Phoenix Ranked #2 in Housing Markets With the Best Bargains
After analyzing 300 of the largest U.S. metro area markets, Realtor.com®'s research team ranked Phoenix as the #2 market with the best bargains and price reductions.
Phoenix was also ranked the #1 predicted hottest market for real estate in 2017 by Realtor.com®
With home prices rising in most areas, buyers in a few large markets are seeing some substantial price reductions which could translate to more opportunity for some homebuyers this winter.
“Despite the fact that home prices are now setting new records in most of the country, price reductions on listed homes are quite common,” says Jonathan Smoke, realtor.com®’s chief economist. “A price reduction can happen for lots of reasons, including adjusting an unrealistic initial price, a new sense of urgency, or motivation by a seller, or declining market trends.”
Based on the study, the following top 10 markets have had the most price cuts:
( % = the share of home with price cuts)
Midland, Texas: 34.9% (the share of homes with price cuts)
Phoenix, Ariz.: 34.3%
Anchorage, Alaska: 33.3%
Austin, Texas: 31.5%
Springfield, Ill.: 30.6%
Denver, Colo.: 29.5%
Vallejo, Calif.: 29.3%
Baltimore, Md.: 29.2%
Palm Bay, Fla.: 27.9%
San Diego, Calif.: 27.6%
Source: “Bargain Hunter’s Special: Top 10 U.S. Markets for Real Estate Discounts,” realtor.com® (Dec. 12, 2016)
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