Arizona Real Estate Update
The real estate market in Arizona is red-hot. If you’re interested in buying or selling in the area we’ve put together a quick update with all of the information and statistics you need.
Market Forecast & Real Estate Stats
Here are the latest real estate statistics about Arizona from Zillow.
- Median home value in Arizona has increased 6.4% over the last year, reaching $270,320
- Home values are slated to continue increasing by 4.7% in 2020
- The median list price per square foot in Arizona is $165
- Median listed home price in Arizona is $299,000
- 8% of homeowners in Arizona are underwater on their mortgage
- The average home is listed for 56 days before being sold
Overall, the real estate outlook in Arizona is looking positive. The value of homes is continuing to increase, albeit at a slightly lower rate than the past year. There is plenty of supply and very high demand for housing units.
Most & Least Expensive Areas
Currently, the most expensive real estate markets in Arizona are:
- Scottsdale – Median home value of $421,200
- Gilbert – Median home value of $292,900
- Chandler – Median home value of $278,200
The least expensive real estate markets in Arizona are:
- Glendale – Median home value of $212,600
- Phoenix – Median home value of $211,300
- Tucson – Median home value of $164,800
Is It Time To Buy Or Sell?
Arizona is definitely a seller’s market. Today, homes in Arizona spend only an average of 56 days on the market before being sold – down from 77 days at this time in 2018. With high demand and low supply, sellers can get a great price for their homes.