It’s time to buy your first house. You have spent a few years renting while you got a new job and learned what you wanted to look for in a house, and you’re ready to take that next step.
What you don’t know, however, is what it is going to cost you. What is the average price for a new home in the state?
As of February 2019, the median value of a house in Arizona is $249,700. The market is considered to be very hot at the moment, which is part of the reason the price sits where it does. There is a lot of movement, and you are certainly not the only person looking to buy.
It is worth noting that there is a little bit of difference between values, list prices and sale prices. The median sale price is $241,700, while the median list price is $285,000. If you can actually afford to spend the full $249,700 of the average value, that’s the range you’ll be looking in.
Keep in mind that values are on the way up. In the last year, they have increased by 8.3 percent. Predictions for the coming year show a slight reduction in the rate of rise, but the prices should still rise by 3.9 percent.
There is, of course, no guarantee of what the market will do, as there are far too many factors to take into account. However, past performance is a good indicator of future success. If you do decide to buy, make sure you understand exactly what steps you’ll need to take.