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Home appreciation in Arizona
Arizona's FHFA HPI® all-transactions index changed +0.9% over the year to Q2 2026, versus +3.0% nationally, ranking 48th of 51 states and D.C. Below, compare its 11 3-digit ZIP regions and 7 metro areas.
- 1-year change
- +0.9%
- 5-year change
- +36.3%
- Since Q1 1995
- +372%
- State rank (1 year)
- 48th
U.S. +3.0%
38th of 51
U.S. +292%
of 51 states and D.C.
Arizona vs the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Arizona: 471.5
- United States: 391.6
Arizona appreciation by time window
| Window | AZ | U.S. | Gap vs U.S. |
|---|---|---|---|
| 1 year | +0.9% | +3.0% | −2.1 pts |
| 3 years | +8.2% | +12.9% | −4.6 pts |
| 5 years | +36.3% | +41.3% | −5.0 pts |
| 10 years | +116% | +93.3% | +22.8 pts |
| Since Q1 1995 | +372% | +292% | +80.0 pts |
3-digit ZIP regions in Arizona
Fastest-appreciating ZIP codes in Arizona →Sorted by one-year change. 0 of 11 regions beat the national one-year change of +3.0%. Place labels name the largest community in each region.
| # | 3-digit ZIP region | 1 year | 5 years | 10 years | Since Q1 1995 |
|---|---|---|---|---|---|
| 1 | 860 · Flagstaff, AZ area | +2.8% | +47.5% | +119% | +393% |
| 2 | 855 · Payson, AZ area | +2.0% | +46.0% | +124% | +331% |
| 3 | 859 · Show Low, AZ area | +2.0% | +46.0% | +124% | +331% |
| 4 | 853 · Glendale, AZ area | +1.7% | +35.8% | +115% | +331% |
| 5 | 857 · Tucson, AZ area | +1.6% | +39.0% | +110% | +279% |
| 6 | 852 · Mesa, AZ area | +0.8% | +36.1% | +115% | +418% |
| 7 | 851 · Casa Grande, AZ area | +0.6% | +37.3% | +133% | +369% |
| 8 | 850 · Phoenix, AZ area | +0.5% | +35.6% | +122% | +469% |
| 9 | 856 · Sierra Vista, AZ area | +0.1% | +40.6% | +101% | +227% |
| 10 | 864 · Lake Havasu City, AZ area | -0.0% | +26.9% | +112% | +307% |
| 11 | 863 · Prescott, AZ area | -1.3% | +34.9% | +113% | +340% |
Metro areas in Arizona
| Metro area | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|
| Flagstaff, AZ | +2.9% | +46.7% | +394% |
| Tucson, AZ | +1.9% | +39.5% | +277% |
| Phoenix-Mesa-Chandler, AZ | +0.8% | +35.8% | +417% |
| Yuma, AZ | -0.0% | +40.8% | +237% |
| Lake Havasu City-Kingman, AZ | -0.1% | +27.0% | +307% |
| Prescott Valley-Prescott, AZ | -0.7% | +34.5% | +338% |
| Sierra Vista-Douglas, AZ | -0.8% | +39.4% | +223% |
Boom, bust, and recovery in Arizona
Arizona's index peaked in Q4 2006, fell 46.0% to its low in Q2 2011, and regained its peak in Q3 2019, about 12.8 years after the top. Today it sits +72.5% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| AZ | Q4 2006 | Q2 2011 | -46.0% | Q3 2019 (12.8 yrs) | +72.5% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Arizona's index has changed +113% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | AZ after inflation | U.S. after inflation |
|---|---|---|---|
| 1 year | +3.9% | -2.8% | -0.8% |
| 3 years | +9.8% | -1.4% | +2.8% |
| 5 years | +24.0% | +9.9% | +13.9% |
| 10 years | +39.1% | +55.4% | +39.0% |
| Since Q1 1995 | +121% | +113% | +76.8% |
If you bought in Arizona in…
An example $300,000 purchase grown at the statewide index rate to Q2 2026. Local markets within the state vary widely.
| Bought in | Index change | $300,000 then, at the state rate |
|---|---|---|
| Q2 1995 | +363% | $1,389,781 |
| Q2 2000 | +263% | $1,090,382 |
| Q2 2005 | +116% | $647,241 |
| Q2 2010 | +179% | $837,551 |
| Q2 2015 | +131% | $692,740 |
| Q2 2020 | +63.0% | $488,995 |
| Q2 2021 | +36.3% | $408,809 |
| Q2 2023 | +8.2% | $324,646 |
| Q2 2025 | +0.9% | $302,804 |
Frequently asked questions
- How much have home prices gone up in Arizona?
- FHFA HPI® data for Arizona shows the all-transactions index changed +0.9% over the year to Q2 2026, +36.3% over five years, +116% over ten years, and +372% since Q1 1995.
- Is Arizona appreciating faster than the national average?
- Over the past year Arizona's index moved −2.1 pts versus the U.S. (+3.0%), ranking 48th of 51 states and D.C. Over five years the gap is −5.0 pts.
- Which ZIP codes in Arizona are appreciating fastest?
- Over the past year the strongest of 11 3-digit ZIP regions in Arizona was ZIP3 860 (Flagstaff, AZ area) at +2.8%, and the weakest was ZIP3 863 (Prescott, AZ area) at -1.3%. 0 of 11 beat the national one-year change.