The Phoenix Metro market just sent a clear signal, and October was the first real push in a new direction. For months, buyers and sellers have been waiting to see which way the market would move.
Hot New Builds in the Valley
Dated: July 29 2024
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Are you curious about where new construction and new builds are popping up throughout the valley? Here's a hint... "keep driving." New homebuilders are buying land throughout the valley, investing millions of dollars into these developments.
To give you an idea, new home builds have seen a 2.8% increase in sales from January to May, with a total of 9,522 units sold throughout the valley. If you're planning to visit a new build home, make sure you have representation. Taking a real estate professional with you can make a significant difference in your purchase experience.
Spotlight on New Developments
KB Home has recently purchased about 35,000 acres in Santan Valley. They plan to build 14 to 15 square foot homes, totaling approximately 133 units, in a complex named Bella Camino Community. These homes will offer a variety of bedroom options to suit different needs.
Meritage Homes has acquired over $6 million worth of land in Buckeye, spanning about 40 acres at the northwest corner of Apache and Bellow Road.
D.R. Horton has also invested in Buckeye, with plans to build on the corner of State Route 85 and Highway I-10.
Ashton Woods has purchased land in Surprise, where they will be developing around Grand Avenue and Deer Valley.
Lennar has acquired land in Avondale, where they will be building near Avondale Road and Broadway Road.
The Growing Market
We've observed a 57% increase in new home build permits compared to last year. Between January and May, 11,700 new permits were requested from various cities. The median price for new builds is around $475,000, reflecting a slight increase compared to last month. Overall home prices in the valley have appreciated by 4.8%.
If you're considering buying a new home, keep in mind that home values continue to rise. Appreciation is a powerful way to build wealth, so now might be the perfect time to invest in a new build in the valley.
For more detailed insights and a tour of the hottest new builds, make sure to check out our video: "Hot New Builds in the Valley." 🏡 Watch Now! 🏡
Fred Delgado
Fred Delgado, Founder of The Fred Delgado Real Estate Group with TruCore Ageny, raised in Phoenix AZ, he served the Phoenix Metro Area as a real estate professional since 2006. With his extensive bac....
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