by Airdeed Homes conducted a comprehensive study to analyze home prices in 20 of the most important cities in Arizona. The study was designed to give insight into the Arizona real estate market. It compared the median and average listing price and the number of active listings to the previous months. Data was collected on 10 October 2023 to ensure accuracy and reliability.
The more wealthy cities had higher median home prices. Nine out of ten cities with the highest average prices experienced an increase from previous months. Queen Creek was one of the few cities that did not see an increase in home prices. Phoenix houses have experienced a 5% increase in median home price.
Seven out of ten cities whose median home prices were analyzed saw a decrease. This list includes major cities such as Tempe, Tucson and Mesa.
Top 5 Cities based on Median Home Prices
- Sedona – Median listing price: $1,198,800.00
- Scottsdale – Median Listing Price: $1,149,000.00
- Flagstaff- Median listing price: $849,950.00
- Queen Creek – Median listing price: $629,990.00
- Gilbert – Median listing price: $629,000.00
These cities are all major tourist attractions. The trend of recent years has seen significant increases in home value in tourist destinations as investors in short-term rentals increase the demand for housing. This trend is particularly affecting Arizona real estate because of hotspots like Sedona and Flagstaff, as well as the Luxury Phoenix Area.
The Top 5 Cities for Median Home Prices
- Bullhead City – Median listing price $439,450.00
- Maricopa – Median listing price: $431,445.00
- Tucson – Median listing price: $389,900.00
- Buckeye – Median listing price: $369,490.00
- San Tan Valley – Median listing price: $299,900.00
Tucson is one of the five cities that are in the bottom 5 most commonly. This latest study shows that Tucson home prices have decreased by approximately 15,000 dollars. Tucson is the second largest city in Arizona. This is surprising. Keep an eye out for future changes in the Tucson property market. This could indicate a larger downturn.
Airdeed Homes
Airdeed, a leading real estate search engine, has revolutionized the way buyers search for real estate in their locality. The ultimate goal of Airdeed is to provide home buyers and sellers the information needed to make an informed decision about their housing requirements. Airdeed wants its users to have access to comprehensive local business information on real estate properties available in the area.
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https://sites.google.com/airdeed.com/media/press-releases/arizona-homebuyers-dealing-with-home-price-volatitlity-according-to-airdeed
COMTEX_442381147/2737/2023-10-24T13:00:41
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.