Home values have plummeted in many parts of The United States due to COVID-19. However, in second-home markets like Payson Arizona, there has been little impact on home prices. As of this writing on April 30th, 2020, the Payson AZ median home asking price is $296,000, and the median home sold price is $274,000. This is data based on houses that were sold only in Payson. When you look at home value prices from companies like Zillow or Realtor.com they tend to include other neighboring communities near Payson. The neighboring communities share the same zip codes, but In reality, they aren't located in the town of Payson and as a result, the home value is inaccurately reported for the town of Payson.
What this article covers:
We analyzed over 7,000+ residential home sales from the Central Arizona Board of Realtors MLS going back 12 years. In 2008 the median home selling price in Payson was $225,000 and down to a low of $145,000 in 2011 at the peak of the housing bubble. In 2017 home values for the Payson market once again reached $225,000. The median home selling price has continued a steady climb. 2019 saw the median home selling price in Payson reach an all-time high of $260,00. As of April 30th, 2020, the median home price is $274,000. This is based on 169 home sales in the actual town of Payson.
Weekly updated median home selling price directly from the Central Arizona Board of Realtors MLS.
The median sale price is the sale price that is in the middle when you arrange all the sale prices from low to high. The median sale price is a better indicator of the "typical" home value within an area because it is not affected by "outliers" like the more expensive houses sold in the golf course communities of Chaparral Pines or The Rim Club. So when you think of your typical cabin home price in Payson, you have to keep in mind these outlying factors.
The average home sale price for a home in Payson AZ in 2020 is $332,665, in comparison to the median sales price of $274,000.The average sale price is calculated by adding all the sale prices for homes sold in a specific area within a specified time frame and dividing that total by the number of properties sold. For example, if 100 properties sold in Payson in the last year, the average home price is calculated by adding the sale prices for all 100 properties and dividing that figure by 100.
The problem with the average sale price is that when you take into consideration neighborhoods like The Rim Club and Chaparral Pines where properties were sold at an extraordinarily high price, the average is skewed higher as a result. So you can see, the average becomes a somewhat unreliable metric.
Takeaway: It's important to know the average home price and the median home selling price so you can get a gauge of what homes are going for and be better prepared when buying or selling your home. hat's where a realtor really comes in handy. It's our job to stay up to date on home values. If you are curious about your home value and would like a free estimate by an actual Payson AZ real estate agent. Feel free to reach out to us and we'd be happy to give you our honest advice.