Arizona housing market: Everything you need to know
By: Bankrate
A state that’s synonymous with year-round sunshine and expansive desert landscapes, Arizona is the 14th most populous state in the country — and growing. Over the past decade, it has attracted more than 860,000 new residents, increasing Arizona’s population by 13.4 percent.
Whether you already live in the Grand Canyon State or are contemplating a move there, you may be curious about the Arizona housing market. After the roller coaster ride of the last few years, the pandemic’s impacts on real estate here are finally starting to fade.
Arizona housing market overview
The common refrain that “all real estate is local” certainly holds true in Arizona. Housing market conditions vary throughout the state. For example, while home prices in Phoenix have recently begun trending downward, according to Redfin data, the same cannot be said for Sedona, Scottsdale and some of the state’s other luxury markets, where homes are still experiencing year-over-year upward momentum.
Arizona housing trends and stats
- Home prices in Arizona have been declining overall. The median price for a home in the state as of January 2023 was $406,200, according to Redfin. That’s a decrease of 3.8 percent over the same month in 2022.
- About 39 percent fewer homes were sold compared to the prior year.
- Homes also spent far longer on the market in January — an average of 70 days, which is 32 days longer than last year.
- During the same timeframe, the sale-to-list ratio for the state was around 97 percent.
- About 37.4 percent of homes had to drop their prices to close a deal in January.
- Closing costs in Arizona were on average about 1.2 percent of a home’s list price as of 2021, according to data from ClosingCorp.
Categories
Recent Posts
