Home Values in Arizona: Latest Trends and Insights
- Published on
- 10 min read
-
Kelsey Morrison Former EditorClose
Kelsey Morrison Former EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers with seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com), and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
Wondering how much your home is worth in Arizona’s current market? Whether you’re planning to sell, hoping to remove PMI, or just curious about home values in the Grand Canyon State, having this knowledge can help you make well-informed decisions.
In this article, we’ll explore home price trends in Arizona, provide insights on accurately estimating your home’s value, and share practical tips to boost it. We’ll also equip you with tools to maximize your home’s selling price when the time is right.
Already Own a Home? What's It Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Arizona
According to data from the Arizona Association of Realtors, the median sales price in June 2024 was $442,000 throughout the state of Arizona, up 2.7% year over year. The typical home sold for slightly less than the previous month when the median home price was $445,000.
“[Prices] in the Phoenix metro area have risen 7%, and the average home price is $470,500, so that’s great news for the Arizona real estate market,” said Shelley Ostrowski, President of the Arizona Association of Realtors, in a May interview with CW7 Arizona.
Although the Arizona Association of Realtors’ housing data only extends back to 2022, it reveals a substantial 23% increase in home prices statewide between June 2022 and June 2024.
“What we’re seeing is a lack of inventory, and we’re hoping that over the next quarter, we’re going to see a rise in inventory, and that’s going to help the flow and help increase home sales,” added Ostrowski.
In June, Arizona’s housing inventory surged 31.1% compared to the same period last year, reaching a 4.47-month supply. Although this is a marked improvement, the market remains far below the 6-month supply typically needed for balanced conditions.
The table below highlights the notable rise in Arizona home prices over the past two years:
| Year | Median home price | Percent change year-over-year |
| 2024 (June) | $442,000 | +2.7% |
| 2023 (June) | $365,096 | +4.8% |
| 2022 (June) | $351,946 | +14.5% |
Source: Arizona REALTORS®
This trend isn’t unique to Arizona; it’s evident across the country. According to the Case-Shiller National Home Price Index, U.S. home prices have surged 47% since the start of 2020.
As a result, homeowners nationwide have accumulated significant equity in their properties, which can be used for various purposes, such as purchasing new homes, funding renovations, paying off debts, or saving for retirement. ICE’s Mortgage Monitor report indicates that as of early 2024, the average mortgage-holding homeowner has $299,000 in equity.
How to get a home value estimate
Want to find out your Arizona home’s value? There are several tools available to help you, ranging from online estimators that provide quick ballpark figures to more comprehensive analyses conducted by real estate professionals. Here are some options to consider:
Use an online home value estimator
One of the simplest methods to get a quick estimate is using an online home value estimator like HomeLight’s. These estimators gather data from various sources, such as county auditor and tax assessor records, user submissions, and multiple listing service (MLS) listings and sales. HomeLight’s estimator is unique because it asks seven straightforward questions about your property, providing a more personalized estimate. In less than two minutes, you can get a preliminary value, giving you a solid starting point for selling your home.
Request a comparative market analysis
Beyond online estimators, you can obtain a more precise value through a comparative market analysis (CMA) from a local real estate agent. A CMA compares your property with similar homes recently sold in your area, considering factors like bedrooms, bathrooms, square footage, home age, location, recent upgrades, and amenities.
CMA reports often include detailed charts, graphs, photos, and other information, providing a comprehensive picture of your home’s worth. While many agents will put together a CMA for free, some may charge a small fee. If you list your home with an agent, a CMA is typically part of the services they provide.
Thinking about selling but don’t have an agent yet? HomeLight can connect you with top professionals in Arizona. This free service for buyers and sellers matches you with up to three qualified agents in just two minutes. Since agents don’t pay to be listed, you can trust their expertise. According to HomeLight’s data, the top 5% of listing agents sell homes for up to 10% more than average agents.
Get a pre-listing appraisal
While a CMA provides a solid estimate, a pre-listing appraisal can offer a more accurate valuation, especially for unique homes or properties in rural areas with few comparable sales. A professional appraisal ensures your listing price reflects your property’s true value.
A pre-listing appraisal typically costs $450 to $550, though complex properties like horse farms or luxury homes may cost more. Even if the buyer’s lender will require an appraisal, having your own can set a realistic price from the start.
