Zillow Arizona For Sale (2024)

FAQs

How accurate are Zillow's zestimates? ›

The nationwide median error rate for the Zestimate for on-market homes is 2.4%, while the Zestimate for off-market homes has a median error rate of 7.49%. The Zestimate's accuracy depends on the availability of data in a home's area.

Arizona Housing Market Overview

On average, the number of homes sold was down 5.6% year over year and there were 9,904 homes sold in May this year, down 10,489 homes sold in May last year. The median days on the market was 51 days, up 3 year over year.…

Plus, the Arizona housing market is becoming less competitive, which is good news for buyers. Redfin reports that homes selling for over the asking price in Arizona fell 36% year-over-year while the average amount of days on the market have more than doubled from 21 days to 58 days (March 2023).

There are several reasons why Zillow's Zestimate may be inaccurate. For one, the feature relies heavily on publicly available data, such as property tax records and past sales data. This means that it may not take into account certain factors, such as renovations or additions to a home, that could affect its value.

A Zestimate's accuracy depends on the data available in the geographic area around a home. Some counties and cities have detailed public information available about a home's size, features, and age, while others do not. The more data that's available to put into that formula, the more accurate the Zestimate will be.

A Zestimate is only as accurate as the information Zillow has to base it on. Plus, it depends on what you're comparing it to for accuracy. No home valuation is perfect. Zestimates are meant to be used only as a ballpark view of value, not as an appraisal.

Facts. In 2022, the Arizona Department of Housing estimated a housing shortage of 270,000 units in Arizona. In a more recent study, the Common Sense Institute determined that Arizona still needs 74,419 additional housing units to meet demand in the state.

The average Arizona home value is $434,865, up 4.3% over the past year and goes to pending in around 21 days.

Home Buyers: Likely to increase as mortgage rates stabilize. Home Prices: Set to continue rising due to the low supply-high demand dynamic. New Home Construction Sales: Expected to increase by 3.5% in 2024. iBuyers: May continue making lowball offers due to market struggles.

What credit score is needed to buy a house in Arizona? ›

Here are some general FHA loan requirements for Arizona. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

Homebuyers need an annual income of $110,271 to buy a median-priced home in Arizona. That's up 65% from 2020, when it only took $66,712 to buy an Arizona house, according to personal finance research firm Bankrate. Higher home prices, interest rates and insurance costs are why.

If you ask Zillow, the Zestimate you see on your house or any house you are looking at is very accurate. They have a self-published nationwide median error rate of 2.4% for on-market properties and a 7.49% median error rate for off-market properties. That median percentage just looks at the whole country.

Zillow: Redfin is more accurate when valuing homes. Both Zillow and Redfin give homes an approximate value, but the Zestimate provided by Zillow has proven slightly less accurate than Redfin's estimate. Final numbers depend significantly on the local market and demand for a property in your particular location.

There could be a lag between when a house goes on the market and when Zillow's feed pulls it in. If the agent is doing well, they may not sign up for Zillow's services or upload their listings. In some sensitive situations, such as a divorce or death in the family, the owners may not want the home publicly listed.

Zillow “How Much is My Home Worth” Checker

Zillow offers one of the most accurate estimators overall. Being one of the top real estate sites on the internet, Zillow has a very accurate estimator that has helped many people in their journey to sell their homes.

Zillow: Redfin is more accurate when valuing homes. Both Zillow and Redfin give homes an approximate value, but the Zestimate provided by Zillow has proven slightly less accurate than Redfin's estimate. Final numbers depend significantly on the local market and demand for a property in your particular location.

Insufficient transactional data — It's possible we do not have enough county transactional data, so we cannot calculate a Zestimate.

Realtor.com estimates are very accurate, but they do not hold 10% of the time. To overcome this scenario, home buyers can compare data provided by Realtor.com with local real estate agents regarding properties available for sale and yield more precise information.