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MESA HOUSING MARKET INFORMATION
With a population of 496,401, 174,668 total housing units (homes and apartments), and a median house value of $245,430, Mesa real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Mesa, accounting for 53.68% of the city’s housing units. Other types of housing that are prevalent in Mesa include large apartment complexes or high rise apartments ( 20.19%), mobile homes or trailers ( 13.49%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.52%).
People in Mesa primarily live in small (one, two or no bedroom) single-family detached homes. Mesa has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Mesa built from 1970 to 1999 so parts of town may have that “Brady Bunch” look of homes popular in the ’70s and early ’80s, although some of these houses were built up through the early ’90s as well. There is also a lot of housing in Mesa built between 2000 and later ( 18.41%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.93%).
Vacant housing appears to be an issue in Mesa. Fully 15.38% of the housing stock is classified as vacant. Left unchecked, vacant Mesa homes and apartments can be a drag on the real estate market, holding Mesa real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
MESA HOME APPRECIATION RATES
In the last 10 years, Mesa has experienced some of the highest home appreciation rates of any community in the nation. Mesa real estate appreciated 38.30% over the last ten years, which is an average annual home appreciation rate of 3.30%, putting Mesa in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Mesa definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Mesa that despite a nationwide downturn in the housing market, Mesa real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mesa appreciation rates continue to be some of the highest in America, at 7.99%, which is higher than appreciation rates in 82.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mesa. Mesa appreciation rates in the latest quarter were at 1.36%, which equates to an annual appreciation rate of 5.56%.
Relative to Arizona, our data show that Mesa’s latest annual appreciation rate is lower than 50% of the other cities and towns in Arizona.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Mesa differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mesa – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Mesa real estate investment or home purchase decisions.
Information provided by: https://www.neighborhoodscout.com/az/mesa/real-estate