Cities with the fastest-growing home prices in the Phoenix metro area (2024)

(Stacker) - The real estate frenzy spurred by the coronavirus pandemic continues, though at a slower pace.

Buyers are still competing for a limited supply of housing, driving up prices for affordable properties.

In April, the typical home value in the United States was $359,402—4.4% higher than the year before.

Increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.

Stacker compiled a list of cities with the fastest-growing home prices in the Phoenix metro area using Zillow data. Cities are ranked by their one-year price change as of April 2024.

#30. El Mirage, AZ

  • 1-year price change: +$13,007 (+3.7%)
  • 5-year price change: +$155,045 (+74.7%)
  • Typical home value: $362,613 (#33 most expensive city in metro)

#29. San Tan Valley, AZ

  • 1-year price change: +$13,273 (+3.3%)
  • 5-year price change: +$169,212 (+68.3%)
  • Typical home value: $416,927 (#25 most expensive city in metro)

#28. Youngtown, AZ

  • 1-year price change: +$16,125 (+5.3%)
  • 5-year price change: +$138,071 (+76.7%)
  • Typical home value: $318,051 (#36 most expensive city in metro)

#27. Avondale, AZ

  • 1-year price change: +$16,696 (+4.2%)
  • 5-year price change: +$169,052 (+69.9%)
  • Typical home value: $410,993 (#26 most expensive city in metro)

#26. Mesa, AZ

  • 1-year price change: +$18,595 (+4.4%)
  • 5-year price change: +$173,134 (+64.3%)
  • Typical home value: $442,401 (#21 most expensive city in metro)

#25. Superior, AZ

  • 1-year price change: +$18,739 (+11.3%)
  • 5-year price change: +$81,321 (+78.4%)
  • Typical home value: $185,096 (#42 most expensive city in metro)

#24. Gold Canyon, AZ

  • 1-year price change: +$19,215 (+4.0%)
  • 5-year price change: +$186,622 (+59.1%)
  • Typical home value: $502,324 (#17 most expensive city in metro)

#23. Peoria, AZ

  • 1-year price change: +$19,393 (+4.0%)
  • 5-year price change: +$191,884 (+62.6%)
  • Typical home value: $498,467 (#18 most expensive city in metro)

#22. Oracle, AZ

  • 1-year price change: +$20,680 (+4.1%)
  • 5-year price change: +$210,266 (+66.5%)
  • Typical home value: $526,621 (#16 most expensive city in metro)

#21. Litchfield Park, AZ

  • 1-year price change: +$21,222 (+4.1%)
  • 5-year price change: +$209,722 (+63.2%)
  • Typical home value: $541,628 (#13 most expensive city in metro)

#20. Phoenix, AZ

  • 1-year price change: +$21,613 (+5.3%)
  • 5-year price change: +$171,947 (+66.5%)
  • Typical home value: $430,469 (#23 most expensive city in metro)

#19. Glendale, AZ

  • 1-year price change: +$22,194 (+5.6%)
  • 5-year price change: +$169,428 (+68.1%)
  • Typical home value: $418,095 (#24 most expensive city in metro)

#18. Tonopah, AZ

  • 1-year price change: +$22,684 (+6.1%)
  • 5-year price change: +$168,528 (+75.5%)
  • Typical home value: $391,877 (#30 most expensive city in metro)

#17. Apache Junction, AZ

  • 1-year price change: +$23,473 (+6.5%)
  • 5-year price change: +$157,448 (+68.8%)
  • Typical home value: $386,337 (#31 most expensive city in metro)

#16. Chandler, AZ

  • 1-year price change: +$24,335 (+4.8%)
  • 5-year price change: +$201,597 (+60.8%)
  • Typical home value: $533,341 (#15 most expensive city in metro)

#15. Wickenburg, AZ

  • 1-year price change: +$24,405 (+4.7%)
  • 5-year price change: +$207,689 (+62.4%)
  • Typical home value: $540,316 (#14 most expensive city in metro)

#14. Tempe, AZ

  • 1-year price change: +$25,612 (+5.5%)
  • 5-year price change: +$185,945 (+61.6%)
  • Typical home value: $487,824 (#19 most expensive city in metro)

