From Scottsdale's luxury estates averaging $1.2 million to the surprising surge in Buckeye's market, the Arizona real estate landscape of 2024 is a tale of resilient prices meeting growing inventory, reshaping opportunities for buyers and sellers alike.
Key Takeaways
- Arizona's median home sale price reached $450,000 in June 2024, up 4.5% year-over-year
- Phoenix metro area's average home value stood at $465,300 as of July 2024
- Tucson median listing price for homes was $375,000 in Q2 2024
- Arizona active listings totaled 22,500 homes in July 2024, up 15% YoY
- Phoenix metro inventory at 12,000 single-family homes, 3.2 months supply June 2024
- Tucson new listings rose 12% to 1,800 monthly in Q2 2024
- Arizona closed sales totaled 8,200 homes in June 2024, down 2% YoY
- Phoenix metro sales volume 4,500 homes sold in Q2 2024
- Tucson home sales 1,100 per month average H1 2024, down 5%
- Arizona average 30-year mortgage rate 6.8% in July 2024 impacting affordability
- Phoenix area affordability index at 92 in Q2 2024, down from 105 YoY
- Tucson median income $62,000 vs home price affordability ratio 6.0x
- Arizona population grew 1.3% to 7.43 million in 2023 driving demand
- Phoenix metro added 65,000 residents 2023-2024, boosting housing needs
- Tucson 60+ seniors 28% of buyers in 2024 H1
Arizona's housing market shows rising prices and inventory with affordability challenges and strong demand.
Affordability & Mortgages
1Arizona average 30-year mortgage rate 6.8% in July 2024 impacting affordability
Verified2Phoenix area affordability index at 92 in Q2 2024, down from 105 YoY
Verified3Tucson median income $62,000 vs home price affordability ratio 6.0x
Verified4Statewide housing affordability fell to 35% of households in 2024
Directional5Scottsdale jumbo loan avg rate 7.1% for $1M+ homes H1 2024
Single source6Mesa FHA loan share 18% of purchases Q2 2024
Verified7Arizona VA loan volume up 10% to $5B in 2024 first half
Verified8Flagstaff affordability index 78, strained for median buyers
Verified9Chandler conventional loans 65% of sales June 2024
Directional10Gilbert median qualifying income $120,000 for homes Q2 2024
Single source11Peoria cash sales 28% of transactions H1 2024
Verified12Glendale avg mortgage payment $2,800 monthly at 6.9% rate
Verified13Surprise AZ first-time buyer share 32% down from 38% YoY
Verified14Yuma affordability better at index 110 for lower prices
Directional15Prescott mortgage denial rate 12% Q2 2024
Single source16Tempe renter-to-buyer conversion 15% amid high rates
Verified17Goodyear ARM loans 8% of new mortgages H1 2024
Verified18Buckeye median debt-to-income ratio 38% for buyers June 2024
Verified19Avondale cash purchases 25% due to affordability crunch
Directional20Queen Creek affordability index 85, down 10 points YoY
Single source21Arizona home price-to-income ratio 6.5 statewide in 2024
Verified22Phoenix PMI forecasted 7% rate impact on sales
Verified23Maricopa County median income $85,000 vs $450k home affordability gap
Verified24Sierra Vista low denial rate 9% for mortgages Q2 2024
Directional25Lake Havasu City cash sales 35% retirees driving
Single source26Oro Valley jumbo financing 22% of sales H1 2024
Verified27Casa Grande FHA share 22% affordable segment
Verified28Apache Junction investor cash buys 30% Q2 2024
Verified29El Mirage subprime avoidance with 14% denial rate
DirectionalAffordability & Mortgages Interpretation
Arizona's housing market has become a financial obstacle course where even the well-off in Gilbert need a six-figure salary just to qualify, cash buyers and investors are snatching up properties from mere mortals, and the dream of homeownership is rapidly retreating into a mirage for the average household.
