AZ Real Estate - Arizona Homes For Sale | Zillow (2024)

FAQs

Are Arizona real estate prices dropping? ›

Arizona's median sale price is $444,100, according to Redfin's monthly housing market data from April 2023. This is a growth of about 6.7% since April of last year.

There's no better time than NOW! 28.8% of homes are selling below their listing price. Moreover, there's a 17.6% increase in newly listed homes. So, not only are you spoilt for choice, but you're also more likely to crack a good deal on your dream home.

June, July, and August are the best months to sell your house in Arizona. The median sale price of houses in June 2023 was $442,100, which is expected to rise in 2024. However, cities like Yuma, Payson, and Anthem follow an upward trend throughout the year.

Arizona is one of the states where not a single major metropolitan area has affordable housing. The situation has become so bad in the Flagstaff area that it now takes more than 100% of the median after-tax income to afford a median price home. In other words, it's impossible.

Market Trends

Inventory: Housing inventory is gradually increasing, offering buyers more options and potentially creating some room for negotiation. Interest Rates: Mortgage rates have risen in 2024, impacting affordability. However, rates remain historically low compared to previous decades.

In a recent note, Chief US Economist Michael Gapen and his team revealed that they expect home prices to rise by 4.5% this year and 5% in 2025. Gapen doesn't foresee the market cooling down until 2026 at the earliest. With this in mind, current homeowners can sell for even higher prices down the road.

Here are some general FHA loan requirements for Arizona. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

Conventional Loan Calculator in Arizona

Conventional loans typically require a 5% down payment. However, there are flexible conventional loans programs designed for to help Arizona first time home buyers that only require 3% down.

Across Arizona, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI).

Is Phoenix, AZ a buyer's or seller's market? Since last year, Phoenix has remained a Seller's Market. Phoenix is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

What is the best month to sell a house? ›

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

What day of the week do most house showings occur? Sunday is the day of the week with the most home showings.

As the wealthiest city in Arizona, it's no surprise that Paradise Valley is also the most expensive city in the state.

Home prices are not dropping in 2024; in fact, they have increased. In May 2024, home prices in Arizona rose by 3.6% year over year, reaching a median price of $451,500. This trend indicates a continued appreciation in home values rather than a decline.

1. Tucson, AZ. Tucson tops our list as the best place to live in Arizona. Home to gorgeous weather, a world-renowned cycling race, and surrounded by four mountain ranges providing endless vistas and hiking trails, Tucson is truly an outdoor haven.

Arizona Real Estate & AZ Homes for Sale ...

Realtor.com

https://www.realtor.com

Realtor.com

https://www.realtor.com

Search AZ real estate at realtor.com®. View property details of the 54297 homes for sale in Arizona.

Arizona Housing Market-Trends and Predictions

FastExpert

https://www.fastexpert.com

FastExpert

https://www.fastexpert.com

Population growth, demand for homes, and limited supply have fueled the Arizona housing market, but it's cooling with higher interest rates.

Arizona Homes for Sale: AZ Real Estate | Redfin

Redfin

https://www.redfin.com

Redfin

https://www.redfin.com

There are currently 36882 homes for sale in Arizona. The median list price in Arizona is $485000 and the average price per square foot is $252.

Crash in Phoenix single-family home sales. Down 40% from 2021. After booming for two years during the pandemic, the U.S. housing market experienced a significant price correction between late summer 2022 and spring 2023.

Arizona has long been a top choice for real estate investors seeking attractive opportunities in the United States. With its thriving economy, diverse landscapes, and favorable tax environment, the Grand Canyon State offers a range of benefits for those looking to invest in real estate.

As we move through 2024 and head towards 2025, we expect that rent prices will continue to rise, even if there are some brief downward fluctuations. The pace of growth may slow down, but not by much. New rental construction will ease the short supply and meet the demand of a growing population of renters in Phoenix.