"My husband's uncle built the house on a former grapefruit orchard in 1948, but it's time to sell," Anita Calihan said. View Gallery: Phoenix-area median home prices "A lot of sellers in these areas are feeling much better that they have equity in their homes again, and I am seeing multiple offers on homes, which wasn't happening a few years ago."Īnita and Philip Calihan recently listed their longtime home in ZIP code 85020, located on more than an acre near Third Street and Glendale Avenue, for $1.35 million. "I am seeing an incredible interest in the central Phoenix and Biltmore areas," said Bobby Lieb, associate broker with HomeSmart Elite Group. Some of Phoenix's other high-end ZIP codes include 85018, home to the Arcadia neighborhood that straddles the Phoenix-Scottsdale border 85016 around the Arizona Biltmore and 85020, which borders the Phoenix Mountains Preserve. Home prices climbed almost 17 percent last year in ZIP code 85012, more than three times the Valley's overall median price increase. The neighborhood's median price is $459,000, the highest for Phoenix and the eighth-priciest in metro Phoenix. The ZIP code includes many million-dollar properties, including the former estate of Sen. The trend paused with the crash but is back on. About 15 years ago, buyers wanting to live along the neighborhood's tree-lined streets began tearing down older houses and rebuilding or renovating houses they purchased from original owners. Most of the area's houses stretching up Central Avenue are big, older single-family homes on larger lots. Phoenix's north-central ZIP code 85012 has the city's most expensive neighborhoods, plus many new restaurants featuring local chefs that draw people from all over the Valley. "There's been a reversal of all growth happening on the edges, and now even Phoenix suburbs farther out are seeing more high-density housing developments." "Phoenix as a city has recovered and matured, and so has it's housing market," said Tom Simplot, CEO of the Arizona Multihousing Association and a former Phoenix City Council member. Its diverse neighborhoods include many of the Valley's most affordable areas, family-friendly mid-range areas and several of the region's most expensive neighborhoods. Phoenix, the nation's sixth-largest city, recorded by far the most sales of any Valley community and more than doubled Mesa's sales of almost 8,300.īecause of its size, Phoenix also is a city of many housing markets. More than 19,000 houses sold across Phoenix last year. "We really love the area because the houses are less cookie cutter." "It's not cheap to buy in central Phoenix now, but everyone raves about the Madison school district," said Charlotte Shaff, whose house is in ZIP code 85020. The couple have two young sons and had been renting in the area so their children could attend school in the highly rated Madison Elementary School District, which spans several north-central Phoenix ZIP codes. Buyers also snapped up older homes in desirable areas, driving up median prices.Ĭharlotte and John Shaff bought a house last month near Seventh Street and Glendale Avenue. Vacant infill sites and older homes and buildings have been transformed into new houses, condominiums and popular entertainment and shopping venues in a trend that escalated during 2014. Home prices are rising fastest in most of Phoenix's central neighborhoods as the area draws Millennials, families and empty nesters who want to be near jobs, schools, light rail and newer entertainment and restaurant hubs. View Gallery: Valley Home Values: Snapshots of a changing housing market
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