valley’s hottest 20 ZIP codes in total sales value.

Buyers in the 85338 ZIP code in the Estrella area of Goodyear, where the median home price was $214,000, recorded a combined $359 million in sales value. That ranked 13th highest across metropolitan Phoenix.
Buyers in 85308 in north Glendale, where the median price was $241,000, notched a total of $339 million in sales. That ranked 16th. Buyers in 85395 in the PebbleCreek area of Goodyear, where the median price was $307,000, reached a combined $311 million in sales. That was 20th. In north Peoria, a driving force to the booming home market is high-end attractions, such as master-planned communities, mountain views and gated neighborhoods, at a variety of price points, said Mark Hammons, vice president and general manager of Vistancia, a master-planned development in the region.

“It just goes to show you that Peoria — the north part of the city — is on the map,” Hammons said. “It’s a great place to live. Peoria provides a great quality of life.”

Click here to read the complete article by Paul Giblin from The Republic.