Current home values in Arizona

Home values have been rising throughout Arizona and are up 4.6% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $600,896, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Arizona: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $600,896 home at 3.33% would give a typical Arizona homebuyer a monthly payment of $2,113, assuming a 20% down payment.

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How the Arizona housing market stacks up

Older couple hiking
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Older Arizonian couples can still enjoy the outdoors away from busy life

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Arizona, they're predicted to rise 5.3%.

Homes right now are going on the market in Arizona at a median price of $185 per square foot, versus $134 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
2020* $275,313
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

*2020 price average through March 31, 2020.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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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
2020* $461,738
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

*2020 price average through March 31, 2020.

Get peace-of-mind on your home insurance

Homeowners insurance buys you peace of mind. But are you sure you’re not paying too much for home insurance?

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