Homebuilder selling homes in Arizona for $100K below metro Phoenix’s median price

PHOENIX (AZFamily) — Affordable housing is one of the biggest problems facing Arizonans, with rising home prices and mortgage rates hovering around 6.8%.

According to recent statistics from Homes.com, the median home price in the Phoenix metropolitan area is around $459,000, which leaves potential home buyers with few affordable options.

Tyler Champlin runs the Phoenix division of Dream Finders Homes, a Florida-based developer who recently arrived in Arizona.

The company is shaking up the Valley’s housing market by offering homes for less than $350,000.

“We are very price conscious, “said Champlin. “We want to build a quality product at a price people can afford.”

Dream Finders Homes’ first Arizona development is in the city of Maricopa. The new community called Rancho Mirage will have 123 new homes with a range of floor plans.

One home, measuring 1,593 square feet, starts at $319,000; another one starts at $339,000. Champlin said the lower home price appeals to a wide range of buyers.

“We have part timers, we have people coming from out of state, people getting a different job who need to relocate for a number of reasons,” said Champlin. “We have growing families, people moving out of apartments and need a little more space.”

Conner Devereaux, with Homes.com and real estate data company Costar, said the lower-priced homes come at a good time because there aren’t enough affordable homes in the Phoenix area to meet demand.

“Not only rising prices, but mortgage rates have increased considerably over the last four years,” said Devereaux. “All of that is a recipe for a higher barrier to a first home purchase and a higher barrier to home ownership.”

Dream Finders Homes is also building seven more affordable communities across metro Phoenix : new homes are being built in Goodyear, Surprise, Buckeye, Mesa and San Tan Valley.

Champlin said the high number of homes they sell across the country and the incentives they offer allow them to sell their homes at a lower price.

“We feel like with the volume of building we are doing, we’re able to get more economies of scale, and pass those along to buyers,” said Champlin.

For more details on the homes, visit Dream Finders Homes’ website.

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