Phoenix, AZ

$21 million. Phoenix house breaks state record for most expensive

Ash Jurberg
Photo by Toa Heftiba on Unsplash

House prices in Phoenix continue to rise.

A report from the Arizona Regional Multiple Listing Service said that housing sale prices have increased by 20% over the previous year. The median sales price in Phoenix was $460,000 in April and is projected to hit $475,000 in May.

It makes buying a home out of reach for many people in Phoenix. But for a lucky few, price is no concern, as indicated by the recent sale of one home.

A house in the exclusive Cameldale neighborhood recently sold for $21 million- a new record for any house in Arizona. The 15,736 square foot house sits on 4.27 and has seven bedrooms, fourteen bathrooms, and a four-car garage. And there is even a guesthouse which has two bedrooms and bathrooms.

The small neighborhood is the most expensive ZIP code in Arizona and has been home to Michael Phelps, Muhammad Ali, Mike Tyson, and former U.S. Vice President Dan Quayle.

The past 24 months have been crazy. We were seeing a slow-paced climb for years but COVID really just hit the gas pedal. We’ve seen prices from what was $500, $600 a foot go all the way up to prices like when I broke a record in June for $1,511 a foot and then again for $1,600 a foot on a presale, ” Josh Peters, founding partner of brokerage RETSY

A panel of Zillow's economists and real estate experts expect that Phoenix will be the eighth fastest-growing real estate market in the United States in 2022. According to Redfin, on average, homes in Phoenix sell after 21 days on the market compared to 23 days last year.

It all adds up to a tough real estate market for Phoenix buyers. But a good market for those selling $21 million homes!

Readers, what do you think of the Phoenix real estate market? Has it become too expensive for the average person?

Please leave your comments below.

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