Phoenix, Oct. 17, 2023 (GLOBE NEWSWIRE) --
Airdeed Homes, a leading real estate search website, has conducted a comprehensive real estate study analyzing home prices in the 20 major cities in Arizona. The study aimed to provide insights into the real estate market by examining the median and average listing prices and the count of active listings compared to previous months. The data was collected on October 10, 2023, to capture a market snapshot and ensure accuracy and reliability.
The results showed that the more affluent cities saw their median home prices rise. 9 out of 10 cities with the highest median prices saw increases from previous months. Queen Creek was the only city not to see an increase in median home prices. Phoenix Real Estate saw a 5% gain in median home prices.
The remaining ten analyzed cities showed that 7 out of 10 cities saw their median home prices decrease. Major cities, including Tempe, Tucson, and Mesa, are included on this list.
Top 5 Cities Based On Median Home Price
- Sedona - Median listing price: $1,198,800.00
- Scottsdale - Median listing price: $1,149,000.00
- Flagstaff- Median listing price: $849,950.00
- Queen Creek - Median listing price: $629,990.00
- Gilbert - Median listing price: $629,000.00
Looking at these cities shows the top three being major tourist destinations. This follows the trend in the last several years of tourist destinations seeing significant increases in home values as short-term rental investors increase demand for housing. This trend has particularly hit Arizona real estate due to hotspot destinations like Sedona, Flagstaff and the Luxury Phoneix area.
Bottom 5 Cities Based On Median Home Price
- Bullhead City - Median listing price: $439,450.00
- Maricopa - Median listing price: $431,445.00
- Tucson - Median listing price: $389,900.00
- Buckeye - Median listing price: $369,490.00
- San Tan Valley - Median listing price: $299,900.00
Tucson is the most notable city within the bottom 5. In this latest study, Tucson homes saw a decrease of roughly 15,000 in home prices. This is a surprise, given Tucson is the second-largest city in the state. Keeping an eye on future fluctuations in the Tucson real estate market may indicate a more significant downturn.
About Airdeed Homes
Airdeed is a cutting-edge real estate search engine that has revolutionized how buyers search for local real estate. Their ultimate goal is to equip home buyers and sellers with the information they need to make informed decisions about their housing needs. Airdeed wants to empower its users with comprehensive local business data on nearby real estate properties for sale.
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Media Contact
Cory Weikel
Phone: 904-671-6348
Email: media@airdeed.com
