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.

How the Arizona housing market stacks up

Older couple hiking
ron4 / Twenty20
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.

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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."