Arizona Real Estate Statistics 2021-2022
- Arizona real estate price median is $209,700.for a single-family home.
- Average square footage of an Arizona single-family home is 1483 sqft
- Arizona has a population of over six million. The state is home to the nation’s fifth-largest urban area
- Tourism in Arizona is estimated to contribute $17.28 billion annually, and over 200,000 jobs
- Arizona has a low personal state income tax and boasts some of the lowest property taxes in the country of about $300 per year.
- Arizona mortgage rates are low at about $500 for every $100,000 spent on real estate
- Arizona public transport network is extensive, about 84,093.7 miles, and a rail network of about 30,679.0 miles.
- Arizona has a variety of quality schools and an average graduation rate of 86%.
Arizona Real Estate Facts 2022-2021
Housing demand in the state of Arizona is said to be growing at a rate of +11.0% year-over-year, and the average listing price is $340,004 for homes in this state. Arizona real estate has one of the most affordable median prices around pre pandemic and they even offer foreclosure assistance (source), making it easy for people looking to move here or even invest their money into a property without fear of losing all.
Arizona is the sixth largest state in the country, and it has a population of 6,828,065 people. It’s also home to some of the most beautiful real estate in the world, with so many factors to consider when looking for a new place to live. The statistics below will help you understand the trends and changes that are currently happening throughout Arizona.
Arizona also contains 17 nationally or internationally renowned destination resorts, making it one of America’s most popular tourist destinations. Tourism in Arizona is estimated to contribute $17.28 billion annually. Over 200,000 jobs in the state are centered on tourism; hence it’s a good place for real estate development. Source
Arizona real estate price median is $419,900 for a two-bedroom apartment or condo and $209,700.for a single-family home. The average size of an Arizona studio apartment is 500sqft. Of course, these are just averages, so your real estate experience may be different than the next person’s. However, you should consider this information when looking into purchasing or renting with reference from: https://www.neighborhoodscout.com/az/real-estate.
The average price for a three-bedroom home in Arizona is $1,269,900, and the median gross rent was $1956 as of 2021. This makes it one of the most affordable states to live in America. Some cities like Gilbert, Mesa, and Chandler boast higher income levels than anywhere else in California or New York State at $85,000.
Arizona is one of only two states with low personal state income tax and boasts some of the lowest property taxes in the country of about $300 per year.
With its year-round warm weather, about nine months of warm weather, many people choose to live in condos or town homes that can be easily adapted to accommodate more people. Additionally, apartments are typically more affordable than houses, and these real estate types can be found throughout the state.
Arizona has about 4083 listed properties estimated to grow by 14% by the end of 2021. The development rate in Arizona is growing fast to accommodate the increasing number of interested buyers with reference from this source;.
The mortgage rate for Arizona real estate is said to stay grounded at around $500 for every $100,000. That’s an excellent rate to look into if you are in the market for a home or commercial property.
Sales of properties in Arizona are up by 5.6% month-over-month, while the year-over-year comparison increased by +17.8%. In Arizona, a total of 3400 properties were sold between January and September 2021. This is about a 13% increase from 2020 with reference from; https://tripnet.org/wp-content/uploads/2020/03/Arizona_Transportation_by_the_Numbers_TRIP_Report_March_2020.pdf, which was an all-time high in sales for Arizona real estate market.
Homes in the market list sell quickly, with an average of 28 days on the market. The state also boasts one of the highest income levels per capita at $40,8634, which means more money is spent on housing, rentals, or buying new homes.
Arizona has quality schools around the state with an average graduation rate of around 86%, making it an excellent place for families to consider relocating with reference from;.
Arizona healthcare is also ranked among the best in America, with an average of $13,400 spent per capita. This makes it one of the most affordable states to relocate or retire to (https://libguides.library.arizona.edu/c.php?g=122870&p=802878).
Arizona’s economic growth is expected to rise by +0.97% this year, and real estate experts project that prices will be stable for single-family homes at around -0.0% change. This is all because demand has been increasing at a rate of +1.07% https://chamberbusinessnews.com/2021/03/02/analysis-fundamentals-of-arizonas-economic-growth/.
Transport in Arizona is also good, with a road network of about 284,093.7 miles and a rail network of about 30,679.0 miles. These numbers are expected to rise by the end of 2021, with an estimated cost of $544 million for the construction of new roads in Arizona. With this being said, commute times can also increase, which is why many people choose to live closer to work or near public transport such as light rails and buses, source.
The state also boasts a strong mining industry, and this is said to be one of the main contributors to its economy, with an average value-added per capita. This value estimates the net effects that a particular industry has on a state’s economy, and it also takes into account wages, profits and taxes. Other sources of revenue include education which accounts for about $12 billion in annual spending or 31%, while healthcare spending makes up around 19%.
Arizona real estate statistics show that the Arizona real estate market is expected to grow, which will positively affect the economy.