Home prices are dropping fast in Phoenix. Here are 6 of the lowest-priced real estate listings there right now — including one at $215,000.

Haley TenoreJan 13, 2024, 12:28 IST

Home prices are dropping in cities that were hot spots a just a few years ago. The Phoenix metropolitan area is one of those spots — where prices are down compared to last year.Brandon Bell/Getty Images

Phoenix was a pandemic boomtown, but home prices there are falling, according to a Realtor report.
As of August 2023, the median home price in Phoenix was $537,900, down 1.2% compared to last year.

Real estate prices in certain cities went through the roof in the wake of the pandemic. But now some of these pandemic boomtowns are seeing home prices fall: Phoenix is one.

The median home price in the Phoenix metropolitan area was $537,900 in August, according to the report from Realtor.com — down 1.2% from the same month in 2022. It's one of 10 areas where home prices are falling the most, the report said.

Although the decline was modest from 2022, it's a concerning echo from the Phoenix market's real-estate crash in the wake of the 2008 financial crisis. Some people are bracing for sharper drops.

But for now, it's also a good opportunity for people looking to move to potentially scoop up a home as prices fall. Yes, Phoenix is hot, concerns about wildfires and droughts aren't stopping Americans from moving into the Sunbelt.

We combed through real estate listings to find five of the lowest-priced homes right now in the Phoenix area. We screened out raw land, mobile homes, and houses that were massive fixer-uppers. Here's an idea of what you can get in the Phoenix area as of October.

1. Three bedroom, one bath — Phoenix: $309,900

The driveway has a shaded portion, which is great for people who don't like burning their hands on a hot steering wheel in the summer.Madeline Soto/A.Z. & Associates Real Estate Group

The spartan living area connects to the kitchen.

This property is just west of downtown Phoenix, right next to Interstate 17.Madeline Soto/A.Z. & Associates Real Estate Group

The kitchen has bright white walls and cabinets — showing the obvious updates after a flipper purchased the older home.

The fixtures appear sleek and modern, with white walls and cabinets and gray wooden floors.Madeline Soto/A.Z. & Associates Real Estate Group

The bathroom has a marble-clad bathtub area and the same muted flooring as found in the rest of the home.

The house has three bedrooms and one bathroom.Madeline Soto/A.Z. & Associates Real Estate Group

2. Three bedroom, two bath — Glendale: $255,000

The outside of 4942 W Ocotillo Road in Glendale, just outside of the city of Phoenix.Deanette "Dee" Bloom/Platinum First Realty

The home's living room has tiled floors and a ceiling fan.

The white walls and large windows appear to make this living room feel bright and open.Deanette "Dee" Bloom/Platinum First Realty

The kitchen has dark wood cabinets and a tiled floor.

This kitchen does come with a gas stove, according to its Realtor.com listing.Deanette "Dee" Bloom/Platinum First Realty

This home has plenty of ceiling fans, a must for anyone living in sweltering Phoenix.

This bedroom is perfect for anyone who's a fan of the color green, but there's of course the option to paint it any color.Deanette "Dee" Bloom/Platinum First Realty

The home's bathroom

This is one of the two bathrooms in the house. It has a window and a decent-sized vanity area.Deanette "Dee" Bloom/Platinum First Realty

The Glendale home also have a substantially sized backyard — something that will be nice in Phoenix-area winters (but maybe not so much in the summer).

The backyard comes with a bench swing and ceiling fans above the patio.Deanette "Dee" Bloom/Platinum First Realty

3. Three bedroom, two baths — Glendale: $309,900

Here's another home for sale in Glendale, this one with nice curb appeal.Showing Time Plus

The living room is pretty bare-bones, but it offers a blank slate with its neutral colors.

The white walls and tile flooring in the living area leave you with endless choices for decorating.Showing Time Plus

This kitchen comes with laminate countertops and a window above the sink.

According to real estate investor Nathaniel Tanner, the seller of this home is offering financing for those who can't get a bank loan.Showing Time Plus

One of two bathrooms in the home has a window in the bathtub and has walls covered in tile squares.

This home is less than a mile from a shopping center that has a Walmart, a Lowe's and many dining options.Showing Time Plus

One of the home's bedrooms, which appears to have two closets and a laminate floor.

The Realtor.com listing describes this property as also having lots of yard space.Showing Time Plus

4. One bedroom, two baths — Chandler: $380,000

This looks like a typical home you'd find in the Phoenix suburbs with its warm beige exterior.Frank Wagner/W and Partners, LLC

This home has a connected kitchen and living area.

The large windows in the living room help open up the space.Frank Wagner/W and Partners, LLC

It's in Sunbird Golf Resort, which is a community for people 55 and older.

This home is complete with high ceilings and oak cabinets, according to Realtor.comFrank Wagner/W and Partners, LLC

5. Three bedroom, Two bath — Phoenix: $324,900

The home in Phoenix has a gated driveway — and it's way below the median home cost for the metro.Van Nu/Better Homes & Gardens Real Estate SJ Fowler

The living room has a sea green wall and tan-colored tile flooring.

Of course, the typical Phoenix ceiling fan is in place: It gets hot here, after all!Van Nu/Better Homes & Gardens Real Estate SJ Fowler

The kitchen has granite countertops and is also painted in the rest of the home's sea green.

The kitchen has a gas stove, which is black in color, contrasting with the white microwave oven.Van Nu/Better Homes & Gardens Real Estate SJ Fowler

The home's bedrooms give us a break from the sea green color with a more neutral tone.

The tan tiles apparently are continued throughout — a nice touch as opposed to carpet, which can feel hot in warm climates.Van Nu/Better Homes & Gardens Real Estate SJ Fowler

6. Three bedroom, one bath — Buckeye: $215,000

This home is 1,044 square feet, according to its RedFin listing.Nicholas Caro/HomeSmart

Here's the property's kitchen, which is large and full of windows.

It's not the most polished look, but it appears to have a lot of potential.Nicholas Caro/HomeSmart

The living room has a wall air conditioning unit, two windows, and a tile floor in a neutral color.

Buckeye is a community that's about 40 minutes west of Phoenix.Nicholas Caro/HomeSmart

The bathroom includes a window in the shower, which is also tiled.

The bath comes with a handheld showerhead and continues the muted-colored tile floor.Nicholas Caro/HomeSmart

The Buckeye listing comes with a relatively raw yard, but it's ready to be turned into your desert oasis in the sun.

The cheapest home on our list, this Buckeye property is a fixer-upper, built in 1955.Nicholas Caro/HomeSmart

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Home prices are dropping fast in Phoenix. Here are 6 of the lowest-priced real estate listings there right now &mdash; including one at $215,000.