The Casa Grande real estate market exceeded all expectations in 2021 with a market performance that achieved historic levels for the area. And while the local real estate market will remain a hot market into the upcoming year it will be hard pressed to repeat the strong performance we saw in 2021. But for most market analysts, the Casa Grande real estate market will remain a challenging market for buyers and a strong market for sellers in 2022.
Homes for Sale in Casa Grande, AZ
The Casa Grande real estate market continued to show strong home price growth in November with the median sales price for homes sold ending the month at $304,495. This is a 35.39% increase on the year over year median sale price of $224,900. A good sign for buyers is that the median sales price is down even if only a small amount from $305,000 in October.
This is normally the trend in Casa Grande and other real estate markets in the Fall and Winter months as buyer’s step back from the market to enjoy the holidays with their families. There is much less competition for each listing that is for sale so those buyers that continue to look for homes will find better prospects to make a successful purchase now than come Springtime.
Another part of the market that tends to show weakness during this time of year is Listings. While prices are slightly lower and there are less buyers in the market at the moment, the number of listings is also down which is common for this time of year. Sellers typically don’t want to open their homes for showings during the holidays so those that have plans to sell will wait until the new year to list their home for sale.
Jobs in Casa Grande
Lucid Motors recently delivered their first vehicles to customers that had placed orders and following this successful milestone, the company recently invited local leaders to share in their newest company milestone.
Lucid unveiled Phase 2 of the expansion and construction of their new facility in Casa Grande which is located right next to the initial facility built by the company. This Phase 2 expansion will take close to a year to build and when completed will contain 2.8 million square feet of additional space.
The additional space will be used for an assembly plant and warehouse and a stamping facility for aluminum parts. The current site already employs 1,000 workers, and the new location will employ many more than that when the project is completed.
And with the Lucid Motors expansion in the area, the City of Casa Grande is seeing many more ancillary companies to Lucid with plans to also locate in the Casa Grande area. There are smaller semiconductor companies with plans to locate to the area, and the Walbridge Group has begun construction at the new Pinal County Technology Park on a warehouse that should be operational in 2022.
Casa Grande Real Estate Housing Market Forecast
The Casa Grande housing market will continue to remain a sellers market for the first half of 2022. With inventory remaining low and home prices continuing to increase, sellers will continue to have the upper hand over buyers.
In this regard, the Casa Grande real estate market will mirror the Phoenix real estate market in terms of home price growth. The number of homes for sale in Casa Grande has remained low for much of 2021, and that will contribute to home prices inching up again in 2022, but not at such a fast pace like we saw in 2021.
There is a large demand in Casa Grande for starter homes priced under the current median sales price and those will be hard to come by in 2022. Homes for sale in Casa Grande that are listed at the $304,495 or below level will be highly competitive and will receive a lot of attention. These homes will receive multiple offers and buyers in this price range will need to be very well prepared with mortgage pre-qualification form in hand to have their purchase offer accepted.
If you would like to set up a FREE Mortgage consultation, or if you would like to get pre-qualified to buy a home, please feel free to reach out to me anytime either via email at steveATthehomebuyinghub.com or via phone at 480 365-8978.
For more real estate data about Casa Grande, please read my article about the Casa Grande Real Estate Market, October, 2021 Update.
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