The renter percentage in zip code 85249 has conversely decreased from 15% in 2016 to 10% in 2022. Despite this decline, average rent prices have shown an overall upward trend, increasing from $2,056 in 2016 to $2,083 in 2022. This suggests that while fewer people are renting, those who do are paying higher prices. The population growth in the area, from 38,851 in 2016 to 46,268 in 2022, may have contributed to the upward pressure on rent prices despite the decreasing renter population.

In 2023 and 2024, the average home prices in zip code 85249 experienced a slight decline followed by a modest increase. The average home price in 2023 was $659,870, representing a 4.3% decrease from 2022. However, in 2024, the average home price rose to $677,344, a 2.6% increase from 2023. This recent trend occurs alongside higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions.

Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 85249 may continue to rise moderately over the next five years, potentially reaching around $750,000 by 2029. Average rent prices are also expected to increase, possibly reaching $2,300 by 2029. However, these predictions assume relatively stable economic conditions and continued population growth in the area.

In summary, zip code 85249 has demonstrated a strong trend towards homeownership, with rising average home prices and a growing population. The area has seen a decrease in the renter population, although average rent prices have generally increased. Recent years have shown some fluctuation in home prices, possibly influenced by rising interest rates. The real estate market in this zip code appears robust, with potential for continued growth in both home values and rent prices in the coming years.