Demographics & Forecasts
1Arizona population grew 1.3% to 7.43 million in 2023 driving demand
Verified2Phoenix metro added 65,000 residents 2023-2024, boosting housing needs
Verified3Tucson 60+ seniors 28% of buyers in 2024 H1
Verified4State migration inflow 80,000 net from CA/TX in 2023
Directional5Scottsdale median buyer age 52, affluent retirees dominant
Single source6Mesa Hispanic buyers 35% market share Q2 2024
Verified7Arizona household formation up 2% to 2.8M units 2024 forecast
Verified8Flagstaff college grads staying rate 45%, young buyer influx
Verified9Chandler family households 68% driving suburban demand
Directional10Gilbert birth rates support 25-34 age buyer surge 15%
Single source11Peoria retiree migration 12% of sales H1 2024
Verified12Glendale diverse buyers 42% minority share June 2024
Verified13Surprise 55+ communities 40% of new sales
Verified14Yuma snowbird seasonal pop +20% winter demand forecast
Directional15Prescott remote workers 22% of buyers post-pandemic
Single source16Tempe student housing spillover 18% renter-buyers
Verified17Goodyear family growth 3% pop increase 2023-2024
Verified18Buckeye projected 10% pop growth by 2025
Verified19Avondale millennial buyers 38% share Q2 2024
Directional20Queen Creek family median age 32, high birthrate demand
Single source21Arizona 2025 home price forecast +3.5% growth statewide
Verified22Phoenix sales forecast 55,000 units 2024 full year
Verified23Maricopa County pop 4.5M, +1.5% YoY driving inventory needs
Verified24Sierra Vista military families 25% buyer demo
Directional25Lake Havasu City retiree forecast 30% sales share 2025
Single source26Oro Valley affluent 45+ buyers 55% market
Verified27Casa Grande snowbird influx forecast +15% seasonal listings
Verified28Apache Junction 65+ pop 45%, senior housing demand up
Verified29El Mirage young families 40% growth segment 2024
Directional30Litchfield Park high-income migrants 18% from CA 2023
Single sourceDemographics & Forecasts Interpretation
Arizona’s real estate market is being reshaped by both a relentless influx of new residents and a powerful demographic tide, where affluent retirees, young families, and diverse communities are all vying for a home, ensuring that demand—and prices—will keep climbing from Scottsdale to Surprise.
Home Prices
1Arizona's median home sale price reached $450,000 in June 2024, up 4.5% year-over-year
Verified2Phoenix metro area's average home value stood at $465,300 as of July 2024
Verified3Tucson median listing price for homes was $375,000 in Q2 2024
Verified4Statewide Arizona home prices increased by 5.2% annually to $442,500 median in May 2024
Directional5Scottsdale luxury homes averaged $1.2 million in sales price during 2024 first half
Single source6Mesa home values rose 3.8% YoY to $415,000 median in July 2024
Verified7Arizona condo median price hit $320,000, up 6% from 2023
Verified8Flagstaff median home price was $650,000 in Q1 2024, surging 7.1% YoY
Verified9Chandler average sale price reached $525,000, +4.2% YoY as of June 2024
Directional10Gilbert homes sold for median $560,000 in 2024 H1, up 5% YoY
Single source11Peoria median listing price $475,000, +3.9% annually in July 2024
Verified12Glendale home prices averaged $420,000, up 4.7% YoY Q2 2024
Verified13Surprise AZ median sale $445,000 in June 2024, +5.3% YoY
Verified14Yuma home values at $340,000 median, +2.8% YoY July 2024
Directional15Prescott median price $575,000, up 6.4% in 2024 first half
Single source16Tempe university-area homes averaged $550,000 Q2 2024
Verified17Goodyear median $510,000, +4.1% YoY June 2024
Verified18Buckeye fast-growth area median $435,000, up 7.2% YoY
Verified19Avondale homes $415,000 median sale Q2 2024
Directional20Queen Creek median $595,000, +5.8% annually July 2024
Single source21Arizona statewide average price per square foot $265 in June 2024, up 4%
Verified22Phoenix single-family homes median $480,000 H1 2024
Verified23Maricopa County home prices up 4.9% to $460,000 median
Verified24Sierra Vista median $310,000, +3.2% YoY Q2 2024
Directional25Lake Havasu City waterfront median $750,000 July 2024
Single source26Oro Valley median $525,000, up 5.5% YoY
Verified27Casa Grande prices $390,000 median June 2024
Verified28Apache Junction median $385,000 H1 2024
Verified29El Mirage affordable homes $370,000 median, +6.1% YoY
Directional30Litchfield Park luxury median $650,000 Q2 2024
Single sourceHome Prices Interpretation
The Arizona housing market, in a display of unwavering optimism, is stubbornly climbing a mountain of 'sold' signs, leaving affordability gasping in the thin air at every elevation from Yuma to Flagstaff.
Inventory & Supply
1Arizona active listings totaled 22,500 homes in July 2024, up 15% YoY
Verified2Phoenix metro inventory at 12,000 single-family homes, 3.2 months supply June 2024
Verified3Tucson new listings rose 12% to 1,800 monthly in Q2 2024
Verified4Statewide months of supply increased to 3.8 from 2.5 YoY in May 2024
Directional5Scottsdale luxury inventory up 20% to 450 homes H1 2024
Single source6Mesa active listings 2,100, +18% YoY July 2024
Verified7Arizona condo inventory grew 25% to 4,200 units Q2 2024
Verified8Flagstaff listings at 350 homes, 4.5 months supply June 2024
Verified9Chandler inventory 850 homes, up 14% YoY
Directional10Gilbert supply 3.1 months with 1,200 listings H1 2024
Single source11Peoria active homes 1,050, +16% annually July 2024
Verified12Glendale inventory rose to 900 listings, 3.4 months supply
Verified13Surprise AZ listings 1,300, up 22% YoY June 2024
Verified14Yuma inventory low at 400 homes, 2.8 months supply
Directional15Prescott supply increased to 4.2 months with 500 listings Q2 2024
Single source16Tempe inventory 600 units, +10% YoY
Verified17Goodyear listings 950, up 19% H1 2024
Verified18Buckeye rapid inventory growth to 1,100 homes, 3.9 months
Verified19Avondale supply 750 listings, +17% YoY
Directional20Queen Creek inventory 800 homes, 3.5 months supply July 2024
Single source21Arizona pending sales inventory 15,000 in June 2024, up 8%
Verified22Phoenix under-contract homes 8,500
Verified23Maricopa County total listings 18,000 Q2 2024
Verified24Sierra Vista inventory 250 homes, +12% YoY
Directional25Lake Havasu City listings 400, 4.1 months supply
Single source26Oro Valley supply 350 listings, up 15%
Verified27Casa Grande inventory 650 homes June 2024
Verified28Apache Junction listings 300, +20% YoY
Verified29El Mirage inventory 200 units, 3.0 months
Directional30Litchfield Park listings 250, up 13% H1 2024
Single sourceInventory & Supply Interpretation
It appears the Arizona market has decided to flirt with balance, as inventory swells almost everywhere like a cautious but generous host finally putting out enough chairs for all the guests.
Sales & Transactions
1Arizona closed sales totaled 8,200 homes in June 2024, down 2% YoY
Verified2Phoenix metro sales volume 4,500 homes sold in Q2 2024
Verified3Tucson home sales 1,100 per month average H1 2024, down 5%
Verified4Statewide sales 28,000 year-to-date through June 2024
Directional5Scottsdale transactions 650 luxury sales in 2024 first half
Single source6Mesa closed sales 1,800 Q2 2024, -3% YoY
Verified7Arizona condo sales 2,100 units sold H1 2024, down 1%
Verified8Flagstaff sales volume 200 homes monthly June 2024
Verified9Chandler transactions 900 in Q2 2024
Directional10Gilbert home sales 1,200 H1 2024, flat YoY
Single source11Peoria sales 850 homes Q2 2024, down 4%
Verified12Glendale closed 750 sales June 2024 avg monthly
Verified13Surprise AZ transactions 1,000 Q2 2024
Verified14Yuma sales 350 homes monthly H1 2024
Directional15Prescott sales volume 250 per month June 2024
Single source16Tempe university sales 400 Q2 2024
Verified17Goodyear transactions 700 H1 2024, up 2%
Verified18Buckeye sales 850 homes Q2 2024, +1% YoY
Verified19Avondale closed sales 600 June avg 2024
Directional20Queen Creek transactions 550 H1 2024
Single source21Arizona days on market averaged 45 days in June 2024, up from 30
Verified22Phoenix avg DOM 42 days Q2 2024
Verified23Maricopa County sales 20,000 YTD June 2024
Verified24Sierra Vista sales 150 monthly H1 2024
Directional25Lake Havasu City transactions 300 Q2 2024
Single source26Oro Valley sales 250 homes H1 2024
Verified27Casa Grande closed 450 sales Q2 2024
Verified28Apache Junction sales 200 monthly June 2024
Verified29El Mirage transactions 180 H1 2024
Directional30Litchfield Park sales 150 Q2 2024
Single sourceSales & Transactions Interpretation
Arizona's real estate market is taking a cautious, collective breath, with most cities seeing modest dips in sales and homes lingering longer on the market, proving that even in the desert, patience is a virtue best measured in days.
Sources & References
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- Reference 6MARICOPAmaricopa.govVisit source
- Reference 7BANKRATEbankrate.comVisit source
- Reference 8ROCKETMORTGAGErocketmortgage.comVisit source
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- Reference 17EQUIFAXequifax.comVisit source