#13. Anthem, AZ

  • 1-year price change: +$27,352 (+5.0%)
  • 5-year price change: +$235,673 (+69.7%)
  • Typical home value: $574,000 (#11 most expensive city in metro)

#12. Tolleson, AZ

  • 1-year price change: +$28,417 (+7.6%)
  • 5-year price change: +$176,666 (+78.3%)
  • Typical home value: $402,277 (#28 most expensive city in metro)

#11. Waddell, AZ

  • 1-year price change: +$29,602 (+5.7%)
  • 5-year price change: +$220,834 (+66.7%)
  • Typical home value: $551,869 (#12 most expensive city in metro)

#10. Queen Creek, AZ

  • 1-year price change: +$31,519 (+5.0%)
  • 5-year price change: +$267,766 (+68.4%)
  • Typical home value: $659,351 (#8 most expensive city in metro)

#9. Gilbert, AZ

  • 1-year price change: +$32,547 (+5.9%)
  • 5-year price change: +$232,145 (+65.9%)
  • Typical home value: $584,268 (#10 most expensive city in metro)

#8. Rio Verde, AZ

  • 1-year price change: +$32,576 (+4.1%)
  • 5-year price change: +$321,352 (+62.4%)
  • Typical home value: $836,628 (#5 most expensive city in metro)

#7. Fountain Hills, AZ

  • 1-year price change: +$34,189 (+5.5%)
  • 5-year price change: +$246,724 (+59.9%)
  • Typical home value: $658,678 (#9 most expensive city in metro)

#6. Scottsdale, AZ

  • 1-year price change: +$48,003 (+6.2%)
  • 5-year price change: +$333,738 (+68.4%)
  • Typical home value: $821,372 (#6 most expensive city in metro)

#5. New River, AZ

  • 1-year price change: +$56,231 (+8.1%)
  • 5-year price change: +$305,437 (+69.1%)
  • Typical home value: $747,183 (#7 most expensive city in metro)

#4. Carefree, AZ

  • 1-year price change: +$84,665 (+7.2%)
  • 5-year price change: +$529,615 (+72.1%)
  • Typical home value: $1,264,682 (#2 most expensive city in metro)

#3. Fort McDowell, AZ

  • 1-year price change: +$93,179 (+9.4%)
  • 5-year price change: +$403,742 (+59.0%)
  • Typical home value: $1,087,826 (#3 most expensive city in metro)

#2. Cave Creek, AZ

  • 1-year price change: +$95,824 (+10.2%)
  • 5-year price change: +$448,825 (+77.1%)
  • Typical home value: $1,030,703 (#4 most expensive city in metro)

#1. Paradise Valley, AZ

  • 1-year price change: +$306,983 (+9.7%)
  • 5-year price change: +$1,569,608 (+82.2%)
  • Typical home value: $3,478,006 (#1 most expensive city in metro)

This story features data reporting and writing by Elena Cox and is part of a series utilizing data automation across 380 metros.

Copyright 2024 Stacker via Gray Media Group, Inc. All rights reserved.

Cities with the fastest-growing home prices in the Phoenix metro area (2024)

FAQs

What area of Phoenix is growing the fastest? ›

A southeast suburb of Phoenix, Queen Creek has enjoyed explosive growth since 2010, seeing its population nearly double to 105,567 (2022).

What city has the fastest growing housing market? ›

Annual Increase In Home Prices By Major Cities

San Diego leads with an 11.4% price surge year-over-year in February 2024, the highest among the 20 cities analyzed, followed by Chicago and Detroit each recording an 8.9% increase.

Why are home prices rising in Phoenix? ›

From 2021 to 2022, Maricopa County — which contains much of greater Phoenix — added 57,000 people, registering the largest population growth in the nation. As the Federal Reserve lifted interest rates to lower inflation, mortgage rates increased sharply, raising the costs of buying homes.

What are the most up and coming cities in Arizona? ›

Arizona is home to four of the top 15 fastest-growing cities in the nation. Gilbert, Chandler, Glendale and Mesa, Arizona's top 4 fastest growing cities, rank impressively in a recent report by FinanceBuzz.

