Litchfield Park, AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Litchfield Park Neighborhoods Since 2000




Litchfield Park, AZ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Litchfield Park Housing Market Information

With a population of 5,533, 2,069 total housing units (homes and apartments), and a median house value of $390,325, Litchfield Park house prices are not only among the most expensive in Arizona, Litchfield Park real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Litchfield Park, accounting for 72.76% of the city's housing units. Other types of housing that are prevalent in Litchfield Park include large apartment complexes or high rise apartments ( 19.16%), row houses and other attached homes ( 7.80%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Litchfield Park. Owner-occupied housing accounts for 81.33% of Litchfield Park's homes, and 63.82% have either three or four bedrooms, which is average sized relative to America.

Litchfield Park homes and real estate are some of the newest in America. 41.94% of Litchfield Park's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Litchfield Park real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 41.70%), and between 1940-1969 ( 16.36%).

Vacant housing appears to be an issue in Litchfield Park. Fully 18.45% of the housing stock is classified as vacant. Left unchecked, vacant Litchfield Park homes and apartments can be a drag on the real estate market, holding Litchfield Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Litchfield Park Home Appreciation Rates

Litchfield Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Litchfield Park during the period has been just -1.33%, which is lower than 70% of US communities.

Appreciation rates are so strong in Litchfield Park that despite a nationwide downturn in the housing market, Litchfield Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Litchfield Park appreciation rates continue to be some of the highest in America, at 10.73%, which is higher than appreciation rates in 95.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Litchfield Park. Litchfield Park appreciation rates in the latest quarter were at 2.04%, which equates to an annual appreciation rate of 8.40%.

Importantly, this makes Litchfield Park one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Arizona, our data show that Litchfield Park's latest annual appreciation rate is higher than 80% of the other cities and towns in Arizona.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Litchfield Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Litchfield Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Litchfield Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$390,325

Litchfield Park, AZ HOME PRICES

Value Range
> $1,390,000 1.1
$1,042,001 - $1,390,000 0.5
$695,001 - $1,042,000 8.4
$556,001 - $695,000 8.5
$417,001 - $556,000 20.5
$278,001 - $417,000 26.9
$139,001 - $278,000 27.6
$69,001 - $139,000 3.9
$0 - $69,000 2.7

Very High for AZ
Very High for Nation

Value Relative to Nation Value Relative to State
9.87929215984999 4.72972972972973

Number Of Homes And Apartments:
2,069

Litchfield Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
80.29% 3.48% 8 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,971 / per month

Homeownership Rate

Homeownership
Owners 81.33
Renters 18.67
Vacant 18.45

Housing Market Details

 

Age of Homes

AGE OF Litchfield Park HOMES
2000 or Newer 41.9
1970 - 1999 41.7
1940 - 1969 16.4
1939 or Older 0.0

Types of Homes

TYPE OF Litchfield Park HOMES
Single-Family 72.8
Townhomes 7.8
Small Apt. Buildings 0.3
Apt. Complexes 19.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Litchfield Park HOMES
No Bedroom 0.00
1 Bedroom 10.21
2 Bedrooms 19.51
3 Bedrooms 38.98
4 Bedrooms 24.83
5 or more bedrooms 6.46