By Mike Bodeen · 22 December 2025
Historic Highs and Lows
For over 25 years in the Phoenix Metro residential real estate market there have been highs and lows, peaks and valleys, but the largest gain and biggest drop in a shorter span of time occurred between June of 2004 and May of 2006 where the sales Price Per Square Foot (PSF) went from $122 PSF to $190 – a 55% increase in just two years. That ($190 PSF) was the highest price ever recorded. (See Chart)
But gravity is as gravity does. That record high was followed by a PSF swoon to $79 in August of 2011 – a seismic drop of 58%. That was the historic low recorded during the last 25 years.
Then began the longest Phoenix Metro continuous value rise that did not stop until May of 2022 when it reached $306 PSF – a 287% price increase in 11 years.
Values have risen and fallen since then but reached a Phoenix Metro PSF record of $317 this past January 2025. Though prices dropped over the past year, they have recently rebounded and are within a dollar of the all time PSF record.
Notable Price Per Square Foot (PSF) history in Phoenix Metro (See Chart)
$96 in January of 2000 – the beginning of modern record tracking by Cromford Report
$190 in May of $2006 – a 6 year continuous value increase ends at a then record high
$83 in March of 2009 – a continuous drop since the May of 2006 high record
$79 the market hits the historic low PSF ever recorded in August 2011
$306 in May of 2022 ends a record continuous value climb lasting almost 11 years
$180 – $306 Sharpest PSF spike over short term – a 69% increase in two years
$317 Current modern era high record as of January 2025
$316 Current PSF as of December 2025
What’s so amazing about our current near PSF record, is that while most of the country, including Phoenix, remain mired in a sales slump, high interest rates and home prices have remained elevated and have continued to increase.
Just consider if 5% mortgage rates were to return, we’d be having a very different Market Snapshot discussion.
Market data referenced in this article comes from The Cromford Report.