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Phoenix

Why you'd want to live in Phoenix

Phoenix is the capital and most populous city of the U.S. state of Arizona. With 1,615,017 people (as of 2016), Phoenix is the fifth most populous city nationwide, the most populous state capital in the United States, and the only state capital with a population of more than one million residents. Phoenix is the anchor of the Phoenix metropolitan area, also known as the Valley of the Sun, which in turn is a part of the Salt River Valley. The metropolitan area is the 12th largest by population in the United States, with approximately 4.3 million people as of 2010. In addition, Phoenix is the seat of Maricopa County and, at 517.9 square miles, it is the largest city in the state, more than twice the size of Tucson and one of the largest cities in the United States. Settled in 1867 as an agricultural community near the confluence of the Salt and Gila Rivers, Phoenix incorporated as a city in 1881. Located in the northeastern reaches of the Sonoran Desert, Phoenix has a subtropical desert climate. Despite this, its canal system led to a thriving farming community, many of the original crops remaining important parts of the Phoenix economy for decades, such as alfalfa, cotton, citrus, and hay (which was important for the cattle industry). In fact, the "Five C's" (Cotton, Cattle, Citrus, Climate, and Copper), remained the driving forces of Phoenix's economy until after World War II, when high-tech industries began to move into the valley and air conditioning made residences much more comfortable in the very hot summers. The city averaged a four percent annual population growth rate over a 40-year period from the mid-1960s to the mid-2000s. This growth rate slowed during the Great Recession of 2007–09, and has rebounded slowly. Phoenix is the cultural center of the Valley of the Sun, as well as the entire state.

Phoenix Market Report

$729,910

AVERAGE PRICE OF 4,766 HOMES

$285,963

AVERAGE PRICE OF 9 DISTRESSED HOMES

$2,115,782

AVERAGE PRICE OF 722 MULTI-MILLION DOLLAR HOMES

$1,081,365

AVERAGE PRICE OF 416 NEWLY BUILT HOMES

$1,057,649

AVERAGE PRICE OF 1,251 HOMES WITH A POOL

$643,118

AVERAGE PRICE OF 310 REDUCED PRICE HOMES

Average Home

Average Price $729,910
Avg Bedrooms 2.86 beds
Avg Bathrooms 2.25 baths

Average Price by Bedrooms

1 bedroom $257,375
2 bedrooms $388,538
3 bedrooms $562,043
4 bedrooms $852,457
5 bedrooms $1,311,782
Phoenix Home Price Trends
  4/2024 3/2024 2/2024 1/2024 12/2023
Total Listings 4,594 4,455 4,264 4,107 3,941
Average Price $750,550 $736,069 $730,180 $729,886 $723,807
Avg Price Change +1.97% +0.81% +0.04% +0.84% -0.56%
Median Price $499,800 $498,422 $498,105 $492,122 $495,779
Med Price Change +0.28% +0.06% +1.22% -0.74% -0.71%
Avg Bedrooms 2.87 beds 2.87 beds 2.85 beds 2.82 beds 2.8 beds
Avg Bathrooms 2.26 baths 2.27 baths 2.24 baths 2.2 baths 2.18 baths
Home Price by High School
School Name Total Homes Average Price Avg Days on Site
Camelback High School 405 $996,475 66 days
Home Price by House Size
Total Homes Average Price Avg Days on Site
All Homes 4,766 $729,910 67 days
Distressed Homes 9 $285,963 32 days
Multi-Million Dollar Homes 722 $2,115,782 86 days
Newly Built Homes 416 $1,081,365 99 days
Homes with a Pool 1,251 $1,057,649 62 days
Reduced Price Homes 310 $643,118 58 days
JK Realty
Rome Towers
1760 E Pecos Rd, Suite 501
Gilbert, AZ 85295
480-733-8500
Michele Walker
Sr. Loan Originator
NMLS# 821145 | AZ MLO #0929746
BK 0018295 | Corp NMLS #2973
This is not a commitment to lend or extend credit.
michele.walker@wvmb.com
Phone: 573-355-7431
Fax: 480-393-1871

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Kala Laos - JK Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. May 30, 2024
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