Phoenix Residential Market

[Marv Sauer]

To the community:

Phoenix home prices rose 18% in 2020. 

Double digit increase expected again in 2021. 

I have a rental property I would like to sell at peak value.  

Does anyone predict a peak in the near term?

[Chelsea Anderson]

Hi Marv - I'm missing some information to answer your question.  What part of town is your property in and do you currently have a lease in place?  I just got some great info from the Cromford Report that I'm happy to share with you that has a market projection based on City to help answer that question for you.  

The market right now doesn't care about condition of the property either so if you are concerned about the property not being in great condition, maybe selling sooner rather than later would be a better option for you while the buying frenzy is still going strong. If the property is in good-great shape, then maybe waiting a bit is a better choice.