The average home value in Arizona currently stands at $427,379. This figure reflects a slight appreciation of 0.7% over the past year, indicating a stable market. Homes in Arizona also tend to move quickly, typically going to pending status in approximately 30 days.
Arizona Housing Market Snapshot
Understanding the average home value provides a broad overview of the market. Here's a snapshot of key metrics for Arizona homes:
| Metric | Value | Trend |
|---|---|---|
| Average Home Value | $427,379 | Up 0.7% (Year-over-year) |
| Time to Pending Sale | Approximately 30 days | Relatively quick market |
Factors Influencing Arizona Home Values
While the average provides a general idea, actual home prices can vary significantly across Arizona. Several factors contribute to these variations:
- Location: Prices differ considerably between major metropolitan areas like Phoenix and Tucson, and smaller towns or rural regions. Desirable neighborhoods, school districts, and proximity to amenities also influence value.
- Property Type: The average encompasses various housing types, including single-family homes, condominiums, and townhouses, each with distinct price ranges.
- Market Demand: Arizona's ongoing population growth and job opportunities continue to attract new residents, sustaining strong demand for housing.
- Interest Rates: Fluctuations in mortgage interest rates impact housing affordability, which in turn can influence buyer demand and overall home values.
- Inventory Levels: The balance between the number of available homes for sale and the number of potential buyers directly affects competition and pricing in the market.
The Arizona housing market has demonstrated resilience, with homes typically moving from listing to pending in about a month, reflecting consistent buyer interest. For the most up-to-date and localized information, exploring reputable real estate resources such as Zillow's Arizona Home Values can provide detailed insights.
