Zillow Arizona For Sale (2024)

FAQs

Are Arizona home prices dropping? ›

Arizona Housing Market Overview

In July 2024, home prices in Arizona were up 1.9% compared to last year, selling for a median price. On average, the number of homes sold was up 4.1% year over year and there were 8,135 homes sold in July this year, up 7,811 homes sold in July last year.

There's no better time than NOW! 28.8% of homes are selling below their listing price. Moreover, there's a 17.6% increase in newly listed homes. So, not only are you spoilt for choice, but you're also more likely to crack a good deal on your dream home.

Over the last 20 years, the price of farmland per acre in arizona has risen by an average of 2.2% per year to $8,600 per acre as of 2019.

The overall median home price in Arizona has grown almost 7% in the past year. However, as in many states, many residents of Arizona are facing a housing crisis. High interest rates and home prices have priced out many Arizonans who would otherwise be in the buying market.

1. Tucson, AZ. Tucson tops our list as the best place to live in Arizona. Home to gorgeous weather, a world-renowned cycling race, and surrounded by four mountain ranges providing endless vistas and hiking trails, Tucson is truly an outdoor haven.

Crash in Phoenix single-family home sales. Down 40% from 2021. After booming for two years during the pandemic, the U.S. housing market experienced a significant price correction between late summer 2022 and spring 2023.

Here are some general FHA loan requirements for Arizona. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

Renting in Arizona can be more affordable in the short term, as it involves lower upfront costs compared to the costs of buying. Renters typically pay a security deposit and first and last month's rent, but avoid the significant down payment and closing costs associated with a home purchase.

It depends on the kind of mortgage loan you secure. According to Arizona Realtors, the median-priced home in Arizona in December 2023 was $352,536. A 20 percent down payment on a home of that price would come to $70,500, but some mortgages require much lower down payments.

The cheapest land in the United States is located in New Mexico, Arizona, Michigan, Colorado, and Texas. However, it's important to note that the price per acre of a piece of property is dependent on several factors, including location and the type of land.

Is it wise to buy land in Arizona? ›

Arizona goes easy on your wallet in a few key ways. The property taxes are reasonable at just 0.63 percent on average. The effective state income tax rate is low at 2.59 percent (compared to 4.55 percent nationally). Arizona also doesn't tax Social Security benefits or most pension income.

Rapid Population Growth

Major metro areas like Phoenix and Tucson are experiencing a surge in new residents and housing demand. This steady growth supports higher land values over time.

However, the average months of supply remains stable at three months, suggesting a consistent level of housing inventory relative to demand. Experts predict continued growth in home prices throughout 2024, reflecting overall market health.

As the wealthiest city in Arizona, it's no surprise that Paradise Valley is also the most expensive city in the state.

With its attractive tax rates, world-class golf courses, top-notch culinary experiences, and private airport, it's no mystery why millionaires from across the nation and the world are making Scottsdale their primary residence.

June, July, and August are the best months to sell your house in Arizona. The median sale price of houses in June 2023 was $442,100, which is expected to rise in 2024. However, cities like Yuma, Payson, and Anthem follow an upward trend throughout the year.

Across Arizona, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI).

As we move through 2024 and head towards 2025, we expect that rent prices will continue to rise, even if there are some brief downward fluctuations. The pace of growth may slow down, but not by much. New rental construction will ease the short supply and meet the demand of a growing population of renters in Phoenix.

Phoenix was a pandemic boomtown, but home prices there are falling, according to a Realtor report. As of August 2023, the median home price in Phoenix was $537,900, down 1.2% compared to last year. But there are homes much cheaper than that, of course. We took a look through listings to find five.