Arizona Housing Market: Home Prices, Rent and Affordability
The typical Arizona home is worth $417,990, down 1.1% over the past year and up 9.1% over five years, 13.4% above the national $368,697 (latest release). That ranks #17 of 50 on price. A 20%-down mortgage runs $2,151 a month and takes about $104,042 of income; the median Arizona household earns $81,486, $22,556 short.
In Phoenix, the state's largest metro, typical rent is $1,722 a month against a $2,274 principal-and-interest payment on the typical home, so renting is $552 a month cheaper before taxes, insurance and maintenance. The market is cold: 29.7% of listings cut their price (national 26.4%), homes go pending in 66 days (national 53), and for-sale inventory is up 0.6% from a year ago.
All housing figures are the latest published numbers for August; median household income is from the Census Bureau.
Arizona Housing by the Numbers
How much does a house cost in Arizona? The typical home is worth $417,990, the median sale price is $428,791 and the median list price $456,667. The six figures below describe the market this month, each with the national comparison.
- Typical home
- $417,990
- #17 priciest · national $369K
- Mortgage payment
- $2,151/mo
- P&I, 20% down · national $1,897
- Income needed
- $104K
- median earns $81K (+28%)
- Rent, Phoenix
- $1,722/mo
- +0.7% in 1 yr · national $1,948
- Price cuts
- 29.7%
- of listings · national 26.4%
- Days to pending
- 66
- national 53 · 37,250 for sale (+0.6%)
How Have Arizona Home Prices Changed?
The typical Arizona home value every month since 2000, with the national typical home as a dashed line. Values fell 1.1% over the past year, are up 9.1% over five years, up 88.5% over ten, and up 207% since January 2000.
- Peak
- $462,506
- July 2022 · now -9.6%
- 10-year change
- +88.5%
- national +77.9%
- Median sale price
- $428,791
- list price $456,667
- Payment, 1-yr change
- -0.3%
- Rates and prices combined
Is It Cheaper to Rent or Buy in Arizona?
Two direct answers from the data. Rent versus buy sets typical asking rent in Phoenix, the state's largest metro, against the mortgage payment on the typical home there, since rent indexes are published by metro rather than by state. The affordability gap is the income needed to buy the typical Arizona home minus what the median household actually earns.
Rent vs. buy · Phoenix, AZ
Renting is $552/month cheaper
The payment excludes property tax (0.56% of value in Arizona), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (9.1%), equity would narrow that gap over a long stay.
Affordability gap · #33 of 50
The median household is $22,556 short of the income needed
A $2,151 monthly payment takes 31.7% of the median Arizona household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%.
Full budget for your household →Is Arizona a Buyer's or a Seller's Market?
Market temperature is our label from three market signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Arizona is cold: it buyers hold the leverage: more price cuts, slower sales and rising inventory compared with the national market.
Median sale price $428,791 against a median list price of $456,667, so the typical home closes 6.1% below asking.
Where the Arizona market is heading
Compared with a year ago, two of the three signals point looser, in buyers' favor: the share of listings with a price cut is down 1.6 points from a year ago to 29.7%, homes take 1 day longer to go pending than a year ago (66 now), and the number of homes for sale is up 0.6%. The typical home value fell 1.1% over the same period and is 9.6% below its July 2022 peak of $462,506. We publish no forecasts: these are the current-month readings, not a prediction of where Arizona home prices go next.
Home Values and Rents in Arizona Cities
A city-level home value or rent is available for 21 of the Arizona cities we track. The most expensive is Scottsdale ($851,107) and the cheapest Yuma ($295,611). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Phoenix | 1,642,323 | $405,689 | -1.5% | ||||
| Tucson | 547,073 | $321,918 | -2.0% | ||||
| Mesa | 511,764 | $429,657 | -0.9% | ||||
| Gilbert | 280,262 | $566,873 | -0.3% | ||||
| Chandler | 280,136 | $515,351 | -1.3% | ||||
| Glendale | 252,833 | $401,811 | -1.4% | ||||
| Scottsdale | 243,821 | $851,107 | +2.9% | ||||
| Peoria | 196,906 | $480,596 | -0.8% | ||||
| Tempe | 188,065 | $461,342 | -0.6% | ||||
| Surprise | 154,948 | $415,995 | -1.8% | ||||
| San Tan Valley | 109,189 | $392,485 | -2.6% | ||||
| Goodyear | 107,645 | $462,929 | -0.8% | ||||
| Buckeye | 104,923 | $391,351 | -1.7% | ||||
| Yuma | 100,139 | $295,611 | +0.3% | ||||
| Avondale | 92,477 | $394,129 | -1.3% | ||||
| Flagstaff | 76,445 | $656,451 | +0.1% | ||||
| Queen Creek | 71,867 | $627,355 | +0.1% | ||||
| Maricopa | 67,163 | $341,392 | -3.4% | ||||
| Casa Grande | 60,905 | $316,044 | -1.3% | ||||
| Lake Havasu City | 58,359 | $462,037 | +0.4% | ||||
| Marana | 56,938 | $417,076 | -1.4% |
Home value and rent are city-level indexes; population and median household income are Census ACS. Cities without a published index are omitted.
