Glendale’s Real Estate Market Peaks at $475k Amid Fluctuations, February 2024 Overview Reveals

Glendale, AZ Real Estate Market Overview

As we examine the recent data from the Glendale, AZ real estate market, some noteworthy trends emerge that may catch the eye of potential buyers, sellers, and investors. The ebb and flow of property values in Glendale have been somewhat remarkable, with average property values experiencing significant peaks and troughs over a short period. For example, Glendale saw its highest average value in recent times at approximately $475,000 in February 2024, whereas just a few months prior, in November 2023, the average value had fallen to about $431,841.

Interestingly, this peak in average value during February did not correspond to a peak in average sale prices, which were at their highest in October 2023 at around $420,867 but then dipped to approximately $410,960 by February 2024. This could suggest that while the perceived value of real estate in Glendale may be on the rise, the actual closing sale prices aren’t necessarily following suit to the same extent.

One relatively stable metric has been the average sale price per square foot, which remained between $243 and $247, showing consistency in pricing irrespective of the fluctuations in overall property value and sale prices. This consistency could indicate a solid baseline for property values in the area, with buyers and sellers able to set reliable expectations for per square foot pricing.

A potentially concerning trend for those keeping a close eye on the market is the decrease in the number of properties sold, dropping from 3,156 in August 2023 down to 2,634 by February 2024. A reduction of over 500 transactions suggests a cooling off of market activity, which could be due to various factors such as seasonal changes, economic shifts, or alterations in housing demand.

Comparative Analysis: Real Estate in Nearby Cities

When expanding our lens to include nearby cities, Glendale’s market trends appear even more distinctive.

• Sun City saw an upward trajectory in property values across the year, reporting an average value of about $293,500 in February 2024. Though there was a momentary dip in January, the overall increase suggests growing attractiveness or potential improvements in the area’s housing stock.
• Phoenix, as a larger urban center, stood out with a continued rise in property values, reaching a high of $584,900 in February 2024. This demonstrates Phoenix’s likely more dynamic market, supported by a higher demand for housing and potentially more diverse real estate offerings.
• In contrast, Youngtown does not provide data on average values, but we did notice an increase in the average sale price per square foot, from $238 in February 2024, indicating heightened buyer interest or an uptick in higher-valued properties changing hands.
• Peoria recorded the highest average values in the region in October 2023 at $694,900 but then faced a downward adjustment in subsequent months. While by February 2024, the average value had settled at about $586,500, the earlier peak and subsequent decline could be suggestive of a market reaching a temporary ceiling before buyers adjusted their willingness to pay.
• Sun City West experienced a slight decrease in average property values over the period, settling around $405,900 in February 2024. The decline was not as pronounced as in Peoria, suggesting a more gradual market correction or a stabilizing effect taking place.

Glendale and Surrounds: February 2024 Snapshot

As of February 2024, Glendale’s real estate market sits with an average property value of $475,000, an average sale price of $410,960, and an average sale price per square foot of $243. The city saw 2,634 properties sold, hinting at a vibrant but slightly cooling market.

In comparison, Sun City is on the more affordable end with an average property value of approximately $293,500 and an average sale price of about $296,031. The average sale price per square foot was $202, and the number of properties sold was second to Glendale at 1,386, indicating a fairly active yet less costly market.

Phoenix’s market appears the most vigorous, with not only the highest average property value at $584,900 but also the most significant number of properties sold at 12,538. The average sale price sat at $419,464, and the price per square foot was the highest among the compared cities at $277, signaling a robust demand for housing.

Youngtown remains the smallest sample with 85 properties sold, but its average sale price of $320,017 and per square foot pricing of $238 suggest a modest market with growing property values.

Peoria mirrors Phoenix in terms of higher property values with an average of $586,500. However, the average sale price was significantly lesser at $484,157, and the average sale price per square foot was $259. The number of properties sold was 2,262, making it a noteworthy market in terms of activity and value.

Sun City West, with an average property value of $405,900 and an average sale price of $374,913, saw 872 properties sold. The per square foot price here was $229, marking it as a middle-ground market in terms of both housing cost and market activity.

Each of these communities offers unique insights, from Glendale’s fluctuating market to Phoenix’s booming real estate scene and the measured growth in the smaller surrounding cities, painting a dynamic and multifaceted picture of real estate in this part of Arizona.