Arizona Real Estate Market: Buying, Selling, and Owning Property

In the desert oasis of Arizona, the real estate market offers a wide variety of choices for homebuyers, sellers, and property owners. Arizona offers something for everyone. If you enjoy urban life, Phoenix captivates people with its metropolitan charm. Meanwhile, if you are seeking tranquility, you may find solace in Tucson’s serene desert landscapes. Or maybe, the resort lifestyle invigorates you? Then head on to Scottsdale for a place to stay. Below is a guide for buying, selling, and owning a property in Arizona. 

Buying Real Estate Property in Arizona

Homebuying is a significant milestone in one’s life, so it’s important to consider these factors before making that big decision:

Arizona Real Estate Market Trends

You must first understand the current real estate market trends in Arizona. According to recent data from the Arizona Regional Multiple Listing Service (ARMLS), the state has experienced steady growth in home prices. It is driven by factors such as population growth, job opportunities, and a robust economy. For example, in Maricopa County, which encompasses Phoenix and its surrounding areas, the median home price increased by 11% year-over-year, reaching $350,000 in 2023.

Financing Options

When it comes to home financing, Arizona offers a variety of options tailored to meet your needs. For instance, if you’re a first-time homebuyer, you may qualify for down payment assistance programs administered by the Arizona Department of Housing (ADOH). In addition, veterans and active-duty military personnel can benefit from VA loans. These offer competitive interest rates and flexible eligibility criteria. Suppose you’re considering purchasing a rural property in Arizona. In that case, you may be eligible for a USDA loan, which provides financing for homes located in designated rural areas.


When buying a property, location is important since it affects things like commute hours, school districts, and lifestyle preferences. Let’s take a look at an example: Suppose you’re drawn to the vibrant culture and bustling nightlife of downtown Phoenix. In that case, you may consider exploring neighborhoods like Roosevelt Row or Historic Grand Avenue. Such areas are known for their eclectic mix of art galleries, restaurants, and entertainment venues. On the other hand, if you’re seeking a more suburban setting with access to top-rated schools and family-friendly amenities, communities such as Chandler or Gilbert may be worth exploring.

Home Inspection

Before closing on a property, buyers usually hire a home inspector to assess its condition. This inspection can uncover any issues that may affect the property’s value or safety. A qualified home inspector can assess the property’s condition, including its structural integrity, electrical systems, plumbing, and HVAC systems. For example, during a recent home inspection, it was discovered that the property’s roof required extensive repairs due to water damage caused by monsoon storms. As a result, the buyers were able to negotiate with the seller to cover the cost of repairs before closing on the property.

Legal Considerations

Arizona has specific laws and regulations governing real estate transactions. So you must understand these legal considerations to protect your interests as a homebuyer. For example, Arizona is a “buyer beware” state. This means that buyers are responsible for conducting their due diligence and investigating the condition of the property before purchasing it. Moreover, the law requires sellers to disclose any known material defects or issues with the property to prospective buyers 

Selling in Arizona Real Estate Market

To get the most return on your investment while selling your property in Arizona, you must approach the process intelligently. Here are some key steps involved in selling property in the Grand Canyon State:

Market Analysis

Before listing your property, conduct a comprehensive market analysis to determine its fair market value. An experienced real estate agent can provide valuable insights into recent sales trends, comparable properties in your area, and pricing strategies to attract potential buyers. For example, in a recent market analysis conducted for a home in the Ahwatukee Foothills neighborhood of Phoenix, it was determined that similar properties in the area were selling for an average price of $450,000 to $500,000. Based on this data, the seller was able to set an appropriate listing price for their home.

Property Preparation

To make your property stand out in a competitive market, you need to invest in staging and making necessary repairs or upgrades. According to the National Association of Realtors (NAR), staged homes typically sell faster and for a higher price than non-staged homes. For example, a recent study conducted by the NAR found that staged homes sold for an average of 17% more than non-staged homes. In preparation for listing their home for sale, a seller would invest in professional staging services to showcase the property’s unique features and create an inviting atmosphere for potential buyers.

Marketing Strategy

A comprehensive marketing strategy can reach potential buyers and generate interest in your property. In addition to traditional marketing methods such as online listings and open houses, consider leveraging digital marketing channels to expand your reach. Try currently popular social media platforms like Facebook, Instagram, and LinkedIn. These can be powerful tools for promoting your property to a targeted audience of prospective buyers. For example, in a recent successful home sale in Tucson, the seller collaborated with their real estate agent to create a targeted Facebook ad campaign. It highlighted the property’s stunning mountain views and luxurious amenities, which resulted in multiple offers within days of listing the home for sale.


When it comes to negotiating offers on your property, working closely with your real estate agent will help you achieve the best possible outcome. Your agent can help you evaluate offers, negotiate terms, and navigate the complexities of the sales process. For example, in a recent negotiation for a property in Mesa, the seller received multiple offers from interested buyers. After carefully reviewing each offer with their agent, the seller decided to accept an offer that exceeded their asking price. It also included favorable terms, such as a quick closing timeline and minimal contingencies.

Closing Process

Once you’ve accepted an offer on your property, the closing process finalizes the sale and transfers ownership to the buyer. Your real estate agent and closing agent will guide you through this process. He/she will ensure that all necessary documents are completed and that the transaction proceeds smoothly. For example, in a recent home sale in Flagstaff, the closing process was completed electronically. This allowed the seller and buyer to sign documents remotely from their respective locations. The streamlined approach helped expedite the closing process and minimize delays.


Owning a Real Estate Property in Arizona

Whether you’re a first-time homeowner or an experienced investor, owning a property comes with certain responsibilities and considerations. Here are some key factors to keep in mind:

Property Taxes

As a property owner in Arizona, you’re responsible for paying property taxes based on the assessed value of your property. The amount of property tax you owe will vary depending on factors such as the property’s location, size, and use. It’s essential to stay informed about changes to property tax rates and deadlines to ensure timely payment and avoid penalties. For example, in Maricopa County, property taxes are due in two installments, with the first half due on October 1st and the second half due on March 1st of each year.

Homeowners Insurance

This protects your investment from unforeseen events such as fire, theft, or natural disasters. When selecting a homeowners insurance policy, be sure to consider factors such as coverage limits, deductibles, and additional endorsements for specific risks (like flood insurance).

Maintenance and Repairs

Regular maintenance preserves the value and longevity of your property. Address any maintenance issues or repairs as they arise, whether it’s lawn care and HVAC servicing, or major repairs such as roofing and plumbing upgrades. 

HOA Regulations

If your property is part of a homeowner association (HOA), you must comply with the association’s rules, regulations, and fees. HOAs typically enforce guidelines related to property maintenance, architectural standards, and community amenities. Failure to comply with these rules can result in penalties. For example, a homeowner was fined for installing a satellite dish on their property without obtaining prior approval from the HOA’s architectural committee. After consulting with an attorney, the homeowner was able to resolve the dispute and bring their property into compliance with the HOA’s guidelines.

Real Estate Investment in Arizona

Arizona offers numerous opportunities for real estate investment, whether you’re looking for rental properties, vacation homes, or commercial real estate. However, before investing in real estate, thorough research  will help you identify profitable opportunities and mitigate risks. Consider factors such as location, market trends, rental demand, and potential return on investment when evaluating investment properties. 


Buying, selling, or owning real estate in Arizona can be a rewarding experience. By understanding the unique dynamics of the market, staying informed about legal and financial considerations, and working with experienced professionals, you can make informed decisions and achieve your real estate goals.