Home Values Are Heating Up in Arizona

At a time of low mortgage rates, see if homes in the Grand Canyon State are a good deal.

Flags on a southern California street. Bill Chizek / Shutterstock

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Arizona?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Arizona is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Arizona

Home values have been rising throughout Arizona and are up 5.14% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $255,800 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for Arizona at $255,800 , a representative monthly mortgage payment would be $1,175.96.

How the Arizona housing market stacks up

Monument Valley twilight, AZ, USA
f11photo / Shutterstock
Monument Valley, Arizona

Property values in Arizona are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Arizona, they're expected to rise 2.71%.

Homes are going on the market in Arizona at a median price of $154 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Arizona home prices over the last 10 years

Year Avg. Price
2019* $263,250
2018 $251,058
2017 $233,325
2016 $216,800
2015 $199,825
2014 $188,375
2013 $174,358
2012 $150,942
2011 $141,058
2010 $156,483
2009 $174,192

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Arizona is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $385,000
2018 $365,000
2017 $337,500
2016 $312,500
2015 $292,500
2014 $270,000
2013 $257,500
2012 $220,000
2011 $197,500
2010 $222,500
2009 $245,000

*2019 price average through August 2019.