Arizona's median home price exceeded $450,000 this summer as mortgage rates climbed to 6.8%. Statewide, only 35% of households could afford a median-priced home.
Key Takeaways
- 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 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: June 2026
- 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’s higher July 2024 mortgage rates and weaker affordability are cooling sales, though prices keep rising.
Related reading
01 · Category
Affordability & Mortgages29 stats
01
Arizona average 30-year mortgage rate 6.8% in July 2024 impacting affordability
02
Phoenix area affordability index at 92 in Q2 2024, down from 105 YoY
03
Tucson median income $62,000vs home price affordability ratio 6.0x
04
Statewide housing affordability fell to 35% of households in 2024
05
Scottsdale jumbo loan avg rate 7.1% for $1M+ homes H1 2024
06
Mesa FHA loan share 18% of purchases Q2 2024
07
Arizona VA loan volume up 10% to $5B in 2024 first half
08
Flagstaff affordability index 78, strained for median buyers
09
Chandler conventional loans 65% of sales June 2024
10
Gilbert median qualifying income $120,000for homes Q2 2024
11
Peoria cash sales 28% of transactions H1 2024
12
Glendale avg mortgage payment $2,800monthly at 6.9% rate
13
Surprise AZ first-time buyer share 32% down from 38% YoY
14
Yuma affordability better at index 110 for lower prices
15
Prescott mortgage denial rate 12% Q2 2024
16
Tempe renter-to-buyer conversion 15% amid high rates
17
Goodyear ARM loans 8% of new mortgages H1 2024
18
Buckeye median debt-to-income ratio 38% for buyers June 2024
19
Avondale cash purchases 25% due to affordability crunch
20
Queen Creek affordability index 85, down 10 points YoY
21
Arizona home price-to-income ratio 6.5 statewide in 2024
22
Phoenix PMI forecasted 7% rate impact on sales
23
Maricopa County median income $85,000vs $450k home affordability gap
24
Sierra Vista low denial rate 9% for mortgages Q2 2024
25
Lake Havasu City cash sales 35% retirees driving
26
Oro Valley jumbo financing 22% of sales H1 2024
27
Casa Grande FHA share 22% affordable segment
28
Apache Junction investor cash buys 30% Q2 2024
29
El Mirage subprime avoidance with 14% denial rate
Interpretation
Affordability & 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.
02 · Category
Demographics & Forecasts30 stats
01
Arizona population grew 1.3% to 7.43 million in 2023 driving demand
02
Phoenix metro added 65,000 residents 2023-2024, boosting housing needs
03
Tucson 60+ seniors 28% of buyers in 2024 H1
04
State migration inflow 80,000 net from CA/TX in 2023
05
Scottsdale median buyer age 52, affluent retirees dominant
06
Mesa Hispanic buyers 35% market share Q2 2024
07
Arizona household formation up 2% to 2.8M units 2024 forecast
08
Flagstaff college grads staying rate 45%, young buyer influx
09
Chandler family households 68% driving suburban demand
10
Gilbert birth rates support 25-34 age buyer surge 15%
11
Peoria retiree migration 12% of sales H1 2024
12
Glendale diverse buyers 42% minority share June 2024
13
Surprise 55+ communities 40% of new sales
14
Yuma snowbird seasonal pop +20% winter demand forecast
15
Prescott remote workers 22% of buyers post-pandemic
16
Tempe student housing spillover 18% renter-buyers
17
Goodyear family growth 3% pop increase 2023-2024
18
Buckeye projected 10% pop growth by 2025
19
Avondale millennial buyers 38% share Q2 2024
20
Queen Creek family median age 32, high birthrate demand
21
Arizona 2025 home price forecast +3.5% growth statewide
22
Phoenix sales forecast 55,000 units 2024 full year
23
Maricopa County pop 4.5M, +1.5% YoY driving inventory needs
24
Sierra Vista military families 25% buyer demo
25
Lake Havasu City retiree forecast 30% sales share 2025
26
Oro Valley affluent 45+ buyers 55% market
27
Casa Grande snowbird influx forecast +15% seasonal listings
28
Apache Junction 65+ pop 45%, senior housing demand up
29
El Mirage young families 40% growth segment 2024
30
Litchfield Park high-income migrants 18% from CA 2023
Interpretation
Demographics & 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.
03 · Category
Home Prices30 stats
01
Arizona's median home sale price reached $450,000in June 2024, up 4.5% year-over-year
02
Phoenix metro area's average home value stood at $465,300as of July 2024: June 2026
03
Tucson median listing price for homes was $375,000in Q2 2024
04
Statewide Arizona home prices increased by 5.2% annually to $442,500 median in May 2024
05
Scottsdale luxury homes averaged $1.2 million in sales price during 2024 first half
06
Mesa home values rose 3.8% YoY to $415,000 median in July 2024
07
Arizona condo median price hit $320,000,up 6% from 2023
08
Flagstaff median home price was $650,000in Q1 2024, surging 7.1% YoY
09
Chandler average sale price reached $525,000,+4.2% YoY as of June 2024: June 2026
10
Gilbert homes sold for median $560,000in 2024 H1, up 5% YoY
11
Peoria median listing price $475,000,+3.9% annually in July 2024
12
Glendale home prices averaged $420,000,up 4.7% YoY Q2 2024
13
Surprise AZ median sale $445,000in June 2024, +5.3% YoY
14
Yuma home values at $340,000median, +2.8% YoY July 2024
15
Prescott median price $575,000,up 6.4% in 2024 first half
16
Tempe university-area homes averaged $550,000Q2 2024
17
Goodyear median $510,000,+4.1% YoY June 2024
18
Buckeye fast-growth area median $435,000,up 7.2% YoY
19
Avondale homes $415,000median sale Q2 2024
20
Queen Creek median $595,000,+5.8% annually July 2024
21
Arizona statewide average price per square foot $265in June 2024, up 4%
22
Phoenix single-family homes median $480,000H1 2024
23
Maricopa County home prices up 4.9% to $460,000 median
24
Sierra Vista median $310,000,+3.2% YoY Q2 2024
25
Lake Havasu City waterfront median $750,000July 2024
26
Oro Valley median $525,000,up 5.5% YoY
27
Casa Grande prices $390,000median June 2024
28
Apache Junction median $385,000H1 2024
29
El Mirage affordable homes $370,000median, +6.1% YoY
30
Litchfield Park luxury median $650,000Q2 2024
Interpretation
Home 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.
