PHOENIX (3TV/CBS 5) -- COVID cases remain on the rise, and the economy is a bit unsettled. But the Phoenix-area housing market is doing just fine, with home prices climbing higher and higher.
According to The Cromford Report, the average home sales price in September 2020 was $408,240. A year later, it's $494,502. That's a 21% increase. Real estate agent Jordan Page said the big jump in appreciation had convinced a lot of home buyers to put up a "for sale" sign.
"People are realizing how much their house is worth, and as soon as they can find a place they want to move to, they're cashing in and making the most of it," said Page.
Valley Veteran Skylar Domine wasn't planning to move any time soon, but when his Scottsdale townhouse shot up to $70,000 in one year, he reconsidered.
"Did the appreciation have something to do with that?" asked Domine. "100-percent it did. Looking at the numbers, it definitely made things quicker on putting it on the market ."
According to The Cromford Report, here's a look at some Phoenix-area cities where home prices have shot up the most, based on the average sales price per square foot:
- Chandler - home prices are up 22 %
- Phoenix - 23.8 %
- Scottsdale – 27 %
- El Mirage – 29.1 %
- Tonopah – 30.7 %
"We should expect these conditions to continue for at least the next two years," said Page. "Right now, we have a shortage of homes, and building materials are at an all-time high - they can't build homes fast enough to satisfy the demand out there."
For more details on home prices from The Cromford Report, click here.