Maricopa Home Prices Surge 60% Post-Pandemic in Unprecedented Real Estate Boom

Construction of new waterfront homes in The Lakes at Rancho El Dorado is currently underway, demonstrating the ongoing growth in Maricopa. Despite the sharp increase in home prices—rising 58% over the past five years—Maricopa remains an attractive option for prospective homeowners looking for affordable housing in the greater Phoenix area.

The median price for single-family homes surged from $231,396 to $365,605, according to the Maricopa Housing Needs Assessment conducted in January. This increase has been labeled a “historic rise” in real estate values.

Interestingly, Maricopa ranks among the more affordable cities in the Phoenix metropolitan area. It stands third from the bottom in terms of real estate pricing per square foot, as per The Cromford Report’s latest rankings, with only Arizona City and Coolidge reported higher.

Local real estate expert Brian Petersheim attributes the city’s affordability to its location and available housing inventory. He mentioned that Maricopa functions primarily as a bedroom community, lacking significant commercial development.

“There are no huge businesses out here; it’s primarily residential,” he noted. “However, development is definitely on the upswing.”

City Manager Ben Bitter emphasized Maricopa’s growing reputation as a cost-effective housing solution. “We invite everyone to come, settle down, and enrich our community’s diversity,” he said.

Bitter also mentioned that the city has implemented development impact fees for new construction projects. These fees contribute to local infrastructure, funding libraries, road maintenance, and public safety measures.

As housing prices have accelerated since the pandemic, the city has begun to impose higher impact fees, ensuring a focus on long-term development strategies. “This approach allows us to prepare effectively for future demands,” he added.

The recent housing needs assessment indicates ample residential land is available for future developments. Petersheim highlighted the importance of expansion, noting that established areas like Chandler and Gilbert are limited in growth potential.

The assessment also emphasizes the necessity for multifamily housing tailored for essential workers, such as first responders and teachers. Economists involved in the study noted an uptick in apartment developments aimed at supporting lower-income families and seniors.

“It’s promising to witness this growth,” said senior economist Danny Court. “Maricopa is on the pathway to success, and we recommend the city continues fostering housing diversity for its residents.”