Article Courtesy of Fox10 Phoenix | Written by Nicole Garcia

According to Zillow’s latest market report, home values in the Phoenix area are up 20%, and homes are only on the market for about seven days before getting sold. Meanwhile, the average home is now worth $355,000, and inventory is down 28%.

The luxury home market in the Phoenix area also soaring, with real estate experts saying the number of million-dollar home sales has from 2020 to 2021 has more than quadrupled. Buyers with cash are scooping up million-dollar houses, and experts say the luxury home market will stay hot at least through the end of 2021.