The median home sale price in the Arizona Regional Multiple Listing Service reached a record $487,500 in March. 

The median single-family home price was flat at $350,000 in both October and November 2020. Since then, the number has increased every month but one, rising more than 39% over 16 months. 

The only blip on that steady rise was in August 2021, when the median dropped to $429,900 compared to $430,000 the previous month.

A number of factors have contributed to the real estate boom in Arizona and across the country. Since the pandemic hit in spring 2020, more people have looked to leave large urban centers for suburban communities with more space. That increase in demand for single-family homes, coupled with dwindling inventory, plus a rising interest in vacation homes in Arizona in particular, have created a strong seller’s market.

Rising interest rates in recent months led many to predict demand will slow and the market will adjust, but so far the numbers are not reflecting much change from the housing frenzy in Arizona.

Median Arizona Regional MLS single-family home price by month:

November 2020 — $350,000

December — $355,000

January 2021 — $364,000

February — $375,000

March — $385,000

April — $400,000

May — $415,000

June — $425,000

July — $430,000

August — $429,900

September — $435,000

October — $440,000

November — $450,000

December — $452,000

January 2022 — $464,710

February — $475,000

March — $487,500