One of the hardest things to know when you’re moving to a new city is finding out which neighborhoods are the most affordable. Whether you live in the area or are new to Phoenix, we make it easy for you to get a sense of some of the best neighborhoods that are growing in demand and safe for raising a family too.
Phoenix Median Sales Price Compared to National Trends
To understand the Phoenix market, first, we need to start with a baseline. Out of the nation’s top 10 hottest housing markets, Phoenix is the seventh least expensive, which is great news for potential home buyers. There’s a reason people from all over the country are moving to the Valley of the Sun in droves. Other comparable cities are far too expensive and many Americans can’t seem to justify bleeding most of their budget on housing, as the astronomical cost of living and high crime rates don’t make life possible.
|Median Home Sales Price
Sources: Redfin, The Cromford© Report; September 10, 2022
As you can see from the above chart, Phoenix doesn’t fall far from the U.S. median sales price baseline. Home prices started falling this summer. According to our local housing analysts at the Cromford Report, as of September 10, 2022, the median sales price for a single-family home in Phoenix was $444,700, falling by $5,300 just last month, and $31,000 in July. This is great news for current buyers, though the current median price is still $40,000 higher than it was this time last year. So, that tells us that the housing market in Phoenix is settling, not falling off a cliff like other areas of the nation.
Phoenix Home Availability Works in A Buyers Favor
There are more homes available in the Phoenix market now than there were over the last couple of years. Cromford notes that there are nearly 18,700 active listings, which is up over 170% compared to this time last year, and up 4% from a month prior. In fact, there were over 1,630 homes that sold for a median price of $513,890.
With the market leaning in their favor, buyers now have the opportunity to negotiate and potentially get sellers to come down on listing prices and agree to concessions – which was highly unlikely before the summer. Cromford adds that the number of closings with seller-paid closing costs rose nearly 30% in July, compared to just 7% the month prior.
Read for tips on how to exercise your power as a buyer.
Most Affordable Areas to Live in Phoenix
Phoenix is one of the most diverse places to live in the southwest. The growing metropolis offers some of the best sprawling suburbs and neighborhoods, each as unique as the people who find themselves drawn to them. Check out our list of some of the most desirable and affordable areas Phoenix offers:
Median Home Sales Price: $442,950
One of the fastest growing Phoenix suburbs, Buckeye is a great place to raise a family with emerging programs, services and family-friendly events year-round. As the city works on expanding its residential and commercial footprint, it’s also keeping conservation in mind, most recently receiving recognition for its Wildlife Corridor Best Practices Guide.
Median Home Sales Price: $455,000
Schools, retail establishments and entertainment venues are conveniently close in the urban community of Deer Valley, in north Phoenix, bordering both Glendale and Peoria. Here, you’ll discover homes that have been well-maintained on vast lots, making them ideal for families with children.
Median Home Sales Price: $435,000
This economically viable historic quarter is brimming with architectural and cultural diversity. The proximity of Garfield to the central business district makes it an ideal location for entrepreneurs. Many studios, businesses, and restaurants have made Garfield their home because of the city’s recent economic expansion. If you’re passionate about renovating older homes, this is the neighborhood for you!
Median Home Sales Price: $440,000
About 20 minutes from downtown Phoenix, the state’s ‘Antique Capital’ offers over 70 antique and specialty shops perfect for exploring with the family. Glendale also hosted two Super Bowls within the last 15 years, so if you love sporting events, why not live close by. Also, Glendale is host to the highly anticipated annual chocolate festival every February.
Median Home Sales Price: $460,000
Mesa, in the East Valley of the Phoenix metro, is the third-largest suburban city in the state of Arizona. You’ll find excellent school systems and communities that are welcoming to families. It’s also convenient to get to Chandler and downtown Gilbert for additional dining and shopping. As a plus, Mesa has its very own airport!
Median Home Sales Price: $512,500
A half hour northwest of downtown Phoenix, Peoria has come a long way from its agricultural roots. The rapidly growing suburb rests among the natural beauty of the Sonoran Desert. Peoria is home to Lake Pleasant Regional Park, offering 23,000 acres of boating, fishing, camping, and many recreation activities.
Median Home Sales Price: $452,500
Besides having many urban neighborhoods, Tempe is one of the most pedestrian and bicycle-friendly places in the metro area. Home prices are also very reasonable. Arizona State University is not only one of the most prestigious educational institutions in the United States but also one of Tempe’s most important employers. In addition, Tempe has excellent public transit and the location makes it easy to access major freeways.
Find Your Next Home with Halpern Residential
Our realtor team at Halpern Residential is skilled at helping our clients navigate this dynamic housing market. If the pandemic taught us anything, it’s that safety and financial security mean everything to growing families, and Phoenix is one of the best places to offer everything a family needs. Sure, there will always be other places less expensive, but you can’t beat the year-round sun, immersive beauty, rich Southwestern culture, cuisine, and overall, much better quality of life. The other great thing about Phoenix is that it’s close to other major cities that are a short drive away such as Las Vegas, Los Angeles, and Mexico. We can talk your ear off about why buying a home in Phoenix is a smart decision, and we mean that, so call us and let’s chat!