Home Values in Arizona: Latest Trends and Insights

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.

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.