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 | Surprise | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $321,839 | $340,223 | $242,182 |
| Price Trend (Annual %) | 10.2% | 12.4% | 8.2% |
| Median Gross Rent | $1,910 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 7.0% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Surprise is about 5% lower than in Arizona. Rent is about 34% 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 Surprise, up about 10.2% and 7.0% a year respectively. Home prices are changing faster.
Median rent in Surprise rose about 62.2% between 2015 and 2023, from $1,177 to $1,910. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Surprise.
Buying the median-priced home in Surprise costs roughly 14.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Surprise. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Surprise | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $321,839 | $340,223 | $242,182 |
| Median Household Income | $90,573 | $77,100 | $78,145 |
| Price-to-Income Ratio | 3.6 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Surprise rose about 89.6%, while median household income rose about 47.9% 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 | Surprise | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.1% | 59.6% | 58.2% |
| Rental Rate | 18.7% | 29.4% | 31.3% |
| Vacancy Rate | 10.2% | 11.0% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Surprise has a homeownership rate of 71.1%, higher than the Arizona average of 59.6%. Its housing vacancy rate is 10.2%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Surprise | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 2004 | 1990 | 1978 |
| Median Number of Rooms | 5.8 | 5.3 | 5.5 |
The typical housing unit in Surprise was built around 2004. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Surprise, Arizona.
What is the median home price in Surprise, Arizona?
The median home price in Surprise, Arizona is $321,839, lower than the Arizona average of $340,223.
What is the average home price in Surprise, 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 Surprise, Arizona?
The median gross rent in Surprise, Arizona is $1,910 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Surprise in 2020?
In 2020, the median gross rent in Surprise, Arizona was $1,436 per month.
What is the price-to-rent ratio in Surprise, Arizona?
The price-to-rent ratio in Surprise, Arizona is about 14.0, meaning it would take roughly 14.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Surprise.
Are home prices or rent rising faster in Surprise, Arizona?
Both home prices and rent are rising in Surprise, up about 10.2% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Surprise, Arizona?
71.1% of households in Surprise, Arizona own their home, higher than the Arizona average of 59.6%.
What is the vacancy rate in Surprise, Arizona?
The housing vacancy rate in Surprise, Arizona is 10.2%, lower than the Arizona average of 11.0%.