REAL ESTATE
Home prices showed modest growth In 2024, Buckeye’s median home price increased by approximately 4-5%, a more moderate pace compared to the double-digit spikes of previous years. This steady growth reflects a maturing market, driven by consistent demand from families, retirees, and remote workers relocating to the area. For sellers: Homes priced competitively, particularly those in popu- lar neighborhoods like Verrado and Sundance, often sold quickly. For buyers: The slower price growth offered a chance to enter the market without the bidding wars seen in prior years. Strong new construction activity Buckeye’s reputation as one of the fastest-growing cities in the U.S. held firm in 2024, largely thanks to the robust new construction sector. Master- planned communities like Tartesso and Festival Foothills continued to expand, offering buyers a range of options, from affordable starter homes to luxury residences. Key trend: Builders focused on energy-efficient designs and community amenities such as parks, pools, and walking trails, which remained a big draw for buyers. Rental market demand surged The rental market in Buckeye flourished in 2024, with single-family rental homes in high demand. Many families moving to the area opted to rent first, either to explore their neighborhood options or wait for more favorable buying conditions. For investors: Rising rental prices and low vacancy rates made Buckeye an attractive market for purchasing investment properties. Affordable living continued to attract new residents Buckeye remained one of the most affordable areas in the Phoenix metro region, making it a hotspot for relocation. As nearby cities like Scottsdale and Chandler became more expensive, Buckeye offered a cost-effective alternative with modern housing and growing amenities. Notable stat: The average home price in Buckeye was nearly 20- 30% lower than in neighboring cities, making it a go-to option for first- time buyers and retirees.
2024 REAL ESTATE MARKET RECAP: A YEAR OF RESILIENCE AND TRANSFORMATION BY MARK SUMMERS A S 2024 COMES TO A CLOSE, THE REAL ESTATE MARKET HAS PROVEN to be a year of resilience and adaptation. From fluctuating mortgage rates to shifting buyer preferences, the past year has been dynamic, with key trends shaping the housing market across the country. But as we reflect specifically on the Buckeye real estate Mortgage rates stabilized but remained elevated After the sharp increases in mortgage rates in 2022 and 2023, 2024 saw more stability, though rates remained higher than the historical lows seen earlier in the decade. By midyear, average 30-year fixed mortgage rates hovered around 6.5% to 7%. While this tempered buyer activity in some areas, it also encouraged creative financing solutions, such as rate buy-downs and adjustable-rate mortgages (ARMs).
market, it’s clear this thriving city continued to be a standout in the Phoenix metro area. Known for its affordability, growing economy, and quality of life, Buckeye experienced another strong year of development and activity in its housing market. Here’s a recap of the key trends and events that defined 2024 and what they mean for homeowners, buyers, and investors moving forward.
What it means: Buyers faced affordability challenges, leading to slower price growth in many markets. Sellers had to adjust their expectations and focus on competitive pricing to attract offers.
InBuckeye.com | Winter 2025
Winter 2025 | InBuckeye.com
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