(Published on - 7/26/2021 5:32:51 PM)
Prescott Area Market Prices are only predicted to go UP!
Everyone will agree the market is moving in an unknown direction. For the last year or so we’ve experienced a very different market than what we’re used to. Some predictions were saying because of the Covid challenge in 2020 the market will slow down; people wouldn’t want to move in such environment but the statistics and data from the last few months prove us all wrong. Let’s see some data from the last year.
Data imported from Rockethomes.com shows the average price of home sold in Prescott, AZ since June, 2020 increased by 13.7%. Many different factors contributed to this high rise.
- Mortgage rates are all time low of < 3%.
- Very sparse inventory. Currently in Prescott there are only 260 active listings according to the MLS 07/22/2021.
- Rental prices are on the rise. This is bringing a wave of demand from renters looking to buy their first homes.
2021 Housing Market Forecast and Predictions predicts market prices in Arizona go up by 7%.
Six months in 2021 we doubled this percentage in Prescott.
Buyers’ hopes for market dropping prices doesn’t look very promising. According to investment statistics looks like prices are only predicted to go up. Based on Prescott real estate market research and report the predicted sales prices will increase by 21.470% in the next 10 years.
Not only Prescott is a great place to raise a family or retire but a great place to invest as well!!! Prescott's real estate prices and its market environment have been in a bullish cycle in the last 36 months.
Investment analyst Ai predicts a positive trend in the near future and buying a house in Prescott appears to be a profitable investment. All the above imply a positive outlook for the Prescott city property market making it a must have in your property investment portfolio.
Resources: https://walletinvestor.com/; https://www.realtor.com/; https://www.rockethomes.com/