Phoenix, AZ


Highest Appreciating Phoenix Neighborhoods Since 2000

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Phoenix Housing Market Information

With 1,563,025 people, 525,610 houses or apartments, and a median cost of homes of $192,504, 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 60.77% of the city's housing units. Other types of housing that are prevalent in Phoenix include large apartment complexes or high rise apartments ( 25.26%), duplexes, homes converted to apartments or other small apartment buildings ( 6.67%), and a few row houses and other attached homes ( 4.09%).

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 52.38% owning and 47.62% 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 ( 24.08%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.09%). There's also some housing in Phoenix built before 1939 ( 2.03%).

Vacant housing appears to be an issue in Phoenix. Fully 12.14% of the housing stock is classified as vacant. Left unchecked, vacant Phoenix homes and apartments can be a drag on the real estate market, holding Phoenix real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Phoenix Home Appreciation Rates

Phoenix's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Phoenix during the period has been just -1.96%, which is lower than 80% of US communities.

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 10.34%, which is higher than appreciation rates in 94.73% 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 2.04%, which equates to an annual appreciation rate of 8.40%.

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 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:


Value Range
> $1,433,000 1.0
$1,074,001 - $1,433,000 0.9
$716,001 - $1,074,000 3.1
$573,001 - $716,000 3.5
$430,001 - $573,000 7.7
$286,001 - $430,000 14.5
$143,001 - $286,000 33.4
$72,001 - $143,000 23.0
$0 - $72,000 12.9

High for AZ
High for Nation

Value Relative to Nation Value Relative to State
34.1439118715575 31.0810810810811

Number Of Homes And Apartments:

Phoenix Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
72.92% 3.23% 8 9
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,198 / per month

Homeownership Rate

Owners 52.38
Renters 47.62
Vacant 12.14

Housing Market Details


Age of Homes

2000 or Newer 19.1
1970 - 1999 54.8
1940 - 1969 24.1
1939 or Older 2.0

Types of Homes

Single-Family 60.8
Townhomes 4.1
Small Apt. Buildings 6.7
Apt. Complexes 25.3
Mobile Homes 3.1
Other 0.1

Home Size

No Bedroom 2.98
1 Bedroom 13.98
2 Bedrooms 25.76
3 Bedrooms 35.79
4 Bedrooms 17.64
5 or more bedrooms 3.85