The Peoria real estate market is always evolving, and 2024 promises to bring some exciting trends for buyers, sellers, and investors. From shifts in home prices to emerging neighborhoods, understanding the latest market trends can help you make informed decisions. Whether you’re considering buying a home, selling a property, or simply keeping an eye on Peoria’s real estate landscape, here’s what you need to know about the Peoria real estate market in 2024.
1. Steady Home Price Growth
One of the defining trends in Peoria’s real estate market for 2024 is the steady growth of home prices. While the market saw a slowdown in price increases in recent years, Peoria’s desirable location, strong job market, and family-friendly atmosphere continue to attract new residents. Home prices in Peoria are expected to see moderate growth, making it a favorable market for sellers and a solid investment opportunity for buyers.
For those planning to buy a home in Peoria, it’s wise to act sooner rather than later, as the steady increase in prices may continue throughout the year. For sellers, this trend suggests a favorable time to list properties, especially in well-maintained and popular neighborhoods. Homes in areas like Vistancia and Westwing Mountain are particularly attractive, offering desirable amenities and a strong resale value.
Furthermore, Peoria’s steady growth means that even as prices rise, the city remains relatively affordable compared to neighboring areas. This affordability, combined with a stable job market, makes Peoria attractive to both first-time buyers and investors looking for rental properties.
2. Increased Demand for New Construction Homes
With Peoria’s population growing, there’s a strong demand for new construction homes. Many homebuyers are looking for modern amenities, open floor plans, and energy-efficient designs that new homes can provide. In response, builders in Peoria are developing new communities to meet this demand, with options ranging from family-friendly subdivisions to luxury estates.
Neighborhoods like Vistancia and Trilogy at Vistancia continue to expand, offering a range of housing types. These communities emphasize lifestyle with amenities like golf courses, fitness centers, walking trails, and community events. New construction homes also appeal to buyers looking for customizable features, allowing them to tailor their homes to their preferences. Options such as upgraded kitchens, smart home technology, and eco-friendly materials allow buyers to create a home that matches their vision.
In addition, new construction homes often come with lower maintenance costs due to modern materials and building codes, which can make them a smart choice for buyers looking to minimize upkeep. Builders are also focusing on energy efficiency, integrating features like solar panels and smart thermostats, which align with growing buyer interest in sustainability.
3. Rising Interest in Suburban Living
A noticeable trend across the Phoenix metropolitan area, including Peoria, is the growing interest in suburban living. Many people are seeking the balance of urban amenities and the quieter lifestyle that Peoria offers. The town’s excellent schools, parks, and recreational options make it especially appealing for families and professionals who are working remotely or commuting to Phoenix.
Peoria’s suburban neighborhoods, such as Fletcher Heights and Sonoran Mountain Ranch, offer the best of both worlds: proximity to Phoenix’s job market and the comfort of a relaxed suburban environment. The increased popularity of hybrid and remote work has further fueled demand for suburban homes, as people seek properties that can accommodate home offices and outdoor spaces. As a result, Peoria’s neighborhoods with easy access to schools, shopping centers, and major highways are likely to see continued demand throughout 2024.
The trend toward suburban living also highlights the importance of amenities within these neighborhoods. Families and professionals alike are prioritizing areas with parks, trails, and recreational centers, making Peoria’s suburban lifestyle even more attractive.
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4. Investment in Community Amenities
Peoria’s local government is committed to enhancing the quality of life for residents by investing in community amenities. New parks, trails, and public facilities are part of Peoria’s development plans for 2024, reflecting the city’s commitment to creating a well-rounded community that caters to the needs of residents of all ages.
The city has allocated funding for improving existing parks and creating new recreational areas to accommodate the growing population. For example, Paloma Community Park has become a community favorite since its opening, and plans to add more amenities are underway. Rio Vista Community Park is another example of a community-focused space that enhances Peoria’s appeal, with features like sports fields, a recreation center, and a popular splash pad for families.
