Expensive Housing Markets in Arizona
Buying a house is a significant financial decision. Beyond just providing shelter, owning a home can be a valuable investment that appreciates over time. However, as home prices soar, affordability is a major concern for potential buyers.
As of October, the average home price in the U.S. stood at $360,385, marking a 2.4% increase from the previous year.
Current mortgage rates are also a factor, with the 30-year fixed mortgage rate reported at 6.78% as of November 14, raising monthly payment costs.
While home values are climbing nationwide, certain cities are known for particularly high prices. Factors like location, property size, age, and condition significantly influence a home’s value.
Using data from Zillow, Stacker has ranked the cities with the highest home values in Arizona according to the Zillow Home Values Index as of October 2024. The visual data presented here has been generated using Matplotlib.
Top metropolitan areas with the most cities in Arizona’s top 30 list
#1. Phoenix-Mesa-Chandler, AZ: 16
#2. Flagstaff, AZ: 4
#3. Prescott Valley-Prescott, AZ: 3
#3. Tucson, AZ: 3
#5. Nogales, AZ: 2
#6. Payson, AZ: 1
#6. Show Low, AZ: 1
You might also be interested in: Counties with the highest number of homes selling below list price in Arizona
#30. Oro Valley
– Average home value: $508,151
– Change in price over past year: +1.8%
– Change in price over past 5 years: +53.0%
– Metro area: Tucson, AZ
#29. Oracle
– Average home value: $515,106
– Change in price over past year: +1.1%
– Change in price over past 5 years: +57.1%
– Metro area: Phoenix-Mesa-Chandler, AZ
#28. Tubac
– Average home value: $517,047
– Change in price over past year: +2.7%
– Change in price over past 5 years: +60.9%
– Metro area: Nogales, AZ
#27. Cornville
– Average home value: $520,738
– Change in price over past year: +3.2%
– Change in price over past 5 years: +53.1%
– Metro area: Prescott Valley-Prescott, AZ
#26. Chandler
– Average home value: $525,659
– Change in price over past year: +1.6%
– Change in price over past 5 years: +56.7%
– Metro area: Phoenix-Mesa-Chandler, AZ
You might also be interested in: Grocery item prices in the West that declined last month, including beef steaks and bread
#25. Forest Lakes
– Average home value: $526,739
– Change in price over past year: +2.0%
– Change in price over past 5 years: +78.3%
– Metro area: Flagstaff, AZ
#24. Elgin
– Average home value: $531,941
– Change in price over past year: +4.4%
– Change in price over past 5 years: +53.6%
– Metro area: Nogales, AZ
#23. Wickenburg
– Average home value: $533,224
– Change in price over past year: +0.3%
– Change in price over past 5 years: +53.7%
– Metro area: Phoenix-Mesa-Chandler, AZ
#22. Litchfield Park
– Average home value: $533,843
– Change in price over past year: +0.5%
– Change in price over past 5 years: +58.9%
– Metro area: Phoenix-Mesa-Chandler, AZ
#21. Pinetop
– Average home value: $536,933
– Change in price over past year: +2.9%
– Change in price over past 5 years: +80.9%
– Metro area: Show Low, AZ
You might also be interested in: A ranking of Arizona’s best- and worst-managed cities
#20. Star Valley
– Average home value: $538,597
– Change in price over past year: +1.2%
– Change in price over past 5 years: +55.2%
– Metro area: Payson, AZ
#19. Waddell
– Average home value: $549,003
– Change in price over past year: +1.5%
– Change in price over past 5 years: +62.4%
– Metro area: Phoenix-Mesa-Chandler, AZ
#18. Sonoita
– Average home value: $566,209
– Change in price over past year: +4.4%
– Change in price over past 5 years: +55.2%
– Metro area: Tucson, AZ
#17. Anthem
– Average home value: $574,794
– Change in price over past year: +2.5%
– Change in price over past 5 years: +67.5%
– Metro area: Phoenix-Mesa-Chandler, AZ
#16. Gilbert
– Average home value: $577,650
– Change in price over past year: +2.5%
– Change in price over past 5 years: +62.3%
– Metro area: Phoenix-Mesa-Chandler, AZ
You might also be interested in: Top recommendations for living in Arizona
#15. Munds Park
– Average home value: $590,501
– Change in price over past year: -0.3%
– Change in price over past 5 years: +78.6%
– Metro area: Flagstaff, AZ
#14. Prescott
– Average home value: $601,071
– Change in price over past year: +1.1%
– Change in price over past 5 years: +51.9%
– Metro area: Prescott Valley-Prescott, AZ
#13. Tortolita
– Average home value: $623,803
– Change in price over past year: +2.2%
– Change in price over past 5 years: +54.0%
– Metro area: Tucson, AZ
#12. Queen Creek
– Average home value: $637,560
– Change in price over past year: +1.9%
– Change in price over past 5 years: +65.4%
– Metro area: Phoenix-Mesa-Chandler, AZ
#11. Parks
– Average home value: $645,458
– Change in price over past year: +2.7%
– Change in price over past 5 years: +64.2%
– Metro area: Flagstaff, AZ
You might also be interested in: Analyze the origins of refugees arriving in Arizona
#10. Flagstaff
– Average home value: $655,351
– Change in price over past year: +3.6%
– Change in price over past 5 years: +66.6%
– Metro area: Flagstaff, AZ
#9. Fountain Hills
– Average home value: $660,210
– Change in price over past year: +2.0%
– Change in price over past 5 years: +56.4%
– Metro area: Phoenix-Mesa-Chandler, AZ
#8. New River
– Average home value: $748,140
– Change in price over past year: +3.6%
– Change in price over past 5 years: +65.0%
– Metro area: Phoenix-Mesa-Chandler, AZ
#7. Rio Verde
– Average home value: $827,413
– Change in price over past year: +0.1%
– Change in price over past 5 years: +57.7%
– Metro area: Phoenix-Mesa-Chandler, AZ
#6. Scottsdale
– Average home value: $830,954
– Change in price over past year: +1.8%
– Change in price over past 5 years: +65.5%
– Metro area: Phoenix-Mesa-Chandler, AZ
You might also be interested in: Counties in Arizona with the highest number of prewar homes
#5. Sedona
– Average home value: $944,109
– Change in price over past year: +3.8%
– Change in price over past 5 years: +72.5%
– Metro area: Prescott Valley-Prescott, AZ
#4. Cave Creek
– Average home value: $1,059,775
– Change in price over past year: +5.0%
– Change in price over past 5 years: +74.4%
– Metro area: Phoenix-Mesa-Chandler, AZ
#3. Fort McDowell
– Average home value: $1,072,950
– Change in price over past year: +3.3%
– Change in price over past 5 years: +54.2%
– Metro area: Phoenix-Mesa-Chandler, AZ
#2. Carefree
– Average home value: $1,253,320
– Change in price over past year: +3.3%
– Change in price over past 5 years: +70.7%
– Metro area: Phoenix-Mesa-Chandler, AZ
#1. Paradise Valley
– Average home value: $3,271,240
– Change in price over past year: +10.0%
– Change in price over past 5 years: +93.6%
– Metro area: Phoenix-Mesa-Chandler, AZ
You might also be interested in: A look at how much Arizona manufacturers invest in equipment
By Stacker
