BAD NEWS…home prices here in Arrowhead Ranch are going down.
The median home price has decreased 12.3% from May 2022 to August 2022, from $645k in May to $565k in August. The average price per square foot dropped by over 8%, as well.
GOOD NEWS…the market isn’t crashing. Increases in mortgage interest rates have led to diminished buying power for most homebuyers, add to that a doubling of the number of homes currently for sale, and you have pressure on prices to go down.
Ultimately this is a good thing because it has led to a more balanced market instead of the frenzied seller’s market we had for most of the past two years.
To learn more about what is happening in the Arrowhead Ranch real estate market or talk about buying or selling your home, reach out to me at (480) 797-8975.
Author: J.D. Manning
EverythingArrowhead.com founder and administrator. Arrowhead resident and Realtor, The Arrowhead Agent with eXp Realty
