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

FAQs

Is it a good time to buy a house in Phoenix right now? ›

Current trends show that demand is high in Phoenix- despite rising home prices. More people want to buy than sell, and for those who succeed, there is an excellent market for renting to tenants and selling on in the future.

Phoenix, AZ housing market

The median listing home price in Phoenix, AZ was $515K in June 2024, trending down -4.6% year-over-year. The median listing home price per square foot was $298. The median home sold price was $575K.

Summary: Phoenix housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.3%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 14.3%.

As of May 2024, Phoenix leans towards a seller's market. This means there's a lower inventory of available homes compared to buyer demand. This translates to quicker selling times, potentially higher competition for properties, and prices closer to asking price (or even exceeding it).

Phoenix Housing Market Trends

In June 2024, Phoenix home prices were up 3.4% compared to last year, selling for a median price of $455K. On average, homes in Phoenix sell after 45 days on the market compared to 37 days last year. There were 1,398 homes sold in June this year, down from 1,642 last year.

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.

In order to afford any median-priced home in the area, you'll need to make $121,368 (as of October 2023).

Homeowners spend $445,580 in total to build a house in the Copper State, which is $9,880 more than the median sale price. Expensive labor, supply chain issues, and a rise in material costs can further increase your expenses. In most cases, it is more affordable to buy a home for sale in Arizona and move in quickly.

Arizona exemplifies the stress over housing. Over the past decade, the allure of suburban life under cloudless skies has swelled the population of greater Phoenix to five million from 4.2 million, according to census data. The influx pushed housing prices steadily higher.

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

What is the median house cost in Arizona? The median-price of a home in Arizona was $352,536 in December of 2023, according to data from Arizona Realtors. The median will differ depending on where in Arizona you're looking, though — for example, in Phoenix it was $444,785.

Housing shortage

“Land, construction and labor costs have continued to rise, and developers are struggling to finance projects,” she said. “Developers must compete with each other over land and large developers can pay more, leaving small developers at a disadvantage.”

Ahwatukee Foothills

Not only does it offer great schools, like BASIS Ahwatukee and Arizona Cultural Academy, but it's also ranked as the #1 best neighborhood to live in Phoenix, according to Niche — not to mention the crime rate is over 50 percent lower here than other areas in Phoenix.

The cost of living index for Texas in 2021 was 92.3 while the cost of living index for Arizona was 97, according to the World Population Review. Factors that determine the cost of living include housing, groceries, transportation costs, energy bills, livable wages, and health care.

In summary, buying a house in California in 2024 may be a good time for some buyers, depending on their personal and financial situation. The housing market is expected to rebound from a sluggish year in 2023, with more supply and demand, higher prices and affordability, and lower mortgage rates and inflation.

Timeframes for Selling a Arizona House

In Arizona, it takes anywhere from 40 to 60 days from listing to offer acceptance. However, it can take even more due to various factors affecting selling speed, such as time of the year or location.

Arizona often ranks as one of the most attractive states to retire in, and its strong economy is a magnet to many people. Whether you choose to live there permanently or rent it out, a property in Arizona can provide a good return on your investment.

Phoenix has a dynamic real estate market. It can be challenging to sell your house in the current economic situation. Late spring and up to July are considered the home-selling months. You can sell faster and earn higher sale proceeds during this time of the year.