How Do Phoenix Home Prices Stack Up?

We all know that property values in the Phoenix Metro Area have been going up, which is good for those of us who own but makes it harder for first time home buyers to get into the market. One thing many people DON’T realize though is how affordable existing homes really are here in Arizona. The median sales price nation wide is $228,000 compared to the Phoenix Metro average of $217,900. Pretty awesome right? Another thing most people don’t think about is we are the 14th most populated Metropolitan in the whole country. Let’s compare Phoenix prices to some other metro area medians:

San Francisco, CA Metro Area: $841,600

New York, NY Metro Area: $473,200

Los Angeles, CA Metro Area: $445,200

Boston, MA Metro Area: $414,600

Washington DC Metro Area: $403,800

Seattle, WA Metro Area: $385,300

Miami, FL Metro Area: $289,900

Philadelphia, PA Metro Area:$231,700

Chicago, IL Metro Area: $230,500

Minneapolis, MN Metro Area: $229,200

Houston, TX Metro Area: $221,100

Phoenix, AZ Metro Area: $217,900

Dallas, TX Metro Area: $215,200

Atlanta, GA Metro Area: $181, 500

Detroit, MI Metro Area: Data not available

Looking at the data above there are only three metro areas that have more affordable housing. I would say overall we have it pretty good in Phoenix as far as home prices go!

The above data is from the NAR (National Association of Realtors) 2015 Quarter 2 Median Existing Single Family Homes Report)

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