Phoenix home prices (US$/m²): returns since 2012
Phoenix home prices, measured as the typical value per square meter (data: Redfin). This is the value of the property itself — bricks and mortar — not an investor's total return.
It excludes rent received and all costs (closing, property taxes, maintenance, vacancy). Compare it against U.S. inflation (CPI) and the S&P 500 below to see whether Phoenix real estate kept up.
Phoenix anchors the Sun Belt desert metro of Maricopa County, one of the fastest-growing areas in the country, drawing retirees, manufacturing and a recent wave of semiconductor investment. Its housing market has a well-documented boom-bust record: it fell among the hardest in the 2008 crash, recovered slowly, then surged again after 2020 as remote workers and California buyers arrived, before cooling as rates rose. Land is comparatively plentiful and construction has historically been quick to respond, which has kept the metro in the mid affordability tier even after repeated run-ups, well below the coastal peaks.
Cumulative return by window (in U.S. dollars)
| Window | Cumulative |
|---|---|
| 1 year | -0% |
| 5 years | 18% |
| 10 years | 109% |
Largest historical drop: -15% · annual volatility: 7% . Typical home price per m² (Redfin). Excludes rent received, closing costs, property taxes, maintenance and vacancy — the value of the property itself, not the investor's total return.
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.