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Phoenix real estate market overview
- Average Monthly Rent: $1,553
- Home Price/Value Percentage Change: -0.60%
- Median Home Value: $398,908
- Best Time To Sell a Home: November
- Affordability Index: Moderate
- Days To Sell a House: 59
- 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, with a population of 1,656,892, is one of the fastest growing metropolitan areas in the country. It is the fifth largest city in the United States.
The Phoenix-Casa Grande-Tucson corridor is one of the fastest growing areas in the US and will continue to be in the next decades. Contributing to its growth, Phoenix has consistently ranked as one of the fastest growing economies of all metro areas in the US larger than the output of many countries, the value of goods and services produced in the Phoenix metro area reached $187.4 billion in 2008 and have continued to climb. Other growth factors include a diversified manufacturing base, big employers in financial service companies, growth of technology companies and large distribution centers due to its stable climate. There are also over two-dozen major hospitals including the Mayo Clinic and the Barrow Neurological Institute at St. Joseph's Hospital. And the Phoenix Biomedical Campus which is on 28 acres in downtown Phoenix. Phoenix Sky Harbor International Airport is one of the nation's top ten busiest airports serving over 40 million passengers a year.
The cost of living is moderate due to the Phoenix real estate market and home prices. With its warm climate, massive population, and tremendous job growth, we believe Phoenix is one of the best real estate markets in the country.
Phoenix real estate market details
- North Mountain
- Sands Oasis
- Arcadia
- Paradise Valley Village
- Alhambra
The average monthly rent in Phoenix is $1,553 for an average apartment size of 805 sq. feet.
There has been a -0.6% decrease in median home value over the last year. As of 2023, the median home value is $398,908.
On average, homes in Phoenix sell after 59 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 moderate 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.