Despite Blistering Heat, Phoenix Housing Market Jumps 60% To $681 Billion
In a sign that months of 100 degrees F plus temperature days have little effect on home demand or prices, the value of all owner-occupied homes in Phoenix rose 60.1% from 2019 to 2022. That put the Arizona city’s total market value of owner-occupied homes at $681 billion. According to a new survey, the median value of a Phoenix home at the end of 2022 was $454,400.
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Nationwide, home values reached $36.6 trillion at the end of 2022. Among these, owner-occupied homes in the top 50 metros were valued at $23.48 trillion.
Phoenix is among the cities most at risk of brutal heat damage to humans and property weather. Last year, there were 54 days during which the heat topped 110 degrees F. Drought and lack of water have started to limit construction. And the situation worsens most days. According to News12 report on September 21 last year, “Arizona returns to extreme drought conditions as we brace to wrap up the driest monsoon ever recorded.”
Long Term Home Value
The value of homes in Phoenix has risen faster than the national figure in 2000. Case Shiller took the top 20 US housing markets in January 2000 and gave each one an index of 100. As of October, the national index was 312.95. Phoenix’s figure was 326.03.
Phoenix’s population has surged this century, according to the Census. It was 1,321,045 in 2000 and 1,644,409 in 2022. Phoenix is the 10th largest MSA in America, with a population of 5,015,678.
