Metropolitan Statistical Area (MSA):
Lake Havasu City-Kingman, AZ is a Metropolitan Statistical Area (MSA) comprising counties including Mohave County.
There is no doubt that the Lake Havasu City-Kingman, AZ metropolitan statistical area (MSA) is one of the hottest housing markets in the country right now. Home prices in the MSA have been on the rise for several years now, and there is no end in sight. The combination of strong job growth, low interest rates, and an influx of retirees and snowbirds from colder climates has created a perfect storm for the housing market.
The median home price in the MSA is currently $365,000, which is up nearly 10% from last year. Prices are expected to continue to rise at a similar pace over the next few years. This is great news for homeowners who are looking to sell, but it can be tough on buyers who are trying to get into the market.
There are a few things that potential buyers can do to try and keep their costs down. One option is to look for homes that need some work and are being sold as-is. These properties can be had for much less than their fully updated counterparts, but they will require some sweat equity from the buyer. Another option is to purchase a lot and build your own home. This will give you more control over your budget and allow you to customize your home exactly how you want it.
Whatever route you decide to take, it’s important to stay ahead of trends in the Lake Havasu City-Kingman housing market so that you can make informed decisions about your purchase or sale.