- Phoenix was a pandemic boomtown, but home prices there are falling, according to a Realtor report.
- As of August 2023, the median home price in Phoenix was $537,900, down 1.2% compared to last year.
- But there are homes much cheaper than that, of course. We took a look through listings to find five.
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Real estate prices in certain cities went through the roof in the wake of the pandemic. But now some of these pandemic boomtowns are seeing home prices fall: Phoenix is one.
The median home price in the Phoenix metropolitan area was $537,900 in August, according to the report from Realtor.com — down 1.2% from the same month in 2022. It's one of 10 areas where home prices are falling the most, the report said.
Although the decline was modest from 2022, it's a concerning echo from the Phoenix market's real-estate crash in the wake of the 2008 financial crisis. Some people are bracing for sharper drops.
But for now, it's also a good opportunity for people looking to move to potentially scoop up a home as prices fall. Yes, Phoenix is hot, concerns about wildfires and droughts aren't stopping Americans from moving into the Sunbelt.
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We combed through real estate listings to find five of the lowest-priced homes right now in the Phoenix area. We screened out raw land, mobile homes, and houses that were massive fixer-uppers. Here's an idea of what you can get in the Phoenix area as of October.
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