More related reading
04 · Category
Inventory & Supply30 stats
01
Arizona active listings totaled 22,500 homes in July 2024, up 15% YoY
02
Phoenix metro inventory at 12,000 single-family homes, 3.2 months supply June 2024
03
Tucson new listings rose 12% to 1,800 monthly in Q2 2024
04
Statewide months of supply increased to 3.8 from 2.5 YoY in May 2024
05
Scottsdale luxury inventory up 20% to 450 homes H1 2024
06
Mesa active listings 2,100, +18% YoY July 2024
07
Arizona condo inventory grew 25% to 4,200 units Q2 2024
08
Flagstaff listings at 350 homes, 4.5 months supply June 2024
09
Chandler inventory 850 homes, up 14% YoY
10
Gilbert supply 3.1 months with 1,200 listings H1 2024
11
Peoria active homes 1,050, +16% annually July 2024
12
Glendale inventory rose to 900 listings, 3.4 months supply
13
Surprise AZ listings 1,300, up 22% YoY June 2024
14
Yuma inventory low at 400 homes, 2.8 months supply
15
Prescott supply increased to 4.2 months with 500 listings Q2 2024
16
Tempe inventory 600 units, +10% YoY
17
Goodyear listings 950, up 19% H1 2024
18
Buckeye rapid inventory growth to 1,100 homes, 3.9 months
19
Avondale supply 750 listings, +17% YoY
20
Queen Creek inventory 800 homes, 3.5 months supply July 2024
21
Arizona pending sales inventory 15,000 in June 2024, up 8%
22
Phoenix under-contract homes 8,500
23
Maricopa County total listings 18,000 Q2 2024
24
Sierra Vista inventory 250 homes, +12% YoY
25
Lake Havasu City listings 400, 4.1 months supply
26
Oro Valley supply 350 listings, up 15%
27
Casa Grande inventory 650 homes June 2024
28
Apache Junction listings 300, +20% YoY
29
El Mirage inventory 200 units, 3.0 months
30
Litchfield Park listings 250, up 13% H1 2024
Interpretation
Inventory & 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.
05 · Category
Sales & Transactions30 stats
01
Arizona closed sales totaled 8,200 homes in June 2024, down 2% YoY
02
Phoenix metro sales volume 4,500 homes sold in Q2 2024
03
Tucson home sales 1,100 per month average H1 2024, down 5%
04
Statewide sales 28,000 year-to-date through June 2024
05
Scottsdale transactions 650 luxury sales in 2024 first half
06
Mesa closed sales 1,800 Q2 2024, -3% YoY
07
Arizona condo sales 2,100 units sold H1 2024, down 1%
08
Flagstaff sales volume 200 homes monthly June 2024
09
Chandler transactions 900 in Q2 2024
10
Gilbert home sales 1,200 H1 2024, flat YoY
11
Peoria sales 850 homes Q2 2024, down 4%
12
Glendale closed 750 sales June 2024 avg monthly
13
Surprise AZ transactions 1,000 Q2 2024
14
Yuma sales 350 homes monthly H1 2024
15
Prescott sales volume 250 per month June 2024
16
Tempe university sales 400 Q2 2024
17
Goodyear transactions 700 H1 2024, up 2%
18
Buckeye sales 850 homes Q2 2024, +1% YoY
19
Avondale closed sales 600 June avg 2024
20
Queen Creek transactions 550 H1 2024
21
Arizona days on market averaged 45 days in June 2024, up from 30
22
Phoenix avg DOM 42 days Q2 2024
23
Maricopa County sales 20,000 YTD June 2024
24
Sierra Vista sales 150 monthly H1 2024
25
Lake Havasu City transactions 300 Q2 2024
26
Oro Valley sales 250 homes H1 2024
27
Casa Grande closed 450 sales Q2 2024
28
Apache Junction sales 200 monthly June 2024
29
El Mirage transactions 180 H1 2024
30
Litchfield Park sales 150 Q2 2024
Interpretation
Sales & 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.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
James Okoro. (2026, February 13). Arizona Real Estate Market Statistics. Gitnux. https://gitnux.org/arizona-real-estate-market-statistics
MLA
James Okoro. "Arizona Real Estate Market Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/arizona-real-estate-market-statistics.
Chicago
James Okoro. 2026. "Arizona Real Estate Market Statistics." Gitnux. https://gitnux.org/arizona-real-estate-market-statistics.
Sources & references
17 datasets cited across this report · attribution is report-level