PHOENIX — Phoenix's home values grew by 30% over the last year, making it one of the fastest-growing markets for home prices in the country, according to housing data analyzed by Zillow.
A report released Thursday by the real estate company shows Phoenix's home value index grew from $332,211 in January 2021 to $434,184 in January 2022.
The news isn't much of a surprise considering how competitive the housing market in Arizona has become over the last couple of years.
A lack of supply and heightened demand has created a market in the Valley that's become more challenging for buyers.
Phoenix's inventory of houses available for sale on the market decreased by 7% over the last year.
Zillow's report shows Phoenix's rent index growing by 25% over the last year, making the city one of the top metropolitan areas for rent appreciation. Out of all the cities examined by Zillow, only Miami and Tampa beat Phoenix in rent growth.
The Zillow report estimates that the typical U.S. home will be worth more than $380,000 by the end of January 2023.
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