Phoenix AZ Real Estate - Phoenix AZ Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Phoenix? ›

Phoenix Housing Market Trends

In June 2024, Phoenix home prices were up 2.5% compared to last year, selling for a median price of $451K. On average, homes in Phoenix sell after 45 days on the market compared to 37 days last year. There were 1,399 homes sold in June this year, down from 1,641 last year.

With a median home price of $519,698 and a median rent of $1,180, Sunset Acres is the cheapest neighborhood on our list. Based on the growth in home prices in Sunset Acres over the last 3 years, it ranks No. 29 among all the neighborhoods in Phoenix.

Currently, Phoenix is a seller's market- because the demand outweighs the supply, so buyers need to put in competitive offers to win the house they want. There have been issues with inventory for some time in Phoenix, which has contributed to keeping prices up despite the higher mortgage rates.

Sale-to-list price ratio: 102.34% Homes in Phoenix, AZ sold for 2.34% above asking price on average in July 2024. Phoenix, AZ is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

Home prices will continue to increase in Arizona.

The data indicates that there will be a steady growth in home prices, which aligns with the overall health of the housing market. Here are some of the up-and-coming neighborhoods in Arizona real estate to watch in 2024 and beyond.

In Phoenix, Mesa, Chandler and Scottsdale it takes an hourly wage of $49.38 or an annual salary of $102,710 for a single adult to sustain comfortable living standards. For a household of four, it takes about $238,500.

According to a list compiled by SafeWise, the safest city in all of Arizona is San Luis, a destination in the southwest region of the state with a population around 18,500. The four other "safest cities" in the state include Oro Valley, Sahuarita, Gilbert and Queen Creek.

A: Ahwatukee Foothills is considered one of the safest places to live in Phoenix. Q: What city in Arizona has the lowest crime rate? A: San Luis, AZ — a little more than three hours away from Phoenix — has been recognized by SafeWise as one of the safest cities in Arizona since 2016, due to its low crime rate.

The months from March to June are the best time to buy a house in Arizona. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

What is the average price of a house in Arizona? ›

$433,271. The average Arizona home value is $433,271, up 3.2% over the past year and goes to pending in around 25 days.

Home values in Arizona rose by 56% in the last 5 years. Home sales increased by 1.5% in January 2024 YoY despite the mortgage rate climbing to 7.28%! So, Arizona's housing market is strong, if not bullish. Even if mortgage rates continue to increase alarmingly, home sales will not falter.

1. Tucson, AZ. Tucson tops our list as the best place to live in Arizona. Home to gorgeous weather, a world-renowned cycling race, and surrounded by four mountain ranges providing endless vistas and hiking trails, Tucson is truly an outdoor haven.

Without income taxation on its residents, Texas relies heavily on property tax to support its economy. Gas is less expensive throughout Texas compared to Phoenix, and groceries are cheaper there as well. Generally speaking, except for property taxes, overall it is less expensive to live in Texas than in Phoenix.

Driving the news: The Phoenix metro ranked as the 129th best place to retire in the U.S. in the publication's 2024 list, released late last year. Tucson came in at No. 103.

Looking forward, Zillow's prediction for the Phoenix real estate market is that home prices will rise by 6% from January 2024 to the same month in 2025.

From 2021 to 2022, Maricopa County — which contains much of greater Phoenix — added 57,000 people, registering the largest population growth in the nation. As the Federal Reserve lifted interest rates to lower inflation, mortgage rates increased sharply, raising the costs of buying homes.

June, July, and August are the best months to sell your house in Arizona. The median sale price of houses in June 2023 was $442,100, which is expected to rise in 2024. However, cities like Yuma, Payson, and Anthem follow an upward trend throughout the year.

PHOENIX — Data shows the Valley is experiencing a years-long housing shortage, and there doesn't appear to be much improvement happening. According to a study from earlier this year, the Phoenix area was short about 120,000 homes as of 2022, which was the latest available data.