85388, Surprise, AZ

The 85388 zip code of Surprise, AZ has a median home value of $236,000 and a median home equity value of $161,000. This is higher than the national median home value of $177,500 and the Arizona median home equity value of $146,800. The 85388 zip code also has a lower than average percentage of homeowners with negative equity (less than 20% of homes have less than 20% equity) at just 7%. This is lower than the national percentage of homeowners with negative equity at 13% and the Arizona percentage of homeowners with negative equity at 11%.

The 85388 zip code has seen an increase in its home prices over the past five years. The average price for homes in this zip code was $183,500 in 2013, but rose to an average price of $236,000 in 2017. Over this same time period, the number of homes sold increased from 97 to 128. This indicates that there is strong demand for properties in this area and that buyers are willing to pay more for properties here compared to other areas in Arizona or nationally.

There are several factors that may contribute to these high home prices in Surprise, AZ. One reason may be that this area is relatively new and still growing; it's likely that there are not many homes available yet for sale or purchase. Additionally, Surprise is located near several popular tourist destinations (such as Six Flags Fiesta Texas), which could lead to increased demand for property within the city limits as well as nearby neighborhoods. Finally, Surprise's low unemployment rate (3%) may also contribute to higher home values; when more people are able to afford homes and have enough money saved up for a down payment on one, they're more likely to buy a house rather than rent or live in an apartment.

Despite these positive trends affecting Surprise's housing market overall, there are some potential risks associated with high home prices too. One potential issue could be if interest rates rise significantly from their current lows; when interest rates increase it can make it harder for people who want to buy a house or refinance their existing mortgage because their monthly payments will become higher overall. Another potential risk is if there is another major recession like we saw during the Great Recession (2008-09), which could lead to decreased demand for houses and decreased values across all markets including those in Surprise.

Overall though, it appears that homeownership rates are high here in Surprise and prices continue to rise even after taking into account possible risks associated with buying a house such as interest rates or recessions