North Phoenix Real Estate Market Forecast 2023

North Phoenix Real Estate Market Forecast 2023

One of the most desirable parts of Phoenix, North Phoenix offers a wealth of great neighborhoods and beautiful homes. Convenient to many sites of interest and amenities throughout The Valley, North Phoenix is a superb location for buyers as well as sellers seeking top dollar when they put their homes on the market.

Below, take a detailed look at the information you need to know about the North Phoenix housing market, local history, what it’s like to live in North Phoenix, and some of the top sites of interest and amenities throughout the city of Phoenix.

A look at the real estate market forecast for North Phoenix

The North Phoenix area includes Urban Villages such as Paradise Valley, Deer Valley, North Mountain, North Gateway, and Desert View.

Home prices in the city of Phoenix have dipped a bit since reaching historic highs in the wake of the COVID-19 pandemic, settling at about $425,000 in January 2023. However, they are expected to level out and increase slightly throughout the course of 2023 due to high demand. Builder confidence, despite falling throughout most of 2022, is on the upswing –– a trend expected to continue into 2023. Home building, despite being depressed for most of the pandemic, rebounded last year and is expected to keep increasing in 2023 as well, providing more options for buyers in the form of new construction homes.

Overall, the housing market in both North Phoenix and the city of Phoenix as a whole is expected to remain strong in 2023, with new homes coming onto the market every month and prices remaining relatively stable. Recent seller concessions, in particular mortgage rate buydowns, offer a prime opportunity for buyers at the moment as well, while sellers will find a large pool of prospective buyers thanks to the region’s strong economy and high quality of life.

North Phoenix history

The North Phoenix area was first settled in the 1880s as a mining community. At the turn of the 20th century, the area was slated for agricultural irrigation in an attempt to convert it into farmland, though these efforts ultimately failed. Most of North Phoenix remained scattered ranches and was largely undeveloped for decades until shortly after World War II, when suburban-style homes, retail centers, and offices were constructed throughout the area. Today,  North Phoenix boasts some of the top real estate in the city thanks to its collection of prestigious homes, convenient location, and scenic views of Camelback Mountain and the Phoenix Mountains.

Living in North Phoenix

Living in North Phoenix offers a great choice for families with children, commuters with offices in Downtown Phoenix and other cities in The Valley, retirees seeking a location that’s convenient and close to the area’s wealth of outdoor activities, and just about everyone else in between.

The cost of living in North Phoenix is very reasonable, and the area is convenient to the many museums, theaters, restaurants, and retail hubs of Downtown Phoenix. In addition, it also boasts superb public schools and easy access to local highways like Interstate 17, State Route 101, and State Route 51. Phoenix Deer Valley Airport also provides commercial and corporate flights to numerous destinations.

North Phoenix holds a collection of great restaurants as well as abundant shopping options in the area for residents to enjoy, some of which include the upscale shops of Kierland Commons and Desert Ridge Marketplace.

Recreational activities abound in North Phoenix, too, and include the Reach 11 Recreation Area, which offers 1,500 acres of hiking and horseback riding trails. The North Phoenix Mountains, and in particular the iconic Camelback Mountain, are a superb place for hiking and taking in the stunning scenery all around. The area is also a prime spot for golf lovers and plays host to several courses, like the Paradise Valley Golf Course.

Attractions and amenities throughout Phoenix

North Phoenix offers convenient proximity to many of the leading amenities and sites of interest both in Phoenix and throughout The Valley overall that can easily be reached by car or Valley Metro Rail service.

Just a few recreational and outdoor sites of interest throughout the city include the Phoenix Zoo and the Desert Botanical Garden, a 140-acre enclave that displays the Sonoran Desert’s distinct plant life. Golf courses, including the Arizona Biltmore Golf Course and the Arizona Grand Golf Course, also abound throughout the area.

Phoenix is also rich with cultural and historical landmarks to explore. The city is packed with museums, such as the diverse artwork collection of the Phoenix Art Museum, the Heard Museum, the Arizona State Capitol Museum, and the fascinating Arizona Science Center. Phoenix is notable for its performing arts venues, especially the historic Orpheum Theatre, built in 1929 and known for its opulent architecture inside and out, the Phoenix Theatre, and the Herberger Theater Center, which hosts plays, operas, ballets, and other performing arts events throughout the year.

Phoenix boasts a modern transportation infrastructure that makes getting around and out of the city very easy via numerous highways, Amtrak, and Valley Metro Rail service. Phoenix Sky Harbor Airport, meanwhile, serves over 100 cities around the world with nonstop flights.

In addition, North Phoenix is very convenient to many of the Valley’s top cities and sites of interest. Scottsdale is renowned for its outstanding array of art galleries, golf courses, and upscale shops and restaurants to discover.

Just a few of the top attractions here include Taliesin West, the winter home of famed architect Frank Lloyd Wright, as well as the Scottsdale Museum of Contemporary Art, the Scottsdale Center for the Performing Arts, and the Scottsdale Fashion Square retail center. Tempe offers a vibrant nightlife scene and sites of interest, such as Tempe Town Lake and the Tempe Center for the Arts. Mesa is another great city worth a visit, boasting an excellent food scene and local attractions like the Mesa Arts Center, the Mesa Grande Cultural Park, and the Arizona Museum of Natural History.

Buy or sell a home in North Phoenix

Are you looking to buy or sell a house in North Phoenix? If you want more guidance on the future of the real estate market and when might be the best time to dive in, be sure to contact Tracy Phillips. Tracy is a local expert who is always happy to help people navigate not only the current market but also the excitement and activities in North Phoenix.

Work With Tracy

Get assistance in determining the current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Let me guide you through your home buying journey, contact me today!