Buying or selling a home requires significant research and education. Housing market trends vary by township, city, and state. To receive the best outcome in real estate transactions, Arizona-based buyers and sellers must do their homework on market trends. Working with an experienced agent will help buyers and sellers understand how market trends impact home values in Arizona.
2019 Home Value Trends for the Top 5 Cities in Arizona
According to Zillow, Scottsdale is one of Arizona’s hottest real estate markets. Scottsdale homes boast a median home value of $480,200. Home values in Scottsdale have risen 5.3% over the past 12 months as of April 2019 and are expected to increase another 2.3% in 2020. Homes listed for sale in Scottsdale boast a median price of $605,000, almost double the median sales price of $351,700 for homes that sold. The median rent price for Scottsdale is $2,200, which is higher than the median price of $1,591 for the Phoenix-Mesa-Scottsdale Metro area.
The city of Gilbert bears the distinction of being a hot real estate market, according to Zillow. Home values in the city of Gilbert boast a median of $337,600 and have gone up 7.3% over the 12 months. They are projected to rise another 3.6% in the next 12. Gilbert homes currently listed for sale boast a median price of $354,900, almost $50,000 more than the median price of homes that sold. The median price of rent in Gilbert is $1,695.
Chandler is another Arizona market deemed “Very Hot” by Zillow. With median home values of $317,300 that have increased 7.4% over the past 12 months, Chandler’s home values are projected to increase another 3.5% in the following 12 months. Homes listed as of April 2019 have a median price of $346,998, while the median price of homes that sold is $277,800. The median rent price in Chandler is $1,600 per month, close to the median for the Phoenix-Mesa-Scottsdale area.
Tempe is one of Arizona’s up-and-coming real estate markets. The city’s median home values of $290,000 have increased by 6% in 2019 and are projected to increase by another 2.1% over the next 12 months. Homes listed for sale in Tempe as of April 2019 have a median price of $311,250, higher than the median price of $246,200 for homes that sold. The median price for rent is the highest amongst Arizona’s hot real estate markets at $1,800 a month.
The median home value in Peoria is $279,600. These home values have increased by 5.4% over 2019 and are projected to rise another 2.3% by 2020. Homes listed in Peoria in 2019 have a median price of $334,900, while the median sale price for homes that sold this year is $278,800. Peoria’s median rent price is $1,595, only four dollars more than the median rental price for the Phoenix-Mesa-Scottsdale Metro area.
The Best Time to Buy a Home in Arizona
While Arizona has 300 days of sunshine per year, the state’s scorching hot summers have a profound impact on its real estate market. Despite Arizona’s harsh summer temperatures, the state has mild winter seasons. The state’s extreme summers may have a significant impact on home values in Arizona. With this in mind, buyers must know when the best time to buy a home in Arizona is.
Arizona’s hot summer months may be a great time for buyers to navigate Arizona’s housing market for bargains on homes. The scorching summer heat impacts the real estate market in Arizona the same way winter affects the real estate market in the Northeastern United States. During the summer months, there are fewer homes on the market. According to Redfin, the months of June, July, and August have an average inventory amount of 23,076 homes for sale, lower than the yearly average of 24,128.
Arizona’s winter season is also a good time to buy a home. According to Redfin, homes sold during the winter months have an average sale price of $251,333, much lower than the state’s yearly average of $256,333. Only 30% of the homes listed during Arizona’s winter months sell, increasing the average Days on Market (DOM) for homes in the region.
The Best Time to Sell a Home in Arizona
The increase in home values in cities such as Scottsdale, Gilbert, Chandler, and Tempe make Arizona a seller’s market. Arizona’s busy season for real estate falls in the spring and early summer months where the number of homes sold averages 10,968. During these months, the average of the median days on the market (DOM) is 42 days. According to Zillow, the average DOM for houses in Arizona is 63 days.
The low figure for DOM for the months of March through June signifies a fast-moving market with homes receiving multiple offers. According to Redfin, the months of May and June 2018 saw the highest average sale price per home. The low DOM combined with the high average sale price makes the spring and early summer months a great time for sellers to make the most of home values in Arizona.
How to Find the Perfect Arizona Real Estate Agent
The Arizona real estate market is a literal and figurative hot real estate market. Whether buying or selling a home, you shouldn’t feel lost in the desert. That’s why Clever Real Estate has partnered with Arizona’s top agents across top brokerages to provide full service while helping you buy or sell your home. Clever Partner Agents offer the most experience and the absolute best service at lower fees. Let Clever make the Arizona real estate market your new desert oasis today.