Mesa Housing Market 2022: Prices, Trends & Forecast
The Mesa housing market was as overheated as housing markets in the rest of the nation for the past 2-3 years. We’re seeing many of the same trends that have plagued the rest of the nation. A low housing supply, price increases, and somehow more people opting not to purchase houses have all happened in the Mesa market. Keep reading to learn more about Mesa housing market prices, trends, and forecasts.
Mesa Housing Market Prices
The prices in the Mesa housing market continue to increase. Year over year, all homes saw an increase of 9.7%, according to Redfin. The median price for all home types was almost $450,000.
Single-family homes saw a significant price increase of 11% year over year. The median price of a single-family home on the Mesa housing market is $492,000.
Townhouses saw a more considerable price increase than single-family houses. The median price of a townhouse on the Mesa housing market is $325,000, an increase of 17.4%.
Condos and co-ops saw the most minor price increase year over year. The median sales price in this category is $269,000, which is only a 9.8% increase year over year.
Although we see price increases in every housing category, a little over 50% of houses sold had price drops. Only 18.6% were sold above the list price, which is a drastic decrease year over year.
On average, homes on the Mesa housing market sold for 24.1% more than they did last year in August. That’s a difference of $86,846, according to Rocket Homes.
Prices for every size house increased. One-bedroom houses saw an increase of 29.6%, the highest increase. Homes with at least five bedrooms saw the lowest increase, only 22.1%.
These are the average costs for the entire Mesa housing market. Some areas are drastically overpriced compared to others. According to this article, at least two areas of the Mesa housing market have average prices of $1 million.
Mesa Housing Market Trends
In August of 2022, about 528 homes were sold. That’s a decrease of 34.1%. Homes spent an average of 36 days on the market, an increase of 11 days yearly.
Most of the homes sold were single-family homes. Out of all the houses sold, 430 were single-family homes. They spent 36 days on the market, up 11 days compared to the 25 days they spent on the market last year.
Only 60 of the homes sold on the market were townhouses. This is a 45.5% decrease in townhouses sold year over year. On average, townhouses spent 32 days on the market, an increase of 11 days yearly.
Of all homes sold, only 33 fell into the condos/co-ops category. Houses in this category spent a median number of 34 days on the market. That’s an increase of nine days year over year.
Buyers, sellers, and investors should pay attention to some migration trends in the Mesa area. Approximately 74% of people in the area that moved wanted to stay in the area, which means only 26% of people that moved were considering houses outside of the area.
More people and families from other areas are looking to move into the Mesa area. It is the top area for individuals to move into that are moving out of Los Angeles.
The housing supply has seen an increase as well. Compared to August of last year, 9.4% more homes are listed for sale. Most of these are 3 or 4-bedroom houses.
Mesa Housing Market Forecast
Many say it’s time to see a downturn in this overheated housing market, but the market isn’t showing positive signs. There’s been a slight downturn, but it’s not enough for the market to cool off. There has been a slight increase in the housing supply, but it’s not enough to create a balanced market. If people continue to move into the Mesa area, the housing supply will be unable to keep up with the population growth.
New houses are being built, but these are coming at a more expensive cost due to inflation. This further increases prices that are already too high.
Slight price increases will continue, but sellers that need to sell their homes will continue to lower the price so they can sell their homes quickly. Looking to sell your home fast? We buy houses in the Mesa area!
Prices will not rise at the same record rates we’ve seen over the past three years in the Mesa housing market, but they will continue to increase.
Years from now, the Mesa housing market will become more balanced, but it will take more than a year for the housing supply to become balanced enough to create a healthy market.
Right now, the Mesa housing market is still a seller’s market. However, because buyers are starting to shy away from the market, they are starting to have a little bit more power at the negotiating table. This has resulted in price drops so sellers can still sell their houses.
However, the supply will not be enough to create a buyer’s market. Unfortunately, prices will continue to increase. That means buyers will have an easier time finding a house on the Mesa housing market.
Now is not a great time for sellers, and it will be harder to sell houses in the future due to further increased prices and rising mortgage rates. Contact us to sell your home for cash before rising mortgage rates make it harder to sell.
Unfortunately, that is not the best time for investors either. With so many houses selling with price drops, investors aren’t guaranteed to make a pretty penny off their investments.
Looking to sell your house fast for cash? We buy houses in the Mesa area!
Does it sound like the Mesa market isn’t for you? Check out the Fort Worth housing market or the Orlando housing market!