McCormick Ranch has long been a community sought after within the Phoenix housing market. Buyers are attracted to the family elements of excellent school systems and outdoor venues including
McCormick Railway Park, which features a working train and carousel. A diverse selection of restaurants and shopping including Scottsdale Fashion Square and Scottsdale Quarter which are both within close proximity. While Phoenix has seen a recent surge of homes sold and a lower inventory, McCormick Ranch has been no exception. Homes in the area have been going quickly as the housing market returned to normal levels not seen since the 2009 housing crash.
Even though housing prices saw a 60% decrease at the height of the crisis, this year Phoenix, McCormick Ranch included, has seen an overall increase in all areas of home sales including strong recovery in the new home sales as well. However, some believe that while prices have risen, they are likely to stabilize and the inventory will increase in the year ahead. Foreclosures are down to “1.5 percent, down from a high of 4.7 percent three years ago and well below the national average of 3.5 percent”, according to Lender Processing Services.
These figures coupled with current homeowners seeing equity grow within their existing properties have lent to the idea that the housing market has begun to stabilize. Prices should follow that same trend and with increased inventory, McCormick Ranch may see an increased surge in sellers and buyers alike. The market is nearing a tipping point with more homeowners becoming more eager to sell as their homes increase in value. Homeowners who may have been hesitant to put their homes on the market having lost value and possibly being upside down, now are able to see a profit when selling.
Below you can search for homes for sale in McCormick Ranch.