June 23, 2024 8:20 am

Local News

House Prices Increase in Arizona

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Mohamed Bughrara

The median property value in Sedona is now more than $900,000, which is more than $400,000 more than the state average. The city also has far fewer rental units than the state average, with only 4% compared to 16% statewide.

Historically, over 75% of properties in the city have been owner-occupied, leaving few homes available for rent to residents.

According to Realtor.com statistics, properties in Chino Valley are selling for a median price of $418,000. Furthermore, the area’s median rent is $2,300.

Chino Valley school board member Peter Atonna recalls hearing about instructors who couldn’t afford to live in town and were forced to relocate and commute in every day.

They are currently appealing for a county grant as well as other financial sources in order to build houses, particularly for school district faculty. Peter explained that they will receive project proposals from construction businesses over the next several weeks and will proceed from there once they have a clearer notion of what the home will truly look like.

According to Zillow, the average home value in Arizona climbed by 17.7% between August 2021 and August 2022. The average house in Arizona is now worth $442,859. Home prices in Arizona have increased by 54.2% in the last two years and by 93.2% in the last five years.