What is the fastest growing city in Maricopa County? ›

Queen Creek and the city of Maricopa are leading the way. The two communities had the fastest growth among Arizona's large cities, and were both in the nation's top 15, according to the U.S. Census Bureau. Maricopa's population grew by 6.2% and Queen Creek's grew by 6.7% during the fiscal year that ended last July.

What are the three fastest growing cities? ›

Fort Worth, Texas, had the largest numeric population gain in 2022, with an increase of 19,170 people. Phoenix, Arizona (19,053); San Antonio, Texas (18,889); Seattle, Washington (17,749); and Charlotte, North Carolina (15,217), rounded out the top five cities by numeric growth.

Where is the hottest housing market right now? ›

Key Takeaways:
  • While the 20 top hottest housing markets are again located in Colorado, North Carolina, Florida and Texas, they're also located in Tennessee, Oregon, Georgia and Arizona. ...
  • Markets to watch that improved the most between June and December 2023 include Cleveland, Virginia Beach, Virginia, and Detroit.
Feb 12, 2024

What cities are people moving to in 2024? ›

Here are the ten U.S. cities with the most move-ins in 2024:
  • Myrtle Beach, South Carolina (spot shared with Wilmington, North Carolina)
  • Ocala, Florida.
  • Houston, Texas.
  • Greenville-Spartanburg, South Carolina.
  • Charlotte, North Carolina.
  • Raleigh, North Carolina.
  • Phoenix, Arizona.
  • Knoxville, Tennessee.
1 day ago

Should I buy a house in Phoenix right now? ›

Currently, Phoenix is a seller's market- because the demand outweighs the supply, so buyers need to put in competitive offers to win the house they want. There have been issues with inventory for some time in Phoenix, which has contributed to keeping prices up despite the higher mortgage rates.

Why is Phoenix booming? ›

For years, the warm weather was one of the main attributes that made Phoenix appeal to many people. With increasing job opportunities, a strong economy, picturesque natural landscapes and warm, dry winters, metro Phoenix has attracted Americans of all ages from around the country.

Why is Phoenix getting so expensive? ›

Over the past decade, the allure of suburban life under cloudless skies has swelled the population of greater Phoenix to five million from 4.2 million, according to census data. The influx pushed housing prices steadily higher.

What is the most desirable city to live in Arizona? ›

The 10 Best Places to Live in Arizona in 2024
  • Tempe, AZ. Population: 185,950. ...
  • Mesa, AZ. Population: 512,498. ...
  • Scottsdale, AZ. Population: 243,050. ...
  • Flagstaff, AZ. Population: 75,907. ...
  • Chandler, AZ. Population: 280,711. ...
  • Gilbert, AZ. Population: 275,346. ...
  • Yuma, AZ. Population: 98,527. ...
  • Peoria, AZ. Population: 197,866. Average Commute Time:
May 6, 2024

Where are millionaires moving to in Arizona? ›

Wealthy residents from big cities across the US are uprooting their lives to start over in Scottsdale, Arizona. Scottsdale is one of the country's fastest-growing cities in terms of wealth. There are 243,000 residents — about 14,600 of them are millionaires, and five are billionaires, AZ Central reported in March.

Where in Arizona are Californians moving to? ›

That's according to the U.S. Census Bureau, which estimates Phoenix has been a popular relocation destination not only for Californians but all Americans between 2017 and 2021. Of that figure, 1 in every 5 people (about 184,000 people) who relocated to Arizona during that time frame came from California.

Where is the Phoenix Rising moving to? ›

The new stadium is set to be built on 38th Street and Washington Street, once the location of Phoenix Greyhound Park. More recently, it has served as the home of Phoenix Park 'n Swap, a flea market.

What is Phoenix AZ growing zone? ›

Phoenix is within the USDA Hardiness Zones of 9b and 10a. These Zones are decided based on the minimum average winter temperature of the area, helping you pick plants that can survive your coldest temperatures.

Which way is Phoenix growing? ›

“For decades, since the 1950s, we have stretched our boundaries and reimagined what a modern desert city can be. And today, we are growing vertically as well.

Why are so many moving to Phoenix? ›

Why is Phoenix so desirable? While this sprawling city may be stereotyped as a retirement paradise, it's actually so much more. Thanks to its warm weather, great job opportunities, growing population, and strong local economy, it's a popular spot for everyone — from young professionals to families to, yes, retirees.

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