It’s not often you see two homes in the same zip code separated in price by $1.4 million. But that’s exactly what we’re experiencing in the area right now. While most of the properties for sale are listed at $300,000-$600,000, there’s an increase in homes at both higher and lower price points. The highest priced 85085 house is on the market for $1.6 million. And just a few miles away there’s one listed for $250,000. This type of disparity tends to happen in newer areas – you get a mix of different property sizes, home designs, and price points. Older, more established neighborhoods have usually settled into their home values, which typically move up and down in price together as the market moves.
The million-dollar homes, as beautiful as they are, have a narrower marketplace. But the increased inventory of value priced homes (in the $200’s) appeals to a much larger group of first-time home buyers, downsizers, or anyone previously “priced out” from the neighborhood. A search of listings at $250,000 or below shows 41 properties for sale in Norterra/Deer Valley.
Aside from being a great place to live, Deer Valley and Norterra are in the midst of a strong growth period, residentially and commercially. This combination of factors makes a community desirable and sought-after. Buying a value priced home in a growing neighborhood could prove to be a savvy investment, as we might eventually see nothing available below $300,000. Those who “buy low” could soon find themselves with a pretty good chunk of equity. Not a bad position to be in, especially in a city that’s growing.