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Phoenix real estate market overview
- Average Monthly Rent: $1,581
- Home Price/Value Percentage Change: 1.9%
- Median Home Value: $394,870
- Best Time To Sell a Home: November
- Affordability Index: 109
- Days To Sell a House: 77
- Job Market: Fair
- Public School Ranking: 48
Location and weather
Phoenix is the seat of Maricopa County, and is the capital of Arizona. This city lies along the Salt River, in the south-central part of the state just 120 miles from the Mexico border. Phoenix is situated in the northern part of the Sonoran Desert and has a landscape comprising miles in saguaro cactus, picture-esq mountains, and a beautiful downtown. Family-friendly adventures, successful education institutions, and a progressive job market make this city ideal for future residents.
The sun is almost always shining in Phoenix, where the climate is mostly warm and dry. There is also some rainfall between the winter and summer months, at an average of about 8 inches.
Population, job market and cost of living
Phoenix has a dense population of 1,656,982, with a growth rate of 0.99% annually.
The job market has decreased by -1.97% over the last year. In ten years, job growth is predicted to be 48.24%. Technology, services, and tourism have dominated the job market here. Phoenix is also the capital for telecommunications, with more than half the workforce employed in banking, finance, and other service opportunities.
Overall living costs in Phoenix are more expensive than Arizona's overall average cost of living, but housing is less expensive compared to other cities in Arizona.
Pheonix real estate market details
- Camelback East: Biltmore
- Encanto Village
- Midtown
- North Mountain Village
- Old Town Scottsdale
The average monthly rent in Phoenix is $1,581 for an average apartment size of 805 sq. feet.
There has been a 1.9% increase in median home value over the last year. As of 2022, the median home value is $394,870.
On average, homes in Phoenix sell after 77 days on the market.
November is the best time to sell a home for the highest value in Phoenix, while October is the best time to sell a home the fastest.
The affordability index in Phoenix is 109 This number indicates increased affordability in this city.
The top ranked public schools are Alhambra Traditional School, Desert Trails Elementary, Horizon Honours Elementary, Madison Traditional Academy, and Arizona School of the arts. This information is supported by data measuring academic performance and equity.