Home appreciation drives significant wealth gains in Phoenix

by Emily Marek

Homeowners in Phoenix have seen huge increases in home values over the past five years, leading to metro-wide gains in wealth.

The latest report from commercial real estate website MyEListing shows that the Phoenix-Mesa-Scottsdale metropolitan area has seen the second-highest wealth gains of any metro area in the country. Using data from the National Association of REALTORS®, the company determined that the median home price in 2022 was $474,500 — up $256,600 from 2017. That’s a 117.8% increase in housing wealth and a 99.5% home appreciation change. Phoenix also has a five-year annualized growth rate of 14%, meaning that over the past five years housing wealth grew by an average of 14% each year.

The only metro area with larger wealth gains was Boise City-Nampa, Idado, which has seen a home appreciation rate of 136.6% from 2017 to 2022. Also on MyEListing’s list are Salt Lake City; Ocala, Florida; Spokane, Washington; Las Vegas; Atlanta; Austin, Texas; and Lakeland-Winter Haven, Florida.

Nationally, five-year housing wealth gains amounted to $155,400 (a 73.1% increase). That means housing wealth and home costs are rising faster in Phoenix than they are at the national level, indicating that residential real estate is still a smart investment in the Valley of the Sun.

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