The price of homes in Phoenix has shot up sharply in the past year, making it one of the hottest markets for buyers in the country.
And the surge in interest in Phoenix is not just limited to the city’s downtown area, where sales of homes increased by over 25% last year, according to data compiled by real estate site Zillow.
The average price of a home in the city hit a new all-time high of $1.35 million in March, according in a Zillows report released Monday.
The city is also one of just a handful of metro areas where home values increased at a rate of over 5% during the first quarter of this year, as reported by the Zillowers.
Phoenix is also among a number of cities that experienced record highs in home values in 2016.
Home prices rose by an average of 10.2% in March.
The home prices rose in the Phoenix metropolitan area from a year ago.
The region saw a whopping 14% increase in median home values over the past 12 months, the report found.
ZillOW’s analysis also showed that home prices in the suburbs were the fastest-rising region.
The median home price in the region rose by over 30% between 2016 and 2017.
According to the study, median home prices have more than doubled in Phoenix over the last 10 years.
The study also noted that Phoenix is the fourth-largest metropolitan area in the United States, with a population of nearly 4.7 million.
Phoenix has experienced record-high home prices, with prices averaging $1,937,300 in March alone.
In 2017, Phoenix saw a 20.5% increase over the median value of homes listed for sale, according the study.
“Phoenix is a unique and dynamic market that is attracting record-breaking home prices for some of the fastest growing cities in the nation,” Zillower CEO Michael Naud said in a statement.
“It is a good time to buy.
Home values are surging, with demand outpacing supply and a record-setting median price for a single-family home.”
The Zillowing data is the latest to show Phoenix is experiencing a boom in home prices.
In the last five years, home values have risen by an estimated $9 billion in the Greater Phoenix area alone, according Zillowed.
In that same period, Phoenix’s median home value increased by an additional $4.7 billion, according data from Zillowitz.
In February, the city recorded the biggest single-day increase in its home price index since January 2019.
Home sales in Phoenix are currently at their highest point since 2013.
ZILLOW’s home price report comes as a number other cities are reporting record home values.
In New York City, home prices hit an all-year high in March and a year earlier, according property data company Zillovision.
In July, Phoenix was also one the top three cities for home prices per square foot in the state of Arizona, according home-buying website Trulia.
In January, Phoenix recorded the largest home-price increase in history, according a report from the National Association of Realtors.
The National Association for Homebuilders also said Phoenix has been the most expensive city in the U.S. to buy a home since 2007.
Home price increases in the cities of San Diego and Phoenix have been more pronounced, with home prices up almost 20% in the last two years.