Real estate

Three Phoenix-area cities among those with few homes under $150K

Report finds one city with plenty at that price among survey of largest in U.S.

Posted 4/18/22

Despite building a reputation for affordable housing, the Valley has three cities that rival high-priced markets like San Francisco and Boston for homes below $150,000

At the same time, one …

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Real estate

Three Phoenix-area cities among those with few homes under $150K

Report finds one city with plenty at that price among survey of largest in U.S.

Posted

Despite building a reputation for affordable housing, the Valley has three cities that rival high-priced markets like San Francisco and Boston when it comes to having homes available for $150,000 or less.

At the same time, one Valley city has the most homes available at that price point and below than any large city in the U.S., according to a data review by Point 2, an anlytics company from real estate firm Yardi.

When it comes to lack of affordability, Gilbert is among the worst large cities in the U.S. with no homes listed for less $150,000. It's in a company that includes San Francisco, Irvine and Oakland in California and Las Vegas suburb Henderson, Nevada.

Just above that are Scottsdale and Chandler, which have 0.13% and 0.19% of homes available under $150,000. All three cities rank in the bottom 10 of the 100 most populous cities in the U.S., according to Point 2.

Mesa, on the other hand, still has plenty of homes under $150,000, with 14.82% of its listings under that price. As a comparison, Mesa's cheapest listing was for $110,000 for a two-bedroom, two-bath home. Gilbert's lowest-priced listing was nearly $285,000 for a two-bedroom, two-bath condo.

Phoenix and Glendale also made the list, with 0.92% and 0.94% of listings below $150,000, respectively.

The Valley has seen a continued rise in home prices during the past two years as builders have continued at a steady pace but the population continues to boom. While the Valley remains more inexpensive than markets such as San Francisco and San Jose, its median prices are creeping up to compete with the likes of Denver and Austin, Texas., according the Point 2 data.

For a look at the complete list, click here.

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