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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. 

Further Information

  • Zillow – Arizona Home Values
  • Arizona Housing Market Predictions For 2020
  • Arizona Real Estate Market Statistics

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  • February 2020
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Silver Hammer Inspections is Northern Arizona’s most recognized home and commercial building inspection company.

We provide residential & commercial inspection services to the Prescott, Quad City Area, Sedona, and the Verde Valley, including inspections for purchase transactions, pre-listing, & new construction warranties. To offer more detail about a home to our clients while saving realtors time, we offer many add-on services: Termite Inspections, Air Quality (Mold Testing), Radon Testing, Water Bacteria Testing, Water Heavy Metals (Includes Arsenic), Septic/Sewer Line Scope, Well Equipment & Flow Testing, Pool & Spa Inspections, & Thermal Imaging.

Schedule Your Inspection

At Silver Hammer Inspections, our job isn’t complete until  you feel comfortable and all of your questions and concerns are answered.

We love hearing from you anytime! Call or email us if you have any questions or use our online scheduler to set up a home inspection.

info@silverhammerinspections.com

928-254-0024

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