Phoenix AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Phoenix, AZ Real Estate Data

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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Phoenix Housing Market Information

With 1,660,272 people, 555,013 houses or apartments, and a median cost of homes of $255,505, 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 61.13% 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 ( 6.31%), and a few row houses and other attached homes ( 4.17%).

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 53.15% owning and 46.85% 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 ( 24.65%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.40%). There's also some housing in Phoenix built before 1939 ( 1.87%).

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 139.72% over the last ten years, which is an average annual home appreciation rate of 9.14%, 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 8.24%, which is higher than appreciation rates in 95.43% 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 2.42%, which equates to an annual appreciation rate of 10.02%.

Importantly, NeighborhoodScout’s exclusive research found that Phoenix's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 80% 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:
$255,505

Phoenix, AZ HOME PRICES

Value Range
> $1,368,000 1.2
$1,025,001 - $1,368,000 1.3
$684,001 - $1,025,000 4.8
$547,001 - $684,000 5.5
$410,001 - $547,000 10.6
$273,001 - $410,000 21.9
$137,001 - $273,000 35.6
$68,001 - $137,000 12.1
$0 - $68,000 7.2

High for AZ
High for Nation

Value Relative to Nation Value Relative to State
28.2102189781022 27.3333333333333

Number Of Homes And Apartments:
555,013

Phoenix Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
132.57% 4.20%
9
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,530 / per month

Homeownership Rate

Homeownership
Owners 53.15
Renters 46.85
Vacant 9.73

Housing Market Details

 

Age of Homes

AGE OF Phoenix HOMES
2000 or Newer 20.4
1970 - 1999 53.1
1940 - 1969 24.6
1939 or Older 1.9

Types of Homes

TYPE OF Phoenix HOMES
Single-Family 61.1
Townhomes 4.2
Small Apt. Buildings 6.3
Apt. Complexes 25.2
Mobile Homes 3.1
Other 0.1

Home Size

SIZE OF Phoenix HOMES
No Bedroom 3.21
1 Bedroom 13.65
2 Bedrooms 25.27
3 Bedrooms 35.68
4 Bedrooms 18.36
5 or more bedrooms 3.84