Arizona Real Estate Market May 2022: Forecasts + Trends

Arizona real estate trends (May 2022)

How is the real estate market in Arizona?
🏠 Average home value: $432,850	📈 -1.52% home value decrease month over month
💰 Median sale price: $493,900	⏳ 35 days on the market
🔑 Homes on the market: 25,253	📆 2.7 months of housing inventory
🏦 30-year mortgage rate: 5.52000%	💵 Average income: 61529
State of the market: A
Arizona’s real estate market continues its hot streak, with homes selling quickly at prices exceeding their value. With the fast turnaround and limited inventory, this trend may not be dying down soon.
_{Data last updated May 2022}*

Arizona is a major destination for retirees — and anyone who loves spending time in the great outdoors.

From Flagstaff’s pine forests to Sedona’s red mesas, Arizona offers a wide variety of dramatic landscapes. The Grand Canyon State boasts an impressive 34 state parks and 3 National Parks: Saguaro, Petrified Forest, and Grand Canyon.

Though some parts of the state have snowy winters, Arizona’s relatively moderate climate provides opportunities for outdoor activities year-round.

If you're thinking of buying or selling in Arizona, these Arizona housing predictions and stats can help you make an informed decision.

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Selling a home in Arizona

Arizona real estate market forecast for sellers
⏰ Homes are selling 17 days slower than the annual average	💰 Homes are selling for $12,449 less than the annual average
💸 Average listing commission: 2.80%	💸 Average buyer's commission: 2.63%

How to sell a home in Arizona

Cost to sell a home in Arizona

Buying a home in Arizona

How much home you can buy with $300,000 in...
🏠 Phoenix: 1,115 sq ft	🏡 Prescott: #DIV/0! sq ft
🏡 Tucson: 1,364 sq ft	🏠 Flagstaff: 813 sq ft

Investing in Arizona real estate

Best of Arizona

Each month, we compare locations in Arizona based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Arizona
1. Yavapai County
2. Greenlee County
3. Maricopa County
4. Cochise County
5. Pinal County

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Worst of Arizona

Each month, we compare locations in Arizona based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Arizona
1. Apache County
2. Navajo County
3. Yuma County
4. Santa Cruz County
5. La Paz County

Arizona resources

Frequently asked questions about Arizona real estate

It is a seller’s market in Arizona right now and homes are being priced higher in this high-demand market. However, the state of the market is different in each city and town, so consulting with a local real estate agent is a must when trying to figure out your local market trends.

Yes, investing in Arizona is a good idea, especially in areas like Phoenix and Tucson, where the demand for housing is always high. However, to ensure that your real estate purchase is worth the money, first learn which neighborhoods to buy from and how to manage an investment property. Read through our guide on investing in real estate to find out more.

Now might not be the best time to buy a home in Arizona, as listing prices are much higher than average. However, mortgage rates here are lower than in other states, meaning that you could save money in the long run with a locked-in low rate. To understand all your options, you should work with one of the top real estate agents in the state.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

Arizona Real Estate Market in 2022: Forecasts + Trends