Quote:
Originally Posted by muertecaza
I'm in Phoenix suburbs, and while I'm not worried for myself as I bought in 2014 while Phoenix was still recovering from the last crash, we have seen some pretty big drops from the ~June 2022 peak. My Zestimate (which is pretty close to accurate based on my tracking of actual sales in the surrounding area) has gone down 15% since June 2022. But also the prices in June 2022 were insane, some 50-year old modest houses near me went for over $500k. Even a 15% drop from there only brings us back to Dec. 2021 levels, and those prices still make little sense to me. The declines have tapered off in the last month or so, but we'll see moving forward.
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Flagstaff has always been expensive relative to the rest of Arizona, but probably cheap for the California transplants relative to SoCal and the Bay Area.
Housing prices have dropped somewhat, but a) they were absolutely insane during the pandemic (seems like a lot of remote workers moved here?) and b) housing is still unattainable for most here.
I still can't believe what houses are going for in the Valley, though.