When you think of the land of opportunity, is Phoenix, Arizona the first place that comes to mind? This desert city is entering yet another growth cycle, with one of the best job economies in the country, with the average salary 20 percent higher than the national average. At the same time, median home prices are below the national average—at least for now.
Phoenix is poised for another real estate boom, which points to rising home values. Real estate company Tomo analyzed the top home flips in the United States and found that Phoenix is a standout in multiple categories. With major tech companies and new residents eager to call Phoenix home, this is an attractive time to update and list your property.
Keep on the sunny side
The Phoenix metro area draws people from across the nation. Fortune 500 companies and small businesses alike put down roots in this growing city. Top employers in Phoenix include Banner Health, American Express, Amazon, and Walmart—all of which are in growth cycles of their own. With a projected job increase of 48.2 percent over the next ten years, job seekers will continue to flow to Phoenix.
Many newcomers are arriving from larger cities like San Francisco, New York, Seattle, Los Angeles, and Austin. These ultra competitive real estate markets make home ownership impossible for most working people. In Phoenix, however, buying property is a real option. The top five flips identified by Tomo shared all the elements of perfect starter homes:
Renovated interior
Low maintenance landscaping
Access to freeways and public schools
New weather proofing and appliances
Great value and a fair price
Tomo found that the most successful home flips in Phoenix, AZ made the most of the properties’ attractive qualities. All these homes were complete home renovations. The top flip increased its sale price by 233 percent. In total, all five flips generated an increase to sales price of $1.2 million, and were flipped in as little as five months.
Put your best foot forward
Managing a successful home flip can feel overwhelming. However, identifying your property’s potential may be key to closing at more than double your purchase price. Open floor plans, new HVAC and interior climate control options, new windows, and other features attract buyers who want the most value for their money. Curb appeal is second to common sense in this market, especially when it comes to the weather.
Phoenix is a desert lover’s dream, with gorgeous sunsets, great restaurants, and constant sunshine. However, the climate can be intense for people who aren’t familiar with the Southwest. Summer temperatures make indoor comfort non-negotiable. Smart flips take this into account. You don’t have to install a solar panel in the front yard—but it might pay off!
The most valuable flips included brand-new renovations and installations that can handle 100-degree summers, but still keep cozy during the mild winters. Here are the top 5 listings that made our Best Flip list:
#5 1757 East Chambers Street
When style and solid design intersect, it’s a beautiful thing. This flip captures the best of both with brand-new hardware, a new air conditioning system, a new water heater, new windows, and more. A new roof and new exterior stucco add energy-saving elements as well. Inside, classy grey cabinetry, a gourmet kitchen with a backsplash and stainless steel appliances, and custom tiling throughout the home make this comfortable 3-bedroom property feel luxurious and roomy. With only a five-month renovation, this flip increased its value from $155K to $377K—a change of 143 percent.
#4 1823 East Harvard Street
Love the architecture of bygone decades? This 1930s home is pure Old Hollywood glamour, with black and white accents that showcase its vintage features. Originally purchased in 2023, the property underwent an extensive and total renovation, selling eight months later for $616K. The home’s fully upgraded interior plays to the black-and-white theme, with white quartz countertops and white subway tiling in the showers. A new roof and stucco, new windows, new air conditioning system, and covered parking took this classic beauty into the modern age.
#3 514 East Charleston Avenue
This fully renovated manufactured home offers plenty of room to grow, both inside and out. Located in a quiet, well located North Phoenix neighborhood, this flip features a spacious split master floor plan and two-car garage. A new HVAC unit, dual pane windows, and a large fenced yard offer privacy and protection—not to mention abundant space for trailers, boats, and slab parking. New stainless steel appliances and a new roof are the cherry on top. This home sold in 2022 for $142K. Post-flip, its price tag was 146 percent higher, closing at $350K.
#2 208 West Wier Avenue
The price tag on this charming flip only sweetens the deal. This 3 bedroom, 3 bathroom home is perfect as a first home or investment property. Purchased for $110K in 2023, this home sold only five months later for $300K. The house has been painted in classic Southwest colors in and out. It sits inside a spacious fenced yard. The interior is fully renovated, with new tile flooring, two new full baths, and an all-new kitchen with new cabinets and backsplash. New air conditioning, new ceiling fans, and new windows with sunscreens help summer-proof this adorable home.
#1 2506 East Allan Street
While it may look humble from the sidewalk, this fully renovated home is incredibly classy inside. Its open living room is filled with natural light. The key word for this home is new, with brand-new floors, fresh paint, recessed lighting, ceiling fans, kitchen, bathrooms, and more. Best of all, the backyard showcases stunning mountain views of South Mountain. This home sold in 2023 for $90K, but after its flip, more than doubled its purchase price. Only six months later, it sold at $300K-233 percent above its initial purchase price.
Are you contemplating a total renovation? Want to make the most of Phoenix’s booming economy and overall growth trends? Now might be the time to flip. New buyers in Phoenix are looking for fully renovated homes with summer-smart upgrades that are built to last.
Research the best neighborhoods in Pheonix for flipping to make the most of your investment. Want to see what not to do when flipping a home, check out Tomo’s House Flipping Flops. Or, want to get into the flipping market and not sure how, learn more with Tomo’s tips in House Flipping 101.
