Housing Data Explorer

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  • Housing Update
  • Sales
  • Apartment Rent
  • Evictions
  • Cost-Burdened Households
  • Distressed Properties

Housing Update

June 2023

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MAG has compiled a variety of data sources and analysis on the topic of housing and affordability in the Phoenix-Mesa-Chandler Metropolitan Statistical Area (Phoenix MSA) region.

Below are the highlights from the latest housing update as of June 2023. This analysis will be updated as new data becomes available.

Construction and Developments

Chart showing the Residential homes built in Maricopa County

The housing industry changed after the 2008 recession. This chart shows the total number of residential units that were built in Maricopa County each year since 2000. In the early 2000s, an average of around 40,000 per year were built, with a peak of 48,000 in 2005. After the recession, the number units built dropped to 6,600 in 2011 and has been increasing since then, reaching just over 31,000 units in 2022. From 2000-2010, there were 389,400 units built. The total number of units built dropped by about 35% in the past 12 years from 2011-2022, with only 254,300 units built.

Chart showing the Residential apartments built in Maricopa County

This chart focuses on the number of apartment units built per year. There is a similar pattern to overall units built (above), but still slightly different for apartments. After a low of 230 units in 2011, the number of apartment completions increased and recovered to about 7,000 each year since 2015. The amount of apartments being built in the past two decades stayed fairly constant, 63,100 from 2000 to 2010, and 60,800 from 2011-2021. In 2022, there was a significant increase to 10,150 apartment completions. With the reduction in total completions over the last decade, the share of apartment units built has increased by 10 percentage points since 2000.

Chart showing the vacancy rate for Maricopa County

Residential Sales

Median sale price in the Phoenix MSA

The housing market has changed from its high points over the summer of 2022. Total inventory listed for sale is 20% lower than a year ago, while the average number of days on market has more than doubled from 30 to 66 days.

Total inventory listed for sale is 20% lower than a year ago

23% of sales across the region were paid for in cash in June 2023. Over the past 5 years, an average of approximately 25% of sales were cash. These cash sales put upward pressure on housing prices.

23% of sales across the region were paid for in cash in June 2023

26% of the housing stock in the region is either seasonal- or investor-owned.

Phoenix MSA sales transactions under $300k have decreased by 72 percentage points since 2011

Apartment Rent

In the Phoenix MSA, availability of apartment units with rent under $1,000 has decreased significantly since 2010

Newer apartments (post-2018) are charging 15% higher rent

Since 2019, apartment rent has gone up 38%  in the Phoenix MSA

Evictions and Cost Burden

Cost-burdened households are households paying 30% or more of their household income on housing costs map

Multi-family renter households have the highest percent cost-burdened

Looking at workforce and affordability, some occupations are more likely to be cost-burdened. While the region's economy is growing and attracting businesses, the region still needs to grow service sector jobs to support the region, such as Food Preparation, Building and Grounds Maintenance, Healthcare Support, and Personal Care and Service. In households that are anchored by these support occupations the annual median income is between $42,000 to $51,000. The maximum monthly rent or mortgage payment these households could afford without being cost-burdened, is $1,060 to $1,276. Analysis shows that 43-50% of these households are cost-burdened.

Source: U.S. Census Bureau, American Community Survey Public Use Micro Sample (5-year PUMS)

Census Household Pulse Survey data shows that of renter households with income less than $50,000 in the Phoenix MSA, 68% had a rent increase, and 15% are behind on rent.

Source: U.S. Census Bureau, Household Pulse Survey, Week 59: June 28 - July 10, 2023

Maricopa County eviction filings reached a peak in August 2022

Maricopa County eviction filings reached a peak in August 2022 before dropping again by the end of the year/ Pre-pandemic, monthly evictions filings were around 5,000 (seen in gray on the chart above). The blue bars show how evictions were affected by the pandemic and eviction moratoriums in place at the time. The major dip was in April/May of 2020, but evictions started to increase again shortly thereafter and continued to increase, reaching a peak of 6,500 in August 2022, before decreasing again to 4,300 in December 2022. 79% of evictions are in lower income areas (see map below).

72% of evictions are in lower income areas
Regional Analytics Division has a variety of additional data, maps, and tools available

Explore More Data

The Regional Analytics Division has a variety of additional data, maps, and tools available at the following links:

RAD
RAD data
RADigest
RAD maps

Contact us with any questions or feedback at [email protected].

Median Sales Price in   

 
 

Number of Overall Sales Transactions

Source: The Information Market

Price Trends in  

 

Source: The Information Market 

Median Sales Price Comparison

Click on column headers to sort table by selected field.

 

Source: The Information Market

Notes:
- This analysis uses medians ("middle" value in the data) rather than calculating averages
- Data is shown where available, some geographies are excluded due to insufficient or missing data
- Analysis of Apache Junction and Queen Creek includes Pinal County portions, Wickenburg includes Yavapai County portion
- A three-month average was used for the following jurisdictions due to low number of sales transactions: Carefree, Cave Creek, Fountain Hills, Litchfield Park, Paradise Valley, Tolleson, Wickenburg, and Youngtown

Median Rent in   

 

Source: RealData, Inc (50+ unit complexes only)
Note: Dashed line represents the overall median rent for selected geography

Apartment Rent Trends in  

 

Source: RealData, Inc (50+ unit complexes only)

Median Rent Comparison

Click on column headers to sort table by selected field.

 

Source: RealData, Inc (50+ unit complexes only)

Notes:
- This analysis uses medians ("middle" value in the data) rather than calculating averages
- Data is shown where available, some geographies are excluded due to insufficient or missing data
- Apache Junction and Queen Creek include Pinal County portion

Monthly Eviction Filings in   

 

 

Source: Maricopa County Justice Courts*
Note: On this chart, gray represents pre-COVID numbers

 

Click on column headers to sort table by selected field.

 

Source: Maricopa County Justice Courts*

*Note:The analysis on this tab only uses eviction filings with a valid address/location within Maricopa County; it excludes eviction filings with an unknown location and also excludes sealed eviction filings

Cost-Burdened Households 

 

 

Distressed Properties in Maricopa County

 

Note: This tab cannot be filtered by geography and the chart will only show the total for Maricopa County.

 

Source: The Information Market

Notes:
- Foreclosure data not available for the Indian Communities; the Maricopa County portion of Apache Junction is also not included
- "Foreclosures" comprise all residential properties that have already been foreclosed and have not yet been purchased
- "Pending Foreclosures" are all residential properties that have received a letter stating the property will be foreclosed upon but has not yet been foreclosed
- “Distressed Properties" sum both "Foreclosures" and "Pending Foreclosures"