Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Queen Creek | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $592,556 | $340,223 | $242,182 |
| Price Trend (Annual %) | 13.5% | 12.4% | 8.2% |
| Median Gross Rent | $2,135 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 8.1% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Queen Creek is about 74% higher than in Arizona. Rent is about 49% higher than the Arizona average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Queen Creek, up about 13.5% and 8.1% a year respectively. Home prices are changing faster.
Median rent in Queen Creek rose about 73.9% between 2015 and 2023, from $1,227 to $2,135. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Queen Creek.
Buying the median-priced home in Queen Creek costs roughly 23.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Queen Creek. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Queen Creek | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $592,556 | $340,223 | $242,182 |
| Median Household Income | $132,140 | $77,100 | $78,145 |
| Price-to-Income Ratio | 4.5 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Queen Creek rose about 182.8%, while median household income rose about 67.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Queen Creek | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 85.9% | 59.6% | 58.2% |
| Rental Rate | 10.2% | 29.4% | 31.3% |
| Vacancy Rate | 3.9% | 11.0% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Queen Creek has a homeownership rate of 85.9%, higher than the Arizona average of 59.6%. Its housing vacancy rate is 3.9%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Queen Creek | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.26 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 2010 | 1990 | 1978 |
| Median Number of Rooms | 7.0 | 5.3 | 5.5 |
The typical housing unit in Queen Creek was built around 2010. On average, 3.3 people live in a home with about 7.0 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Queen Creek, Arizona.
What is the median home price in Queen Creek, Arizona?
The median home price in Queen Creek, Arizona is $592,556, higher than the Arizona average of $340,223.
What is the average home price in Queen Creek, Arizona?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Queen Creek, Arizona?
The median gross rent in Queen Creek, Arizona is $2,135 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Queen Creek in 2020?
In 2020, the median gross rent in Queen Creek, Arizona was $1,604 per month.
What is the price-to-rent ratio in Queen Creek, Arizona?
The price-to-rent ratio in Queen Creek, Arizona is about 23.1, meaning it would take roughly 23.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Queen Creek.
Are home prices or rent rising faster in Queen Creek, Arizona?
Both home prices and rent are rising in Queen Creek, up about 13.5% and 8.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Queen Creek, Arizona?
85.9% of households in Queen Creek, Arizona own their home, higher than the Arizona average of 59.6%.
What is the vacancy rate in Queen Creek, Arizona?
The housing vacancy rate in Queen Creek, Arizona is 3.9%, lower than the Arizona average of 11.0%.