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AZ Housing Market Sees Fast Home Sales Despite Higher Rates

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Despite rising interest rates, some Arizona ZIP codes are defying national trends and experiencing fast home sales. Maricopa County, home to Greater Phoenix, remains a focal point for brisk home buying activity. Certain areas in the East Valley are leading the charge, with homes flying off the market quicker than the national average.

Hot Spots In Maricopa County

In the second quarter, three East Valley ZIP codes in Maricopa County topped the list for fastest home sales: Tempe’s 85284, Chandler’s 85224, and Mesa’s 85203. These areas have seen houses sell in just 55 to 57 days, which is significantly faster than the national average.

  • Tempe (85284): 55 days
  • Chandler (85224): 56 days
  • Mesa (85203): 57 days

This quick turnover reflects Arizona's ongoing appeal, despite the upward pressure on interest rates. Arizona's housing market is keeping pace with some of the hottest tech hubs in the U.S.

Also Read: Arizona’s Hottest & Fastest Growing Real Estate Markets In 2024

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Arizona VS. National Trends

Nationally, homes spent an average of 81 days on the market in the second quarter. Arizona ZIP codes outperformed this by a considerable margin, with a statewide average of 60 days for its fastest-selling areas. Interestingly, the ZIP codes that move the quickest were found in tech-heavy areas like Seattle and San Francisco, but Arizona’s strong growth is keeping it in the mix.

  • National average: 81 days
  • Arizona's fastest-selling average: 60 days
  • Top U.S. ZIP codes: 30 days

With the demand for homes staying high in Arizona, sellers are seeing their properties spend fewer days on the market, especially in Maricopa County and Pima County.

Also Read: NAR’s 2024 International Buyer Data And Its Impact On Arizona

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Rising Home Prices In Arizona

Home prices in Arizona have surged in recent years, and the trend shows no sign of slowing. Since 2019, average home sale prices have shot up by 53%. This is even more dramatic considering the pandemic’s impact on housing markets nationwide. The second quarter of 2023 saw an average sale price of $683,563 — a nearly 6% jump from the previous quarter.

Here’s a breakdown of the average home prices in some of Arizona’s fastest-selling ZIP codes:

  • Tempe (85284): $696,079 (up 6.6%)
  • Chandler (85224): $488,288 (up 3.3%)
  • Mesa (85203): $468,798 (up 1.5%)

While these ZIP codes saw modest price increases in Q2, the market's long-term growth is looking strong.

High-End Markets Slower To Sell

Even in Arizona's pricier areas, the housing market remains competitive. But homes priced at $3 million or more take longer to sell. The national average for these luxury properties was 74 days, while in Arizona, homes in the same price range spent about 129 days on the market. As home prices climb, it’s clear that the Arizona real estate market is still strong, even with higher interest rates. With homes selling at a decent pace and appreciation still being seen, the state remains a magnet for buyers.

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