Zillow Arizona For Sale (2024)

FAQs

Are Arizona home prices dropping? ›

Arizona Housing Market Overview

In July 2024, home prices in Arizona were up 2.2% compared to last year, selling for a median price. On average, the number of homes sold was up 3.9% year over year and there were 8,187 homes sold in July this year, up 7,879 homes sold in July last year.

Arizona Housing Market Conditions

The current real estate market conditions in Arizona are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

However, as in many states, many residents of Arizona are facing a housing crisis. High interest rates and home prices have priced out many Arizonans who would otherwise be in the buying market. Experts say inventory must raise significantly before supply and demand can stabilize home prices.

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.

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.

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.

Key Takeaways. The average home price in Arizona is $434,865, marking a 4.3% increase year over year. Despite higher prices, the sale-to-list price ratio of 98.9 suggests a balanced market, favorable for both buyers and sellers.

Market Conditions for Sellers

As of early 2024, home prices in Arizona have shown a 6.7% increase from the previous year, indicating a seller's market. Limited inventory has been a constant, thereby benefiting sellers with heightened demand. However, sellers should stay informed as market conditions can shift rapidly.

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.

It takes an hourly wage of $40.24 or an annual salary of $83,699 for a single adult to sustain comfortable living standards. For a household of four, it takes about $215,000.

What is the average income to buy a house in Arizona? ›

Homebuyers need an annual income of $110,271 to buy a median-priced home in Arizona. That's up 65% from 2020, when it only took $66,712 to buy an Arizona house, according to personal finance research firm Bankrate. Higher home prices, interest rates and insurance costs are why.

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's existing housing crisis is being exacerbated by COVID-19, and thousands of Arizonans are struggling to pay their rent amid the pandemic.

The median listing home price in Phoenix, AZ was $510.5K in July 2024, trending down -2.8% year-over-year. The median listing home price per square foot was $297.

In a recent note, Chief US Economist Michael Gapen and his team revealed that they expect home prices to rise by 4.5% this year and 5% in 2025. Gapen doesn't foresee the market cooling down until 2026 at the earliest. With this in mind, current homeowners can sell for even higher prices down the road.

As we move through 2024 and head towards 2025, we expect that rent prices will continue to rise, even if there are some brief downward fluctuations. The pace of growth may slow down, but not by much. New rental construction will ease the short supply and meet the demand of a growing population of renters in Phoenix.