Anchorage Real Estate Market Report April 2024
An examination of the real estate market in Anchorage, Alaska, comparing property values, sales trends, and foreclosure rates with nearby cities to provide a comprehensive understanding of regional market trends.
In Anchorage, average property values peaked at a $2,995,000 in April 2023, before taking a dip down to $380,000 by November last year. Taking a closer glance at the price per square foot in Anchorage, a climb from $213 in April 2023 to $225 in December 2023 highlights a gradual appreciation of property values in terms of area, suggesting an Anchorage market that maintains a steadfast course with potential for steady growth.
However, contrasting the trend of value is the number of properties sold demonstrating a noticeable drop. From 1794 properties in October 2023 down to 1207 properties in March 2024, this presents a potential tapering off in market activity. Whether this decrease is indicative of a cooling market or simply reflects seasonal buying patterns is a point worth considering as we take a broader look at Anchorage’s real estate dynamics.
Comparative Analysis: Anchorage vs Nearby Cities
In Indian, average property value held steady at $578,000 from January through March 2024, and alongside a price per square foot increase suggesting heightened value in smaller properties or a general uptick in the market value.
Eagle River, AK’s market portrayed a notable surge with average property values rising from $449,450 in March 2024 to $689,000 in November 2023. This sharp increase may be a sign of a burgeoning market or the arrival of high-end property developments influencing the average values.
The sale price of foreclosures was $384k and auctions values were $394k, both in-line with the general market performance in Anchorage.
Anchorage’s Current Real Estate Snapshot
Capturing the present moment, as of March 2024, the average value of an Anchorage property is $432,500 with the price per square foot placed at $225. A total of 78 properties are currently on the market with an average sale price of $383,566. Meanwhile, a closer look at properties sold reveals that 1207 transactions have taken place, confirming a busy albeit slightly reduced market activity compared to the previous period.
Zip | Median Est. Value | Zip | Median Est. Value |
---|---|---|---|
99502 |
$ 506,121 $ 225/sqft |
99516 |
$ 1,050,000 $ 260/sqft |
99504 |
$ 403,053 $ 187/sqft |
99508 |
$ 337,100 $ 189/sqft |
99507 |
$ 430,000 $ 276/sqft |
99517 |
$ 426,758 $ 280/sqft |
99515 |
$ 441,906 $ 222/sqft |
99503 |
$ 345,250 $ 207/sqft |
The broader spectrum of sales in the nearby cities provides a contextual map of the region’s market. Indian, AK remarkably hosts an average property value of $578,000 but no properties sold, perhaps indicating a stagnation or lack of movement in the market. Eagle River, AK, however, reported 220 sold properties at an average value of $449,450, hinting at a more vigorous market dynamic. Wasilla, AK, with an average value at $385,000, and a solid 82 properties sold, helps cement the notion of a varied yet active regional market. Chugiak, AK and Kenai, AK also contribute to this mosaic with their own unique average values and sold counts.
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Lastly, not to be overlooked are the segments of foreclosures and auctions which maintain a steady count and sale price within the Anchorage market. Foreclosures come in at 80 with an average sale price of $384,196 while auctions stand at 71 with a sale price of $394,354. Bank-owned properties, although fewer in number with a count of 9, suggest a slightly lower average value at $352,500.
It’s clear that the realm of real estate in Anchorage and its vicinity is one of nuances, with each statistic telling a part of a much larger story. Whether these numbers denote a transient fluctuation or a long-term trend is the question that both buyers and sellers should consider with care as they navigate through Alaska’s unique property landscape.
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