Phoenix Housing Market: Trends & Prices

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    Phoenix Real Estate Market Overview

    (Last Updated – 03/2020)

    People flock to the great city of Phoenix for many reasons. Some to obtain a top-notch education and others to retire in a warm locale. Families and young workers see the appeal of Phoenix too. It’s a city with a lot to offer, no matter who you are, but especially if you love the sun.

    Annually, there is an average of 299 sunny days in Phoenix. For comparison’s sake, the United States averages only 205 days. Even on the days it isn’t sunny in Phoenix, there is a good chance the skies are clear.

    On average, Phoenix only has 33 days per year of precipitation such as rain, hail, sleet, or snow. The Phoenix housing market is looking pretty sunny too. Housing prices in this city have been on the rise since 2012 and experts are predicting further increases in 2020.

    If you’re raising a family, you can rest easy knowing that Phoenix has plenty of education opportunities for your children. With more than 325 public schools and 200 charter and private schools to choose from, surely there will be a good fit for your child. If you have teenagers or are looking to head back to school yourself, have no fear.

    There are over 140 colleges, community colleges, and trade schools in Arizona, many of which are located in or near Phoenix.

    $274,000

    Avg. Home Price

    $175

    Avg. Price Per Sq. Ft

    41 days

    Avg. Time on Market

    Phoenix Housing Market Forecast

    Like the weather, the Phoenix housing market is expected to be very hot this year. In the past year alone, Phoenix home prices have risen 6.7%.

    That trend is expected to continue with a 4.8% increase in the next year. Phoenix house prices have been on the rise since 2012 and it looks like this trend may continue in 2020.

    *Graph taken from Zillow as of 02/2020

    Demographics of the Phoenix Market

    Arizona may be known as a hotspot for retirees who are looking to enjoy the warm weather, but plenty of young people flock to this state too. More than a quarter of the population of Phoenix is under 20 years old.

    Young people are drawn to the area thanks to popular schools like Arizona State University. If the Phoenix, AZ, housing market is calling your name, consider these helpful demographics.

    Median Income: $57,957

    Median Age: 33.5

    College Educated: 28%

    Homeowners: 53.6%

    Married: 44%

    Paradise Valley

    The neighborhood of Paradise Valley has been around for over 50 years and has followed a strict set of principles since its origin. This neighborhood prioritizes quiet surroundings, open space, and privacy.

    Quick Facts

    Population:

    13,961

    Median Age:

    53.2

    Housing Units:

    6,060

    Bike Score:

    75

    Walk Score:

    51

    Transit Score:

    39

    Average Household Income:

    $300,521

    Paradise Valley Housing Market

    Experts consider the Paradise Valley housing market to be “very hot” right now. Home values have shot up by 19% compared to last year.

    Homes are going for almost 5% above list price and go pending in 99 days.


    Average Home Price

    $1,600,000

    Average Price Per Sqare Ft.

    $384


    Downtown Phoenix

    For families or singles who like to stay busy, Downtown Phoenix has a lot to offer. Theater, art, a science center, and historical architecture are all accessible in Downtown Phoenix.

    Not to mention, there are world class dining options, fun bars, and even a baseball stadium to help you fill your weekends.

    Quick Facts

    Population:

    6,110

    Median Age:

    36

    Housing Units:

    3,305

    Bike Score:

    72

    Walk Score:

    84

    Transit Score:

    63

    Average Household Income:

    $70,887

    Downtown Phoenix Housing Market

    Heading downtown might mean your budget needs to go up! Home prices in Downtown Phoenix are up by 4.0% since last year.

    This has been a somewhat competitive market, with some homes receiving multiple offers, although it generally takes about 83 days for listed homes to accept an offer.


    Average Home Price

    $269,000

    Average Price Per Square Ft.

    $249


    Stetson Valley

    If you’re looking for a family-friendly neighborhood, look no further than Stetson Valley.

    This community has over fifteen parks that are decked out with toddler play areas and Splash Pads to help beat the summer heat.

    Quick Facts

    Population:

    19,363

    Median Age:

    38.7

    Housing Units:

    6,800

    Bike Score:

    44

    Walk Score:

    8

    Transit Score:

    N/A

    Average Household Income:

    $119,861

    Stetson Valley Housing Market

    Home prices are on the rise in Stetson Valley. In the past year, the average home price rose by 3.7 %. Listed houses generally sold for 1.1% under the list price and only spent 59 days on the market.


    Average Home Price

    $368,000

    Average Price Per Square Ft.

    $133


    Coronado

    Coronado is a large neighborhood with three smaller neighborhoods within it: Historic Coronado, Country Club Park, and Brentwood.

    This area offers hundreds of businesses and is centrally located thanks to its close proximity to State Road 51 and Interstate 10.

    Quick Facts

    Population:

    256,821

    Median Age:

    48

    Housing Units:

    124,349

    Bike Score:

    60

    Walk Score:

    68

    Transit Score:

    49

    Average Household Income:

    $80,752

    Coronado Housing Market

    Be ready to bid if you’re looking to buy in Coronado. Sometimes listed homes will receive multiple offers. Luckily, they’re generally about 3% below the list price—unless they’re an in-demand home.


    Average Home Price

    $377,000

    Average Price Per Square Ft.

    $269


    Deerview

    This area of Phoenix is ideal for those who enjoy walking to their favorite spots. There are over 20 restaurants, bars, and coffee shops to choose from—80% of which residents can walk to in just five minutes.

    Quick Facts

    Population:

    24,503

    Median Age:

    37.8

    Housing Units:

    9,561

    Bike Score:

    48

    Walk Score:

    49

    Transit Score:

    41

    Average Household Income:

    $70,033

    Deerview Housing Market

    Since last year, home prices in Deerview have gone up by 11.7% % and the average sale price is $258,000.

    Houses in this neighborhood are spending about 16 days on the market and sell for 1.8% under list price.


    Average Home Price

    $258,000

    Average Price Per Square Ft.

    $141



    SoFi Home Loans

    It’s easy to see why Phoenix has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.

    If you think Phoenix could be your home sweet home, then you may need to consider your home loan options.

    If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.

    Learn more


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