{"id":46182,"date":"2024-07-26T15:29:35","date_gmt":"2024-07-26T22:29:35","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=46182"},"modified":"2026-04-03T10:03:29","modified_gmt":"2026-04-03T17:03:29","slug":"home-values-in-phoenix-az","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/home-values-in-phoenix-az\/","title":{"rendered":"Home Values in Phoenix, AZ: Maximize Your Home\u2019s Worth"},"content":{"rendered":"

Need to know current home values in Phoenix, AZ? Whether you\u2019re considering selling, hoping to remove PMI<\/a>, or just want to stay updated, understanding your home’s worth is crucial for making informed decisions.<\/p>\n

In this article, we\u2019ll cover the recent home price trends in the Valley of the Sun, explain how to get an accurate home value estimate<\/a>, and share effective strategies to boost your home’s value. We\u2019ll also introduce useful tools to help you achieve the best price when selling your Phoenix home.<\/p>\n\n\n\n\n\n

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\n \"homelight\n <\/div>\n \n

Already Own a Home? What's It Worth Now?<\/h3>\n

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.<\/p>\n \n

\n Get Estimate<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n

Editor\u2019s 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.<\/em><\/p>\n

<\/div>\n

Current home values in Phoenix, AZ<\/h2>\n

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<\/a>, according to Phoenix Realtors.<\/p>\n

\u201cMany new employees are coming from outside greater Phoenix,\u201d said Sheryl Bowden, board president of Phoenix Realtors, in a recent interview<\/a> with the Queen Creek Sun Times.<\/p>\n

\u201cHousing 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.\u201d<\/p>\n

The table below shows the significant rise in home prices in the Phoenix metro area over the past four years:<\/p>\n\n\n\n\n\n\n\n\n
Year<\/td>\nMedian home price<\/td>\nPercent change year-over-year<\/td>\n<\/tr>\n
2024 (June)<\/a><\/td>\n$485,000<\/td>\n+5.3%<\/td>\n<\/tr>\n
2023 (June)<\/a><\/td>\n$458,500<\/td>\n-4.5%<\/td>\n<\/tr>\n
2022 (June)<\/a><\/td>\n$475,000<\/td>\n+21.8%<\/td>\n<\/tr>\n
2021 (June)<\/a><\/td>\n$400,000<\/td>\n+30.1%<\/td>\n<\/tr>\n
2020 (June)<\/a><\/td>\n$320,000<\/td>\n+14.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: Phoenix REALTORS\u00ae<\/a><\/em><\/p>\n

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%<\/a> since the beginning of 2020.<\/p>\n

This increase has significantly boosted homeowners’ equity<\/a>, 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<\/a> in equity.<\/p>\n

For comparison, the table below shows median home prices in cities near Phoenix:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/td>\nMedian home price<\/td>\nDistance from Phoenix city center<\/td>\n<\/tr>\n
Tempe<\/td>\n$467,100<\/td>\n16-30 min (10.7 miles)<\/td>\n<\/tr>\n
Scottsdale<\/td>\n$818,500<\/td>\n20-40 min (12.3 miles)<\/td>\n<\/tr>\n
Peoria<\/td>\n$493,000<\/td>\n22-55 min (13.6 miles)<\/td>\n<\/tr>\n
Paradise Valley<\/td>\n$3,200,000<\/td>\n20-40 min (14.4 miles)<\/td>\n<\/tr>\n
Mesa<\/td>\n$426,500<\/td>\n24-45 min (19.1 miles)<\/td>\n<\/tr>\n
Goodyear<\/td>\n$487,800<\/td>\n30-60 min (19.9 miles)<\/td>\n<\/tr>\n
Gilbert<\/td>\n$588,000<\/td>\n28-55 min (21.9 miles)<\/td>\n<\/tr>\n
Chandler<\/td>\n$522,300<\/td>\n28-50 min (24.8 miles)<\/td>\n<\/tr>\n
Fountain Hills<\/td>\n$672,900<\/td>\n35-55 min (31.2 miles)<\/td>\n<\/tr>\n
Queen Creek<\/td>\n$694,170<\/td>\n25-70 min (37.6 miles)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home value averages of multiple public transaction sites\u00a0<\/span><\/i><\/p>\n

Typical travel times 8 a.m. midweek<\/span><\/i><\/p>\n

Up next, we\u2019ll explain how you can estimate the value of your Phoenix home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Understand home values in Phoenix, AZ, explore market trends, and find ways to increase your home\u2019s value.<\/p>\n","protected":false},"author":360,"featured_media":46184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[320,1249,330],"tags":[1251],"class_list":["post-46182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-add-value","category-arizona-real-estate","category-house-value","tag-selling-a-house-in-phoenix-metro-area"],"acf":[],"yoast_head":"\nHome Values in Phoenix, AZ: Maximize Your Home\u2019s Worth<\/title>\n<meta name=\"description\" content=\"Understand home values in Phoenix, AZ, explore market trends, and find ways to increase your home\u2019s value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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