Home Values in Phoenix, AZ: Maximize Your Home’s Worth
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Kelsey Morrison Former HomeLight EditorClose
Kelsey Morrison Former HomeLight EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers. She has 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.
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.
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 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.
For comparison, the table below shows median home prices in cities near Phoenix:
| City | Median home price | Distance from Phoenix city center |
| Tempe | $467,100 | 16-30 min (10.7 miles) |
| Scottsdale | $818,500 | 20-40 min (12.3 miles) |
| Peoria | $493,000 | 22-55 min (13.6 miles) |
| Paradise Valley | $3,200,000 | 20-40 min (14.4 miles) |
| Mesa | $426,500 | 24-45 min (19.1 miles) |
| Goodyear | $487,800 | 30-60 min (19.9 miles) |
| Gilbert | $588,000 | 28-55 min (21.9 miles) |
| Chandler | $522,300 | 28-50 min (24.8 miles) |
| Fountain Hills | $672,900 | 35-55 min (31.2 miles) |
| Queen Creek | $694,170 | 25-70 min (37.6 miles) |
Home value averages of multiple public transaction sites
Typical travel times 8 a.m. midweek
Up next, we’ll explain how you can estimate the value of your Phoenix home.
How to get a home value estimate
Figuring out your home’s value can be helpful when planning to sell or refinance. There are various tools available to provide estimated home values in the Phoenix area.
Use an online home value estimator
One of the simplest methods is using an online home value estimator. These tools pull data from sources like county auditor records, tax assessor databases, and MLS listings to provide a ballpark estimate. HomeLight’s tool goes a step further by asking seven detailed questions about your home to refine the estimate. In under two minutes, you’ll have a preliminary value that can serve as a jumping-off point for your home-selling journey.
Request a comparative market analysis
For a more precise valuation, consider getting a comparative market analysis (CMA) from a local real estate agent. A CMA examines recently sold similar homes in your area, focusing on details like square footage, condition, location, and amenities. These analyses often include visual aids to present a clear picture of your home’s market position. Most agents will provide a CMA for free in an effort to win your business, although some may charge a nominal flat fee.
If you’re preparing to sell, HomeLight can connect you with top real estate agents in the Phoenix area. This free service matches you with up to three expert agents who can help you fetch the best price for your home. HomeLight’s internal data shows that the top 5% of listing agents often sell homes for up to 10% more than the average agent.
Get a pre-listing appraisal
Sometimes, a pre-listing appraisal is necessary for a more accurate valuation, especially if your home has unique features or is located in a rural area. An appraisal provides a thorough evaluation of your property, helping you set a realistic list price. The cost for an appraisal typically ranges from $450 to $550, with higher fees for complex properties. Note that buyers using a mortgage will need to obtain their own appraisal as it’s required by lenders.
How to increase the value of your home in Phoenix, AZ
Maximizing your home’s value can be achieved with a few strategic updates and careful preparation.
Curb appeal: According to a recent study by the National Association of Realtors, 92% of realtors recommend enhancing curb appeal prior to listing. Simple projects like landscaping, painting the front door, and adding outdoor lighting can make a memorable first impression. These efforts can attract more buyers and potentially increase your home’s value.
Strategic updates: Target high-ROI home improvements such as kitchen and bathroom upgrades, flooring refinishing, and fixture replacements. Zonda’s 2023 report highlights that new garage doors can recover 103% of their cost.
Necessary fixes: Ensure all essential repairs are completed before listing. This includes fixing the roof, plumbing, and electrical systems. Addressing these issues early on can prevent inspection problems and attract buyers seeking move-in-ready homes.
Decluttering and depersonalizing: Clearing out clutter and depersonalizing your space helps buyers envision themselves in your home. According to a HomeLight survey, decluttering can add $8,000 or more to your sale price. Decluttering your home not only creates a more spacious feel but also makes packing a breeze when it’s time to sell.
Deep cleaning: Invest in professional cleaning services (or be prepared to put in a lot of elbow grease) to enhance your home’s appeal. Another HomeLight survey found that deep cleaning can add $3,700 in value. Focus on areas like carpets, windows, and baseboards to make your home sparkle.
Home staging: Professional staging highlights your home’s best features and can help it sell faster and for more money. HomeLight reports that staged homes can sell for up to 13% more than unstaged homes, making it a valuable investment.
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 Phoenix, AZ
For homeowners who want to move into a new property without the hassle of selling their current home first, HomeLight’s Buy Before You Sell (BBYS) program offers a viable solution.
BBYS allows you to leverage a percentage of your current home’s equity to make a competitive, non-contingent offer on a new home. This means you can buy your new home first and then sell your old home at your own pace. Equity can be unlocked within 24 hours if your home meets the program criteria, with no upfront costs.
The program charges a flat fee of 2.4% of your home’s sold price. Should your home not sell within 90 days after purchasing your new property, HomeLight will buy it and continue efforts to sell it. After deducting any incurred costs, HomeLight will provide you with the remaining profits from the sale.
Press play on the video below to learn more about HomeLight’s Buy Before You Sell program:
How to find a top agent in Phoenix, AZ
Maximizing your home’s sale price starts with choosing the right real estate agent. HomeLight’s agent matching service offers a quick and free way to connect with top agents in your area. This service matches you with agents based on their performance, local expertise, and specialties, ensuring you get the best possible guidance.
Look for an agent with a strong sale-to-list ratio, which measures how well the agent prices homes and negotiates final sale prices. A high ratio means the agent consistently gets close to or exceeds the listing price, showcasing their pricing and negotiating skills.
You’ll want to interview at least three agents before coming to a decision. Here are some important questions to ask during these interviews:
- How long have you been in business?
- How familiar are you with this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
By utilizing HomeLight’s agent match tool and asking the right questions, you can find a knowledgeable local expert who will help you achieve the best results for your home sale.
Get a free preliminary home estimate today
Understanding your home’s value is crucial whether you plan to sell soon or are considering refinancing. HomeLight’s free home value estimator provides a quick and easy way to get an initial estimate of your home’s worth in just a few minutes.
Additionally, HomeLight can connect you with top local agents who can help sell your home for more money, or empower you to buy a new house before selling your current one through the Buy Before You Sell program. Keeping up with market trends and using HomeLight’s handy tools will help you maximize your home’s value in Phoenix.
Header Image Source: (DCA88/ Depositphotos)
- "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)
- "Local Market Update", Phoenix Realtors (June 2024)
- "Phoenix REALTORS: Positive signs showing in June residential real estate’s challenging market" Queen Creek Sun Times (July 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.
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