My bro in law lives in the Phoenix area. I looked up his neighborhood on Zillow almost two years ago and a fascinating thing was apparent. Almost all the homes were valued at the $425k to $475K range, except about 7 of the homes were in the $235 to $275k range. I looked up the details and found one thing in common with all of the “cheap” homes: They had recently sold for that price.
Those 7 homes were showing the REAL value of all the homes in the neighborhood. :)
Yep, a couple of years ago the house I grew up in (NW Suburbs of Chicago) was listed at half a million dollars (only 4 bedrooms, 2 1/2 baths, and a partially finished basement)! The price went up a quarter of a million dollars in 7 years (I think my parents sold the house for roughly double what they bought it for in the mid-70s — and that was after 20 years of living in it)!
It’s definitely NOT going for that price now. In fact, many of my childhood friends are using this “opportunity” to move back home — because they were totally priced out of the area just a couple years ago...