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Home Values are Surging in Marana, Arizona

24/7 Wall St.
24/7 Wall St.
 2021-06-23

https://img.particlenews.com/image.php?url=0dOQlP_0ach6NJs00

https://img.particlenews.com/image.php?url=2w18W2_0ach6NJs00 In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back -- and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

According to estimates from Zillow, a Seattle-based real estate data company, between May 2020 and May 2021, the typical single-family American home appreciated in value from $253,773 to $287,148, a 13.2% increase. Of course, housing markets also respond more to local forces, and not all parts of the country followed the national pattern.

In Marana, a town of about 45,300 residents in Arizona’s Pima County, home values are rising even faster than they are nationwide. The typical single family home in Marana was worth $342,244 as of May 2021, 16.9% more than what it was worth one year ago.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, over the last one-year period, Marana’s population increased by 3.8%.

Nationwide, the typical home value is about 4.6 times higher than the median household income of $62,843. In Marana, housing is generally more affordable. The typical single-family home value is about 4.0 times higher than the local median household income of $85,812.

Here are the 32 communities with populations of at least 25,000 in Arizona where home values climbed the most in the last year.

This is How Much Home You Can Buy For 200K in Every State

Rank in state Place 1-yr. increase in typical home value Current typical home value ($) 1-yr. change in median income Current median household income ($)
1 El Mirage 28.3% 284,174 6.5% 58,216
2 Maricopa 26.9% 297,691 7.1% 74,515
3 Queen Creek 25.9% 505,478 7.7% 105,729
4 Buckeye 25.6% 324,895 8.8% 71,707
5 Avondale 24.8% 322,174 4.9% 61,825
6 Prescott Valley 24.7% 376,568 7.3% 51,909
7 San Tan Valley 24.6% 328,063 0.8% 67,880
8 Phoenix 24.6% 340,341 4.9% 57,459
9 Lake Havasu City 24.4% 381,196 4.7% 53,605
10 San Luis 24.3% 180,759 9.2% 37,255
11 Glendale 24.3% 323,993 5.2% 55,020
12 Surprise 23.7% 352,806 6.0% 69,076
13 Casa Grande 23.6% 257,023 7.7% 52,841
14 Apache Junction 23.4% 298,303 8.4% 45,653
15 Scottsdale 23.3% 661,074 4.3% 88,213
16 Mesa 23.2% 348,810 6.4% 58,181
17 Peoria 23.2% 387,142 3.1% 75,323
18 Flagstaff 22.9% 485,441 4.9% 58,748
19 Goodyear 22.8% 389,641 4.4% 83,866
20 Gilbert 22.6% 456,888 4.9% 96,857
21 Sun City 22.6% 252,153 4.3% 40,586
22 Florence 22.3% 285,130 -0.3% 49,534
23 Yuma 22.0% 217,824 0.6% 47,998
24 Prescott 22.0% 493,839 3.1% 55,734
25 Sun City West 21.4% 332,911 9.3% 52,196
26 Chandler 21.4% 424,986 2.7% 82,925
27 Tempe 21.3% 387,801 7.0% 57,994
28 Tucson 20.6% 260,631 4.3% 43,425
29 Kingman 19.3% 214,206 7.7% 49,029
30 Bullhead City 19.2% 260,338 3.3% 41,507
31 Marana 16.9% 342,244 1.6% 85,812
32 Sahuarita 16.3% 284,105 2.3% 80,525

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