Surprise, AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Surprise Neighborhoods Since 2000




Surprise, 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

Surprise Housing Market Information

With 128,422 people, 45,054 houses or apartments, and a median cost of homes of $239,325, Surprise real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Surprise, accounting for 85.24% of the city's housing units. Other types of housing that are prevalent in Surprise include large apartment complexes or high rise apartments ( 7.41%), mobile homes or trailers ( 4.50%), and a few row houses and other attached homes ( 1.66%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Surprise. Owner-occupied housing accounts for 72.28% of Surprise's homes, and 57.18% have either three or four bedrooms, which is average sized relative to America.

Surprise homes and real estate are some of the newest in America. 66.55% of Surprise's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Surprise real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 31.59%), and between 1940-1969 ( 1.69%).

Vacant housing appears to be an issue in Surprise. Fully 17.46% of the housing stock is classified as vacant. Left unchecked, vacant Surprise homes and apartments can be a drag on the real estate market, holding Surprise 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.

Surprise Home Appreciation Rates

Surprise's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Surprise during the period has been just -1.89%, which is lower than 80% of US communities.

Appreciation rates are so strong in Surprise that despite a nationwide downturn in the housing market, Surprise real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Surprise appreciation rates continue to be some of the highest in America, at 10.37%, which is higher than appreciation rates in 94.76% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Surprise. Surprise appreciation rates in the latest quarter were at 2.04%, which equates to an annual appreciation rate of 8.40%.

Importantly, this makes Surprise 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 Surprise'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 Surprise differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Surprise - 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 Surprise real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$239,325

Surprise, AZ HOME PRICES

Value Range
> $1,315,000 0.2
$986,001 - $1,315,000 0.1
$658,001 - $986,000 1.1
$526,001 - $658,000 2.5
$395,001 - $526,000 6.2
$263,001 - $395,000 27.0
$132,001 - $263,000 47.8
$66,001 - $132,000 9.1
$0 - $66,000 6.0

Very High for AZ
High for Nation

Value Relative to Nation Value Relative to State
24.1884448611274 18.9189189189189

Number Of Homes And Apartments:
45,054

Surprise Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
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
61.59% 2.82% 6 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,465 / per month

Homeownership Rate

Homeownership
Owners 72.28
Renters 27.72
Vacant 17.46

Housing Market Details

 

Age of Homes

AGE OF Surprise HOMES
2000 or Newer 66.6
1970 - 1999 31.6
1940 - 1969 1.7
1939 or Older 0.2

Types of Homes

TYPE OF Surprise HOMES
Single-Family 85.2
Townhomes 1.7
Small Apt. Buildings 0.8
Apt. Complexes 7.4
Mobile Homes 4.5
Other 0.4

Home Size

SIZE OF Surprise HOMES
No Bedroom 0.82
1 Bedroom 7.40
2 Bedrooms 27.97
3 Bedrooms 37.38
4 Bedrooms 19.80
5 or more bedrooms 6.63