The typical home value in Phoenix has increased by nearly 32% since this time last year.
Buying a home in Arizona is really difficult right now.
A shortage of affordable housing has led to an unusually competitive market, with some buyers even offering above asking price, paying in cash, and waiving inspections and appraisals.
According to Zillow, the typical home value in the US is just under $299,000, up almost 17% from last year. Zillow’s index makes adjustments for seasonal changes and only includes the “middle price tier” of homes.
Here’s how the typical home value—including single-family homes and condos—in Arizona cities has changed over time.
Phoenix: 239% Increase Since 2011
A typical house in Phoenix is valued at nearly $370,000. And if that seems high, it’s because that’s a nearly 32% increase over last year.
Five years ago, the typical value was $230,000. And in September 2011, the latest that Zillow’s data dates back, it was just $109,000.
If you separate out single-family homes, the typical value climbs higher to about $425,000. For condos, it’s $271,000.
Mesa: 211% Increase Since 2011
If you think moving to the East Valley may be cheaper, think again: Homes have even higher value in Mesa. The typical home value there is over $380,000, a 31% increase from last year.
The typical value was less than it was in Phoenix five years ago, at $211,000. Back in late 2011, it was $122,000.
The typical value of a single-family home is $412,000. In 2011, the typical value of a condo was under $70,000. Now? It’s about $240,000.
Chandler: 169% Increase Since 2011
Chandler has also seen a steep increase in home values. The typical value is over $460,000 and for single-family homes alone, it’s $497,000.
Ten years ago, the typical home was worth $171,000, and five years ago, it was $272,000.
The average value of a Chandler condo is a whopping $322,000.
Buckeye: 247% Increase Since 2011
What about somewhere out in the West Valley, like Buckeye? The city saw a 36% increase in home value in the past year, coming to a typical value of $361,000. Just one year ago, the typical value was nearly $100,000 less.
Five years ago, the typical value was $193,000. A decade ago it was only $104,000.
The typical value of a single-family home has gone up from $110,000 in 2011 to $378,000 now. Condos have gone from just under $56,000 to $220,000 in the same time period.
Tucson: 114% Increase Since 2011
Let’s take a look down south, where things are a bit cheaper. The typical home value in Tucson is just over $283,000, a 28% increase from last year.
That value was below the $200K mark five years ago, at $166,000. A decade ago it was $132,000.
The current typical value jumps up quite a bit for single-family homes alone at $342,000. For condos, it’s $194,000.
Flagstaff: 114% Increase Since 2011
And up north? Well, if you think the Valley is expensive, you won’t want to look up there. The typical home value in Flagstaff is over half a million dollars at just under $541,000. Ten years ago, it was $253,000.
For single-family homes, the typical value is $599,000. A decade ago, the typical value was less than half of that at $276,000.
You’ll also find the most expensive condos up there, with a typical value of $344,000. Ten years ago, that typical value was $168,000.
An Overwhelming Market
If these numbers stress you out, you’re not alone.
Last month, we asked housing expert Patricia Garcia Duarte what people who want to buy a home in Arizona should do.
“If it’s not possible right now, then there’s still a lot of homework that aspiring homeowners can do. For example—save, save, save, save as much as you can, and also work on paying down debt,” she said. “Those two factors are important because the more savings or the less debt, the bigger the buying power will be when the time is right.”