All Arizona cities ranked →How Arizona Compares With Nearby States
The West states closest to Arizona on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Arizona
Arizona dashboard
Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Arizona
Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Arizona
IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Arizona Housing Market FAQ
What is the average house price in Arizona?
$417,990 is the typical Arizona home value according to the latest release of the home value index, which tracks homes in the middle third of the market. The median sale price was $428,791 and the median list price $456,667. That makes Arizona the #17 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Arizona?
Yes. The typical Arizona home value fell 1.1% over the past year, and it is 9.6% below its July 2022 peak of $462,506. Over five years it is up 9.1% and over ten years up 88.5%. Nationally, values rose 1.2% over the year.
How have Arizona home prices changed over the past 1, 5 and 10 years?
-1.1% over one year, +9.1% over five years and +88.5% over ten years for the typical Arizona home value, per the latest release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Arizona home is up 207%. The monthly chart above shows the full series against the national line.
Will the Arizona housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Arizona home value is 9.6% below its July 2022 peak of $462,506 after it fell 1.1% over the past year; 29.7% of listings have cut their price (national 26.4%), homes go pending in 66 days (national 53), and inventory is up 0.6% from a year ago, per Zillow Research. The largest decline in the monthly value series for Arizona was 52.6% from July 2006 to November 2011, and values took 101 months to regain that peak.
Is it a good time to buy a house in Arizona?
The Arizona market is cold right now, which means it buyers hold the leverage: more price cuts, slower sales and rising inventory compared with the national market. 29.7% of listings cut their price (national 26.4%), homes go pending in 66 days (national 53), and for-sale inventory is up 0.6% from a year ago. Affordability is the constraint: buying the typical home takes $104,042 of income, $22,556 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Arizona a buyer's or seller's market?
Arizona leans toward buyers. More listings are cutting prices than the national average (29.7% vs. 26.4%), homes take 66 days to go pending (national 53), and the number of homes for sale is up 0.6% from a year ago at 37K listings. Three of those three signals point toward buyers.
What is the average rent in Arizona?
In Phoenix, Arizona's largest metro, the typical asking rent is $1,722 a month, up 0.7% over the past year and up 7.2% over five years, per the rent index. The national typical rent is $1,948. Among Arizona cities we track, rents range from $1,425 to $2,190 a month.
Is it cheaper to rent or buy in Arizona?
Renting is cheaper month to month in Phoenix, Arizona's largest metro. Typical rent is $1,722 and the principal-and-interest payment on the typical home with 20% down is $2,274, a difference of $552 a month in favor of renting. The payment excludes property tax (0.56% of value in Arizona), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Arizona?
About $104,042 a year, using the standard assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Arizona household earns $81,486, so the typical household is $22,556 short. That is the #33 smallest affordability gap of the 50 states. The monthly payment of $2,151 equals 31.7% of the median household's income.
Where are homes cheapest and most expensive in Arizona?
Among the Arizona cities we track with a published home value, the most expensive typical home is in Scottsdale ($851,107) and the cheapest in Yuma ($295,611). Also at the top: Flagstaff ($656,451), Queen Creek ($627,355), and Gilbert ($566,873). The city table above lists every tracked Arizona city with its value, one-year change and rent.
How does Arizona compare with nearby states?
In the West, the closest comparisons on price are Alaska ($398,663, up 5.7% in a year), Nevada ($442,027, down 1.8% in a year), and Wyoming ($371,854, up 1.4% in a year). Arizona's typical home is $417,990, down 1.1%. On affordability, Arizona ranks #33 of 50 versus Alaska at #24, Nevada at #35, and Wyoming at #31.
How current is the Arizona housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →