Is your Valley house rising in value?

Posted at 10:17 AM, May 30, 2016
and last updated 2016-05-30 14:42:56-04
Home values in Maricopa county climbed more than 8 percent over the past year according to recent data from real estate research company Zillow.  
The median home value in Maricopa County as of April 30 was $226,500. Zillow predicts home values will rise another 3.3 percent within the next year. 
Does that slow in growth mean the market is leveling off?
"This is very price point, property type and geographically specific," Nick McCully, principal at Strong Tower Real Estate Group, said.  "The low end will continue to see price increases due to demand while the higher prices (up to 500K) are more level with a slight upward trend and the luxury market (over 500K) is about - 5 percent at this point." 
There are a number of cities in the Valley that are outpacing the county average.  Zillow data showed Youngtown home values are up 20 percent over the past year and Zillow predicts they will rise 6.2 percent within the next year.  Tolleson home values are up nearly 18 percent over the past year and Zillow predicts they will rise 4 percent within the next year.  McCully said it's a good time to invest in property... if you can find one.
"If you are looking to invest in real estate as an owner-occupant then it's still a no brainer to do so," McCully said. "Investing in real estate for flips and rentals is also still a very good idea?, h?o?w?e?v?e?r?, there are limited quantities of worthy deals to be had in an overcrowded market." 
Zillow reports Maricopa County home listings spent an average of 68 days on its site.