Trulia Arizona (2024)

FAQs

Why is Arizona housing so expensive? ›

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.

Mortgage Interest Rates: Predicted to stabilize in the second half of 2024. Home Buyers: Likely to increase as mortgage rates stabilize. Home Prices: Set to continue rising due to the low supply-high demand dynamic. New Home Construction Sales: Expected to increase by 3.5% in 2024.

Plus, the Arizona housing market is becoming less competitive, which is good news for buyers. Redfin reports that homes selling for over the asking price in Arizona fell 36% year-over-year while the average amount of days on the market have more than doubled from 21 days to 58 days (March 2023).

Founded in 2005, Trulia is based in San Francisco, and owned and operated by Zillow Group, Inc.

Both states are among the top in the U.S. for drawing new residents, but overall Florida is more affordable. The median price of an Arizona house was $434,300 in July, according to the latest data from real estate brokerage Redfin. Florida's median home price was $404,100. But prices vary a lot by city in both states.

Are Home Prices Dropping in 2024? Home prices are not dropping in 2024; in fact, they have increased. In May 2024, home prices in Arizona rose by 3.6% year over year, reaching a median price of $451,500.

Arizona has long been a top choice for real estate investors seeking attractive opportunities in the United States. With its thriving economy, diverse landscapes, and favorable tax environment, the Grand Canyon State offers a range of benefits for those looking to invest in real estate.

But that could be good news for renters, who Moser said should expect to see rent declines of between 2% and 4% over the next year or year and a half. That doesn't mean Phoenix, or Arizona at large, has resolved its housing affordability issues.

Perhaps unsurprisingly, Hawaii tops the list of “the hardest state in which to buy a home”. It has been a tourist favorite since becoming the 50th U.S. state in 1959, with the yearly visitors outnumbering the residents in 2022.

What is the average income to buy a house in Arizona? ›

Homebuyers need an annual income of $110,271 to buy a median-priced home in Arizona. That's up 65% from 2020, when it only took $66,712 to buy an Arizona house, according to personal finance research firm Bankrate. Higher home prices, interest rates and insurance costs are why.

Here are some general FHA loan requirements for Arizona. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

In some parts of the country, Trulia and Zillow are highly accurate — but those are areas with “open record” laws. In closed record states, Trulia and Zillow use tax appraisals for valuation. Again, in our market, the tax appraisals are inaccurate. Some are higher than market value, some are lower.

Just like Zillow, Trulia offers real estate listings for prospective home buyers, sellers, and renters. Also like Zillow, Trulia makes most of its money from advertising. Even though the company is now owned by Zillow, it provides users with a different experience online.

We display property information on Trulia to provide our customers with transparent real estate information. We receive this information from the County Assessor's office and user-submitted data from our partner site, Zillow.

The median rental price in Phoenix proper is $1,361, which is 5.7% lower than the price across the metro area as a whole and down 3.8% from last year. The first quarter of 2024 is showing stable rental rates.

Arizona is not one of the more affordable states to live in. U.S. News & World Report's Affordability Rankings found Arizona to be the 29th most affordable state. That ranking measures the average cost of living in each state against the average amount of money most households in that state have.

Inflation, labor availability, and supply chain issues have made building new housing units expensive. This situation is compounded by a need for more diversity in housing options, with the market primarily offering single-family homes and apartments. Also Read: What Are The Wealthiest Cities In Arizona?

Across Arizona, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI). Many of these households are severely cost burdened, spending more than half of their income on housing.