PHOENIX — Home prices have been on a roller coaster ride for two years now.
Pandemic era, near-zero interest rates caused home prices to skyrocket. When rates began rising, prices fell but are beginning to rise again.
According to data from Realtor.com, the median listing price for homes in the Phoenix metro area in May is $518,000, up 7% from six months ago.
The Phoenix metro ranks 122 out of 927 metros tracked by Realtor.com and ranked 12th of the largest 25.
Because the Phoenix metro is the 11th largest housing market in the country the median listing price is less useful to understand home prices throughout the Valley.
To look further, ABC15 analyzed the data city by city and the results were surprising.
Youngtown and Apache Junction, both exurban regions with more modest home prices, are seeing large jumps in the median price since October.
They are joined by the more expensive real estate markets in Fountain Hills, Paradise Valley, and Scottsdale.
A similar pattern exists for cities with the deepest six-month median price declines.
The median listing price in Carefree is over $1 million but is down 24%. Both Sun City and Sun City West, large Valley retirement communities, have lower prices than six months ago.
Breaking the Phoenix data down further by zip code, Arcadia’s 85018 saw explosive growth in prices in May.
The median listing in this zip code jumped 70% from October to $1.7 million.
Home prices are also rising in zip codes in the neighborhoods of Sunnyslope, Central, Desert View, and Sky Harbor.
The zip codes with the largest price declines in six months do not represent one region or pricing category.
The downtown zip code, 85003, has the steepest drop with median listing prices down 21%. A zip code in Desert View is also on the list and down 14%.
Zip codes in Ahwatukee, Maryvale, and Paradise Valley round out the top five.
Check below to see what median home prices in your zip code look like:
