The price of homes has doubled across the U.S. and Arizona is no exception. In fact, according to a study by Point2 Homes in April 2024, seven Arizona cities ranked among the top 25 cities in the country with the fastest home price increases. This means that 28% of the cities where home prices doubled the quickest are located within the Grand Canyon State. Read on to discover which Arizona cities saw the fastest doubling of home prices.
1. Scottsdale
Living in the hub of green golf courses, luxurious resorts and upscale shopping comes at a price. To no surprise, the city of Scottsdale’s home rate doubled the quickest. It took Scottsdale only 6.2 years to double in price. This rapid surge marks Scottsdale as the 6th quickest doubling among the 100 largest U.S. cities. At the end of 2017, Scottsdale homes averaged $416,000. Home prices now average closer to $836,000.
2. Phoenix & Gilbert
Phoenix is not only the largest city in Arizona with a population of over 1.6 million, but it also ranks second when it comes to Arizona homes doubling in price. In addition to home prices rapidly surging, Phoenix is also facing a publicized housing shortage, bolstered by its strong economy and rapidly growing population. The city of Gilbert ties with Phoenix for second place as both cities’ homes doubled in price in just 6.8 years.
3. Mesa
Consistent with the other cities, the median home price in Mesa has soared with the increase in housing demand. It took only 6.9 years for Mesa homes to double in price.
4. Chandler
Whether you’re shopping at the Chandler Fashion Center or visiting the Arizona Railway Museum, Chandler has a lot to offer homeowners. That being said, Chandler’s home prices have rapidly increased, leaving it in fourth place. In just seven years, Chandler’s homes have doubled. Not only have houses doubled, but Chandler’s homes have increased to the half-million mark.
5. Tucson
Located in the heart of the Sonoran Desert surrounded by Saguaro cacti, Tucson ranks as the fifth-fastest for doubling home prices in Arizona. Following quickly after Chandler, it took Tucson only 7.1 years to double in price.
6. Glendale
According to the study, Glendale is the last of Arizona cities to rank on the top 25 list. According to the City of Glendale, Glendale welcomed over 21,000 new residents since 2010, with 64% of that growth coming since 2015. It took Glendale 7.2 years to double in price.
