Average Price of New AZ Home Has More Than Doubled – Geneva Financial Mortgage Lender
Average Price of New AZ Home Has More Than Doubled

Average Price of New AZ Home Has More Than Doubled

 Average Price of New AZ Home Has More Than Doubled

Fulton Homes, Arizona’s largest privately owned and operated homebuilder, had observed the average price of a new home in AZ jump from $170,000 to almost $430,000. Prior to the pandemic, the homebuilding industry showed trends toward smaller, simpler houses. Now, however, that trend has grown along with price tag. As more people spend their time at home these days, priorities have shifted. What was once a desire for less has become more, which makes sense given that homes are now offices, schools, movie theaters, and other venues in addition to living spaces.

“Comfort has become an important mainstay to our buyers,” said Doug Fulton, CEO of Fulton Homes. “The pivot to remote and hybrid work has created an additional need for in-home spaces that traditionally haven’t been part of the average home design.”

With regards to remote workplaces, things have escalated rapidly due to Covid-19. Many offices remain closed and/or have delayed employee returns. Some have decided that the most cost-effective route is to close the office permanently in favor of workers being offsite. As such, many homeowners have reacted by either setting up temporary office spaces or creating a dedicated spot in their build plans.

But upgrading a home office is only a part of the added costs to the newly built homes. Homeowners are finding themselves adding other upgrades such as maple cabinets, ceramic tile for kitchens and bathrooms, granite countertops, and appliance packages to make their homes as cutting edge and top-of-the-line as possible to increase the comfort and function aspects.

Comfort and function also play a big role in at-home learning, as has become the norm during the pandemic. Clean, clear areas where children can focus on school is paramount to success until in-person learning resumes in full.

Furthermore, more and more homes are becoming multigenerational dwellings, with one in six homes living with parents, grandparents, and other relatives, necessitating the need for larger and more customized spaces.

With the effects of the pandemic continuing and evolving on a weekly basis, homeowners’ needs are also evolving. Consequently, and understandably, the average price of a new home in AZ has jumped considerably since before Coronavirus altered the world around us.