By Mike Bodeen · 13 November 2023
If you’re new to the Valley of the Sun or are contemplating a move here, or perhaps know of someone who is, you or they may be wondering where the best place to live is? After all, Maricopa County is HUGE. And of course, most folks have a budget of what they can or want to afford.
This week, you might be surprised to learn a few things about affordability in Maricopa County.
First of all, if we look at the sales numbers in the Arizona Regional Multiple Listing Service (ARMLS), which does not have all the sales, but nearly all of them, we’re dealing with pretty accurate numbers representation and probably includes 95% of all sales including single family detached, condos/townhomes and mobile homes.
Interestingly, the current monthly average sales price per square foot (PSF), is at the record high of $319. This is the highest price PSF ever recorded in the County, except for 18 months ago in May of 2022, where the PSF was exactly the same: $319.
Following that May PSF, pricing plummeted down to $282 (rounded) in December of 2022 but began to rise again starting in January of 2023. (See chart below)
You may ask, Mike, why do you use the PSF instead of the monthly average sales price? Fair question. If I were to use the average sales price, that number would be $635,000 based on the average sized home sale in Maricopa County, which is just under 2,000 Sq Ft.
Now, here’s where the saying is true: All real estate is local!
So, let’s answer the opening question about where the best place to live is. If you equate price with desirability, which is not necessarily the case, here’s our top 5 in Maricopa County. These five are referred to as the Northeast Valley:
Paradise Valley: $789 PSF
Scottsdale: $514 PSF
Cave Creek: $442
Carefree: $408
Fountain Hills: $400
So, reiterating, all of Maricopa County averages $319 PSF. If you were to take Paradise Valley and Scottsdale out of the mix, the monthly average sales price PSF in the county would adjust to: $270.
So if you looked for a home outside of Scottsdale and Paradise Valley, you would find the average sales price of a home at $540,000 (2000 SqFt x $270 PSF), which is almost $100K less.
How many cities/communities are under $270 PSF? Most of them!
Other cities Monthly average sales price PSF ranking include:
Phoenix: $308
Gilbert: $289
Chandler: $284
Anthem: $265
Mesa: $256
Peoria: $247
Queen Creek: $244
Goodyear: $239
Glendale: $237
El Mirage: $228
Buckeye: $226
Apache Junction: $223
Avondale: $221
Sun City and Sun City West: $218
Maricopa: $186
In every city mentioned here, and others, you’ll find many happy homeowners, whether it’s a mansion in Paradise Valley, or a manufactured home in Apache Junction, which tells me that happiness is not based on the dollar sign or the location. Thank God!