For buyers and investors, properties located near parks, schools, and recreational facilities may see higher appreciation rates, making them attractive investments. Keep an eye on neighborhoods where these new amenities are being developed, as they could present excellent opportunities for long-term value. These amenities not only contribute to property value but also foster a strong sense of community and improve residents’ quality of life.
5. Demand for Energy-Efficient and Sustainable Homes
As more people look for ways to reduce their environmental footprint, energy-efficient and sustainable homes are gaining popularity in Peoria. Homes with solar panels, smart thermostats, energy-efficient appliances, and eco-friendly landscaping are highly sought after by environmentally conscious buyers.
In Peoria, this trend is especially significant as the city experiences warm, sunny weather for much of the year, making solar power a viable and cost-effective option. Homebuyers in Peoria are increasingly interested in properties with sustainable features that help reduce utility bills while supporting the environment. Builders and developers are responding to this demand by integrating energy-efficient designs into new constructions.
Sustainable features not only appeal to buyers concerned about the environment but also offer financial benefits through reduced energy costs. For sellers, upgrading to energy-efficient features can increase the appeal of their property and potentially lead to a faster sale. As awareness of sustainability grows, this trend is expected to influence Peoria’s real estate market for years to come.
6. A Favorable Market for Rental Property Investors
Peoria’s growth and rising popularity as a residential destination make it an attractive market for rental property investors. With more people moving to the area, there is an increased demand for rental properties, especially as some prospective homebuyers are temporarily renting while they navigate the competitive housing market.
Investors looking to purchase properties in Peoria can benefit from relatively high rental yields, especially in areas with popular amenities and good schools. Neighborhoods like Arrowhead Shores and Desert Harbor have a range of rental-friendly properties that appeal to young professionals, families, and retirees. The city’s steady growth, combined with its family-friendly amenities, makes it an ideal choice for investors seeking rental properties that offer both stability and potential for appreciation.
The demand for rental homes in Peoria is also fueled by the city’s growing job market. With more industries establishing a presence in the Phoenix metropolitan area, Peoria benefits from an influx of professionals seeking convenient and affordable housing options, making the rental market a profitable avenue for investors.
7. Rising Interest Rates and Their Impact on Buyers
In 2024, rising interest rates are expected to be a consideration for many buyers in Peoria. While interest rates have increased recently, they remain relatively low compared to historical levels. However, buyers may feel the impact of higher rates on monthly mortgage payments, potentially influencing their purchasing decisions.
For some buyers, this could mean exploring options for larger down payments or choosing homes in neighborhoods where prices are more affordable. First-time buyers, in particular, may be more affected by these shifts in interest rates, which can impact their budget and home options. The rise in rates may also contribute to the continued demand for new construction homes, which often come with builder incentives to help offset financing costs.
For buyers who are ready to make a move, it’s essential to consult with a mortgage professional to explore their options. This will help them make informed decisions, whether they’re looking to lock in a rate before potential increases or explore different mortgage products.
Navigating the Peoria Real Estate Market in 2024
The Peoria real estate market in 2024 is shaping up to be an exciting landscape with plenty of opportunities for buyers, sellers, and investors. From steady price growth and the rising demand for new construction homes to an increased interest in sustainable features and community amenities, Peoria continues to be a thriving market with diverse options to suit different needs and preferences.
Whether you’re looking to buy a home, invest in a property, or simply stay updated on the latest market trends, understanding the Peoria real estate market can help you make the most of what 2024 has to offer. For new buyers, now is an excellent time to consider Peoria as a place to settle, with its affordable lifestyle, strong community values, and commitment to quality of life.
As Peoria continues to grow and attract new residents, the city is likely to see ongoing development and improvements that make it an increasingly desirable place to live. With a growing community and a promising future, Peoria remains one of Arizona’s most desirable places to live and invest, offering a balanced blend of suburban comfort, urban convenience, and natural beauty.
Arizona Living Group
Associate Broker at EXP Realty
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