How to increase the value of your Arizona home
If you’re looking to raise the value of your Arizona home before selling, these key improvements can make a significant impact.
Curb appeal: According to a recent study by the National Association of Realtors, 92% of realtors recommend enhancing curb appeal before listing your home. Easy projects like power washing the exterior, mowing the lawn, adding fresh mulch, painting the front door, and installing outdoor lighting can make your home more appealing to potential buyers.
Strategic updates: To maximize your return on investment, focus on key home improvements like updating flooring, painting walls, and modernizing fixtures in kitchens and bathrooms. Zonda’s 2023 Cost vs. Value Report found that replacing garage doors provided the second-highest return of any project, recouping 103% of the costs.
Necessary fixes: It’s important to address essential repairs before putting your home on the market, although you should always consult with your agent to avoid overspending. Fixing issues with the roof, foundation, plumbing, electrical, HVAC, and safety features can help prevent negative inspection results and ensure a smoother sale process.
Decluttering and depersonalizing: Clearing out personal items and decluttering helps buyers envision their own belongings in the space. A HomeLight survey shows that decluttering can boost your home’s sale price by $8,000 or more. Remove family photos, religious symbols, and excess furniture to create a more inviting atmosphere.
Deep cleaning: A thorough deep cleaning can greatly enhance your home’s appeal. According to a HomeLight survey, deep cleaning can increase your home’s value by $3,700. Focus on steam-cleaning carpets, scrubbing grout, and washing windows to brighten up the space. Don’t forget to clean vents and baseboards, which can make a big difference in overall cleanliness.
Home staging: Proper home staging showcases your home’s best features and helps buyers imagine living there. HomeLight’s data reveals that a staged home can sell for up to 13% more than an unstaged one. Effective staging can speed up the sale process and increase the final sale price.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Arizona
If you’ve found your dream home in Arizona but need to sell your current one first, HomeLight’s Buy Before You Sell (BBYS) program could be the perfect solution for you.
BBYS lets you leverage a portion of your existing home’s equity to place a strong, non-contingent offer on a new property. Qualifying homes can have their equity unlocked within 24 hours, allowing you to buy your new home first and handle the sale of your old home afterward, minimizing the inconvenience of moving multiple times.
HomeLight charges a flat fee of 2.4% of your current home’s sale price. If your house doesn’t sell within 90 days after closing on your new home, HomeLight will buy it and continue working to sell it. After deducting any incurred costs, the profits from the sale will be returned to you.
Watch the video below to learn more about HomeLight’s Buy Before You Sell program:
How to find a top agent in Arizona
Partnering with a top real estate agent in Arizona can greatly influence your home-selling success. HomeLight’s agent matching service is a free tool that connects you with the best agents in your area within minutes. Our service is unbiased, and agents cannot pay to be listed, ensuring you get matched based on performance and expertise.
One important factor to look for is the agent’s sale-to-list ratio, which measures the final sale price of a home compared to its original listing price. An agent with a high sale-to-list ratio typically prices homes accurately and nets high sale prices, benefiting you as a seller.
To make sure you choose the right agent, you should interview at least three candidates. Here are some questions to guide your conversations:
- How many years have you been working in real estate?
- How well do you understand this neighborhood?
- What property types and price ranges do you usually handle?
- What is your average number of days on market?
- What are your commission fees?
- What marketing strategies would you use for my home?
- Can you share testimonials or references from past clients?
By using HomeLight’s agent matching service and asking the right questions, you’ll find an experienced agent who can help you sell your home for the best price possible.
Get a free preliminary home estimate today
Understanding the value of your Arizona home can significantly impact your financial decisions, whether you’re selling, refinancing, or simply staying informed. HomeLight’s free home value estimator provides a quick and easy way to get a ballpark figure of your home’s worth in under two minutes.
Additionally, HomeLight can connect you with top local agents to help you sell your home for the highest price or unlock your equity to buy a new house before selling your current one. By keeping up with the latest market trends and utilizing these handy tools, you’ll be well-equipped to maximize the value of your Arizona home.
Header Image Source: (Brian Wangenheim/ Unsplash)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- " Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- " February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
- "Latest trends in the Arizona housing market", CW7 Arizona (May 2024)
- "Housing report Arizona", Arizona REALTORS® (June 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
