Mesa Real Estate Market Flourishes in February 2024; Values Show Steady Rise

Mesa Real Estate Market Trends

Average property values in Mesa, a vibrant hub in Arizona, was approximately $422,450 in February 2024, a noticeable climb from the $414,500 recorded in the previous month. This increment signals an underlying strength in property demand despite the typical month-over-month fluctuations.

A key determinant of property appeal is the value per square foot, where Mesa saw an apex of $273 in December 2023, yet this metric softened slightly to $263 by January 2024. Such movements could reflect shifting buyer preferences or seasonal market patterns, a common theme within the real estate sphere.

The average sale price in Mesa shows an upward trajectory from October 2023’s $440,849 to a slightly lower yet robust $435,051 come February 2024. The average sale price per square foot often mirrors the overall sale price trend, yet minor variances underscore the nuanced nature of Mesa’s property market.

Trends in Nearby Cities

Zooming out to Mesa’s neighboring cities, the trend paints a portrait of diversity in value perception:

• Gilbert, AZ, for instance, commands a higher average property value at $657,250 as of February 2024, suggesting a more affluent buyer market or perhaps a different set of amenities resonating with home-seekers.
• Tempe, AZ, is not far behind, boasting an average property value of $560,000 during the same period, alongside a hefty $308 per square foot — a likely indicator of premium properties or highly sought-after locations within the city.
• Apache Junction, AZ, registers average property values at approximately $395,000, positioning it as a potentially more accessible market when juxtaposed with Mesa’s pricing.
• Fountain Hills, AZ, emerges as the epitome of luxury, with its head-turning average property value of an eye-watering $1,500,000. This town undeniably appeals to the upper echelons of the market, possessed by both the means and desire for exclusivity.
• Chandler, AZ, strikes a balance with a still-impressive average property value of $595,000, reflecting a diverse range of options for potential homeowners comparing markets in the region.

Mesa’s property sale numbers have shown a general decline from September 2023 through February 2024, which could denote either a seasonal cooldown or a market taking a measured breath before its next cycle. The average sale price over the past six months, which hovers around $355,388, marks apparent skew towards the transactions in less expensive segments or perhaps from sales in adjacent, more affordably priced cities.

The value per square foot remains an indispensable yardstick, spotlighting areas like Fountain Hills and Tempe as denser clusters of property value and, presumably, desirability. These figures imply more than mere numbers; they tell stories of local economies, community developments, and consumer confidence.

Submarket Variations within Mesa

The northern area of Mesa, in zip code 85213, has the highest average list price at a $1,988,000. Contrasting this, the more central area represented by zip code 85210 offers a significantly more humble average list price at about $224,900.

In Mesa, bank-owned properties have an average value of roughly $332,591, hinting at opportunities for those hoping to enter the market at a more conservative price point or invest with a different strategic approach.