Taking a look at the Median Sales Price in Phoenix since the turn of the century, there are a few things that jump off the page at me:
The current prices have reached all-time high levels.
The Boom and Bust years are clear to see, where the market was completely out of whack.
The trendline (appreciation rate) from the earlier years (2000 - 2004) showed the prices increasing at a slower pace than they have been recently.
The trendline from 2014 - current shows prices appreciating at a much faster clip - definitely faster than most peoples’ incomes have been rising over the same timeframe. Is this sustainable?
Sometimes I like taking a long-term look at the market to see how far prices have risen over the last couple decades. (But it also makes me wish I had bought a lot more property on the left-side of the timeline!)
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.