Million $ homes
HI, Sorry I missed blogging yesterday due to internet issues.
As median home values across the nation continue to increase, so has the proportion of homes valued at $1 million or more, according to the U.S. Census Bureau. The national median home value in 2003 was about $140,000 (Arizona ranked 23rd - median value $134,699), up nearly 16% in the last three years, while the percentage of million dollar homes nearly doubled. Arizona ranked 16th in million dollar homes with 9,430, up from 4,755 in 2000. Maricopa County ranked 132nd in counties with a median of $147,620, Pima County 159th at $128,577. *
Considering the rapid increases of the past year, one can imagine the tremendous increase that will be seen in the next report. Also take note of the rankings and realize one of the key reasons we are experiencing such growth: the Phoenix area is still affordable compared to many other metro areas.
Thanks,
Adam Tarr and Sharon Kotula
Your Phoenix area Real Estate Source
*info taken from AZ Realtor Digest 8/05