The current housing market in Phoenix is proving that homes and properties are selling almost as soon as they’re listed, so buyers are being pressured to place an offer on the first thing they find. Still, a new home is a big commitment and it can have a financial impact long after the sale date.
There are many things to consider before buying a home. There’s the price, the location and the neighborhood around the home can affect property values as well.
As for finding the right neighborhood, Norterra in Phoenix is a perfect place to look. The name comes from a word meaning “northern,” and it borders Interstate 17 and the Phoenix Sonoran Preserve. The area is close to many retail shops and an outlet mall, it’s proximity to the preserve means a chance to explore the outdoors and it’s close to the Sky Harbor International Airport.
Phoenix in general is one of the fastest growing cities in the U.S. It regularly competes with Philadelphia for the 5th largest cities by population with numbers around 1.5 million people. The metropolitan area added about 500,000 residents between 2010 and 2017, making it the 10th-fastest growing metro in the U.S.
The Norterra neighborhood is a mix of young families and professionals getting their start, and older families looking at retirement. The median age is 36, and most people either work in government, healthcare or for Wells Fargo according to the North Phoenix Chamber of Commerce.
Many communities in the area, such as the Fireside condominiums, have places where neighbors can meet and host events. The North Phoenix Chamber of Commerce regularly hosts business networking events and speakers. The Shops at Norterra is another major gathering place, with events during the week such as cycling, live music and stroller strides.
Norterra is only minutes away from shopping, grocery stores and dining. It’s easy access to I-17 means people can get to Downtown Phoenix in about 30 minutes. There’s also the Loop 101, which helps people get to Scottsdale and Anthem.
The Sky Harbor International Airport is about a 30-mile drive from Norterra, and there are four regional parks within a 30-minutes drive. But people can drive for a few hours and reach Las Vegas, the beaches of San Diego, skiing in Colorado and the major amusement parks in Los Angeles.
This neighborhood falls under the Deer Valley Unified School District. Many children attend Norterra Canyon School for grades K-8 and then move on to Barry Goldwater High School.
Norterra Canyon has great ratings from Niche and GreatSchools.org. It serves about 900 students, and it has a student-teacher ratio of 18 to 1. The latest state test scores show at least 53-percent of the students are proficient in math and reading. The state average has students about 38-percent proficient in both categories.
Barry Goldwater High School is another school that has positive ratings from Niche. It has about 1,800 students with a student-to-teacher ratio of 22 to 1. About 37-percent of students are proficient in math and 26-percent are proficient in reading. The high school has a graduation rate of 87-percent, and students get an average SAT score of 1170. Most students move on from Barry Goldwater to Arizona State University or Northern Arizona University.
Arizona is a state that allows open enrollment, so parents can enroll their kids in other schools in the district if capacity permits. There are also several state-overseen charter schools in the area serving kids in grades K-12.
Activities and Attractions
The Phoenix area has a lot of natural beauty, and Norterra is no exception. The Sonoran Preserve has more than 18,000 acres of desert views, from cacti to blooming flowers in the spring and early summer. There are three trailheads, the Apache Wash, Desert Hills and Desert Vista that offer chances for hiking and mountain biking at all levels.
Lake Pleasant is about a 30-minute drive from Norterra, and this is where many people in Phoenix go for swimming and fishing. There’s also the Wet ‘n’ Wild amusement park located about 10-minutes south. The amusement park has a lazy river, slides and various pools among its 30 attractions.
The shopping areas such as the Shops at Norterra and the Outlets at Anthem double as nightlife areas. Fuego Bistro is a popular late-night spot, as it has a full bar and an outdoor patio. CAPS and Connolly’s Sports Grill are two places for catching the game in the evening. Just down the highway at Desert Ridge, Sandbar is a great place to grab some tacos or bring out that new club outfit.
The population in Phoenix is showing no signs of slowing down, so the real estate market in Norterra is expected to grow as well as the city expands in that direction.
The average sale price for homes is $390,000, with the average price per square foot $150. The average number of homes sold is up 13 percent compared to last year, at a high of 36 homes in March. Inventory is relatively low compared to other areas in North Phoenix, and homes take about 2.8 months to sell. This is up from 2.6 months in March.
Overall, sales of new homes has increased much more in western states compared to the northeast. Sales in western states rose nearly 25 percent compared to last year, meanwhile sales in northeastern states declined by 50 percent.
Is Norterra right for you?
From a real estate perspective, Norterra has a lot of indicators that show people can expect to see their homes grow in value. As for someone looking to move there, this neighborhood has an active community for young people starting their families and older people planning their retirements. Contact us today for everything you need to know about Norterra.