Phoenix Home Prices Are Currently 52% Higher Than Pre-Pandemic

But wage growth has not kept up, which means the market is less affordable today.

A recent report from Zillow showed just how much the Phoenix-area real estate market has changed over the past five years or so.

Specifically, it detailed the significant rise in both home prices and rents that has occurred since before the pandemic. (They used February 2020 as the pre-pandemic metric.)

We'll get to the Phoenix part of this in a moment. But first, let's look at how the national real estate market has changed over the past five years.