We’ve all read the headlines about the increase in home values across the country — Arizona in particular. But 28 Arizona cities have seen an increase in typical home value in excess of 20 percent over the last year.
El Mirage leads the state with a 28.3% one-year increase in home values, according to research from Zillow. Typical home values in El Mirage have jumped to $284,174.
READ ALSO: 5 Arizona housing market predictions for 2021
Top 30 Arizona cities for increase in home values
Here are the Top 30 cities in Arizona with population of at least 35,000, ranked by one-year increase in typical home values, with current typical home value, one-year change in median income, and current median household income:
The red-hot residential real estate market is starting to show signs of slowing. The typical May ramp-up in home sales didn’t happen last month, as sales dipped 0.2% from April and home prices were uncharacteristically flat in the report’s 53 metro areas.
Also defying seasonal trends was a 7.1% drop in listed homes at a time of year when active inventory is normally building for peak summer sales months. But two other metrics confirm that the frenzied sellers market marches on: Months Supply of Inventory dropped to 1.1 months and homes changed hands in a mere 28 days. Both are records in the 13-year history of the report.
“The first small step toward a more balanced market may have appeared in May, as home prices finally stabilized after a long run of sustained increases. At the same time, cooling sales defied typical April-May trends and report records were set for low inventory and fast turnaround times,” said Nick Bailey, President, RE/MAX, LLC.
With year-over-year comparisons heavily skewed by the pandemic, April-to-May averages for 2015-2019 show what is typical:
• While May 2021 home sales declined 0.2% month over month, 13.9% is the 2015-2019 average gain from April to May. Year over year, sales were up 53.4%.
• May’s Median Sales Price of $320,000 was the same as April’s, compared to the typical April-to-May increase of 3.2%. Year over year, May’s price is 17.0% higher than May 2020’s $273,498.
• Instead of the 7.1% decline from April to May, inventory typically grows by 1.8%. Year over year, inventory was down 43.0%.
