Home Values in Phoenix, AZ: Maximize Your Home’s Worth
Need to know current home values in Phoenix, AZ? Whether you’re considering selling, hoping to remove PMI, or just want to stay updated, understanding your home’s worth is crucial for making informed decisions.
In this article, we’ll cover the recent home price trends in the Valley of the Sun, explain how to get an accurate home value estimate, and share effective strategies to boost your home’s value. We’ll also introduce useful tools to help you achieve the best price when selling your Phoenix home.
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 Phoenix, AZ
Since 2020, median home values in the Phoenix metro area have increased by 41%. At the start of the decade, the typical home sold for $320,000, but by June this year, that figure had climbed to $485,000, according to Phoenix Realtors.
“Many new employees are coming from outside greater Phoenix,” said Sheryl Bowden, board president of Phoenix Realtors, in a recent interview with the Queen Creek Sun Times.
“Housing demand will increase with their arrivals. Phoenix, Scottsdale, Peoria, and Surprise will be most impacted, as the data shows that the market is changing in those areas.”
The table below shows the significant rise in home prices in the Phoenix metro area over the past four years:
Year
Median home price
Percent change year-over-year
2024 (June)
$485,000
+5.3%
2023 (June)
$458,500
-4.5%
2022 (June)
$475,000
+21.8%
2021 (June)
$400,000
+30.1%
2020 (June)
$320,000
+14.5%
Source: Phoenix REALTORS®
The rise in home values seen in Phoenix reflects a nationwide trend. According to the Case-Shiller National Home Price Index, home prices in the U.S. have climbed by 47% since the beginning of 2020.
This increase has significantly boosted homeowners’ equity, providing opportunities to buy new properties, renovate, or pay off debts. As of early 2024, the ICE Mortgage Monitor report indicates that the average homeowner holds approximately $299,000 in equity.
Up next, we’ll explain how you can estimate the value of your Phoenix home.
