Real Estate Trends in Phoenix and Surrounding Cities in 2023

Market Report of Phoenix, AZ – December 2022-2023

authorWritten by Manuel MartinezFeb 12, 2024

The average value of properties in Phoenix presented an interesting trend. The highest peak was observed in June 2023 when the average value touched $575,000, while December 2022 saw the lowest average value of $450,000, indicating some market variance during this period.

Phoenix home prices
Phoenix home prices

In terms of sold prices per square foot, the Phoenix real estate market was relatively stable. Prices hovered between $280 and $281 from December 2022 to September 2023, hinting at the market’s resilience and consistent demand for properties in Phoenix.

A highlight that stands out in Phoenix’s real estate data is the property sale count. With over 13,000 properties being sold in most months in our dataset, the market showcases its vibrancy and robustness. These high property sales figures highlight Phoenix as a city with a buoyant and active real estate market.

Nearby Cities Real Estate Trends

A comparative analysis of Phoenix with nearby cities such as Paradise Valley, Glendale, Sun City, Tempe, and El Mirage shows a diverse range of property values.

Paradise Valley stood out with its high property values. The average value in December 2023 was an impressive $7,400,000. The high average sold price per square foot of $750 further cements Paradise Valley’s position as a distinctly high-value area.

Paradise Valley Home Prices 2023
Paradise Valley Home Prices 2023

In comparison, Glendale, AZ, demonstrated more moderate property values. Average values in this city ranged from $421,841 to $449,900, accompanied by an average sold price per square foot in the mid $240s.

Sun City, on the other hand, recorded lower average values compared to Phoenix and Glendale. This city’s average values ebbed and flowed between $268,400 and $339,000, while prices per square foot oscillated between $203 and $205.

Tempe surpassed both Glendale and Sun City with higher average values, ranging from $440,000 to $549,000. Sold prices per square foot in Tempe hovered around $298, still keeping it reasonably within the median.

At the lower end of the spectrum, El Mirage displayed average values that were lower than Phoenix’s. This city’s market wrapped up December 2023 with an average value pegged at $364,950 and an average sold price per square foot of $236.

Market Data Trends

Moreover, the average value of sold homes over the previous six months was $355k with properties changing hands at an average of $292 per square foot. Foreclosure homes were valued at $379,401, higher than the average cost of homes on sale in the region. Sold properties capped a median value of $420k. This trend points towards an appreciation of property values across the board in Phoenix.

Phoenix’s submarket shows a wide variation in the average list prices. An analysis of different zip codes reveals the lowest median list price to be $165,000 in zip code 85031, while the highest was found at $1,315,000 in zip code 85054.

Similarly, median sales prices also varied substantially within different zip codes, hinting at local market variations driven by factors such as neighborhood desirability, access to amenities, and economic factors. The highest median sales price was witnessed at $820,100 in zip code 85018, while the lowest stood at $224,009 within zip code 85009.

In conclusion, Phoenix, and its surrounding cities demonstrate a dynamic and diverse real estate market. Factors such as location, local amenities, and economic conditions play a significant role in shaping property values and prices. The data suggests an active and resilient real estate market. The future looks promising for both sellers and buyers, as price trends suggest a market that’s stable, yet flexible to accommodate diverse budget ranges.

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