Phoenix Real Estate

Real Estate Market

There are impressive sky-scrapers in the center of Phoenix, but due to the large amount of space that is on offer there, it also has very many detached houses and a low population density rate. Much of Phoenix’s current inventory was built during building booms after World War II and in the early 2000s—during the latter period, a new plan was adopted where properties of greater height could be built.

There are relatively few restrictions on developers here, and the city may now be prone to overbuilding. In early 2019, it was forecast that Phoenix would be one of the top 10 cities that will outperform the predicted national price growth of 2.2%, but that home prices may rise at a slower pace than has been seen recently.

Neighborhoods that have been tipped to be interesting for home buyers include Scottsdale, which is still swinging, Arcadia, which is still picturesque, and Paradise Valley, with its golf courses and upmarket attractions.

• Average Home Price: $326,100
• Median Home Price: $234,950
• Average Rent Price: $1,018

Property sales figures source: the Arizona Regional Multiple Listing Service, January 2019 and December 2018, and PropertyShark data for December 2018. 

Education

The Phoenix area has no fewer than 33 school districts, including 4 high school districts and 21 elementary school districts, which serve more than 27,000 students. The city also has more than 100 charter schools.

The main campus of Arizona State University—one of the largest public universities in the US—is located in Tempe, in the East Valley part of the Phoenix metropolitan area, and it has other campuses in Glendale, Mesa, Downtown and in the northwest of the city. With an enrollment of over 300,000, the University of Phoenix is the largest for-profit university in the U.S. There are also numerous other colleges of higher education here.