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Phoenix, AZ Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Phoenix, AZ Housing Market Trends

With a population of 1,608,139, 580,835 total housing units (homes and apartments), and a median house value of $381,448, Phoenix real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Phoenix, accounting for 60.90% of the city's housing units. Other types of housing that are prevalent in Phoenix include large apartment complexes or high rise apartments ( 25.17%), duplexes, homes converted to apartments or other small apartment buildings ( 6.14%), and a few row houses and other attached homes ( 4.66%).

The most prevalent building size and type in Phoenix are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.93% owning and 45.07% renting.

There is a lot of housing in Phoenix built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Phoenix built between 1940-1969 ( 23.46%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.60%). There's also some housing in Phoenix built before 1939 ( 1.85%).

Phoenix Home Appreciation Rates

In the last 10 years, Phoenix has experienced some of the highest home appreciation rates of any community in the nation. Phoenix real estate appreciated 270.01% over the last ten years, which is an average annual home appreciation rate of 13.98%, putting Phoenix in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Phoenix definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Phoenix that despite a nationwide downturn in the housing market, Phoenix real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Phoenix appreciation rates continue to be some of the highest in America, at 23.71%, which is higher than appreciation rates in 94.10% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Phoenix. Phoenix appreciation rates in the latest quarter were at 4.37%, which equates to an annual appreciation rate of 18.64%.

Importantly, this makes Phoenix one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Arizona, our data show that Phoenix's latest annual appreciation rate is higher than 60% of the other cities and towns in Arizona.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Phoenix differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Phoenix - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Phoenix real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$381,448

Phoenix, AZ HOME PRICES

> $1,686,000
$1,265,001 - $1,686,000
$843,001 - $1,265,000
$675,001 - $843,000
$506,001 - $675,000
$337,001 - $506,000
$169,001 - $337,000
$84,001 - $169,000
$0 - $84,000
1.4%
1.4%
1.9%
1.9%
6.6%
6.6%
6.7%
6.7%
13.7%
13.7%
29.2%
29.2%
29.1%
29.1%
6.2%
6.2%
5.0%
5.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for AZ

Value Relative To Nation

Number Of Homes And Apartments:
580,835

Phoenix Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
240.86% 5.60%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,186 / per month

Homeownership Rate

Owners
Renters
Vacant
54.9%
54.9%
45.1%
45.1%
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
21.6%
21.6%
53.1%
53.1%
23.5%
23.5%
1.9%
1.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.9%
60.9%
4.7%
4.7%
6.1%
6.1%
25.2%
25.2%
3.0%
3.0%
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.6%
3.6%
13.5%
13.5%
24.2%
24.2%
35.6%
35.6%
19.1%
19.1%
3.9%
3.9%
0.0% 100.0%
% OF HOMES