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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

$714,201

AVERAGE PRICE OF 4,799 HOMES

$471,339

AVERAGE PRICE OF 10 DISTRESSED HOMES

$2,096,771

AVERAGE PRICE OF 693 MULTI-MILLION DOLLAR HOMES

$1,059,822

AVERAGE PRICE OF 411 NEWLY BUILT HOMES

$1,045,230

AVERAGE PRICE OF 1,213 HOMES WITH A POOL

$734,336

AVERAGE PRICE OF 368 REDUCED PRICE HOMES

Average Home

Average Price $714,201
Avg Bedrooms 2.88 beds
Avg Bathrooms 2.24 baths

Average Price by Bedrooms

1 bedroom $262,712
2 bedrooms $388,716
3 bedrooms $553,383
4 bedrooms $823,678
5 bedrooms $1,271,475
Phoenix Home Price Trends
  5/2024 4/2024 3/2024 2/2024 1/2024
Total Listings 4,756 4,594 4,455 4,264 4,107
Average Price $737,276 $750,550 $736,069 $730,180 $729,886
Avg Price Change -1.80% +1.97% +0.81% +0.04% +0.84%
Median Price $498,255 $499,800 $498,422 $498,105 $492,122
Med Price Change -0.31% +0.28% +0.06% +1.22% -0.74%
Avg Bedrooms 2.87 beds 2.87 beds 2.87 beds 2.85 beds 2.82 beds
Avg Bathrooms 2.26 baths 2.26 baths 2.27 baths 2.24 baths 2.2 baths
Home Price by High School
School Name Total Homes Average Price Avg Days on Site
Camelback High School 401 $939,072 66 days
Home Price by House Size
Total Homes Average Price Avg Days on Site
All Homes 4,799 $714,201 66 days
Distressed Homes 10 $471,339 57 days
Multi-Million Dollar Homes 693 $2,096,771 88 days
Newly Built Homes 411 $1,059,822 102 days
Homes with a Pool 1,213 $1,045,230 63 days
Reduced Price Homes 368 $734,336 57 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. June 15, 2024
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