June 2024 Maricopa County Solar Home Sales Stats

By Rob Madden

Phoenix, Phoenix AZ, Residential Solar, solar statistics

The Bright Future of Solar Homes in Phoenix: A Detailed Look at May 2024 Market Trends

The Phoenix housing market in May 2024 demonstrated a robust preference for solar-equipped properties, indicating a significant shift toward sustainable living options. With a noticeable increase in both the sales prices and market share of solar homes, this trend reflects an evolving buyer interest in homes that offer long-term energy savings and environmental benefits.

Market Insights

As of May 2024, the solar home market in Phoenix saw a notable rise in median sales prices, reaching $500,000. This marked an increase from $496,500 the previous month and a substantial jump from $469,750 the year before—a 6.44% year-over-year increase. This rise in value is particularly pronounced in homes with solar systems owned outright, which commanded a median price of $595,000, illustrating the premium buyers place on properties free of ongoing solar lease payments.

Solar homes with financed systems aligned with the overall median at $500,000, while those with leased or prepaid leased solar systems sold for slightly less, at $492,215 and $499,232 respectively. This price stratification highlights varying consumer perceptions based on the type of solar financing.

The total number of solar home transactions increased to 687 in May, up from 652 in April. This escalation advanced the solar market share to 9.1% of all resale homes, a rise from 8.3%, indicating growing consumer interest in eco-friendly home features.

Pricing Dynamics and Sales Performance

Solar homes in the region achieved 99% of their listed price, surpassing the 98% sales-to-list price ratio of non-solar homes. This premium underscores the market’s recognition of the value added by solar technologies. However, solar homes took slightly longer to sell, with an average of 65 days on the market compared to 61 days for non-solar homes, possibly due to the higher price points or specific buyer requirements for solar properties.

Market Composition

The analysis of sales data reveals that 41% of solar homes sold in May had leased systems, whereas 59% featured owned solar units. This distribution suggests a strong buyer preference for owning solar systems outright, likely due to the benefits of reduced electricity bills and the absence of lease obligations, which enhance the property’s attractiveness and resale value.

Contextualizing Solar Home Sales within the Broader Market

The overall Phoenix real estate market maintained its vibrancy in May 2024, with a 7.2% increase in sales compared to April, totaling 7,531 transactions. The median sales price across all homes remained stable at $450,000, despite the higher median price point of solar homes, highlighting the particular desirability of solar-equipped properties.

Inventory levels and the pace of sales also reflected a healthy market, with a slight increase in available homes and a quicker absorption rate, which fell from 3.45 months in April to 3.06 months in May, suggesting a faster turnover of listed properties.


The data from May 2024 underscores a clear and growing preference for solar-equipped homes in Phoenix. As sustainability becomes increasingly important to homeowners, the premium on solar homes is likely to grow, promising a bright future for this segment of the market. For buyers and sellers in Phoenix, staying informed about these trends is essential for making informed decisions in a dynamic real estate environment that increasingly values eco-friendly investments.

To download a PDF version of this information, you can click here: https://www.solarhomebroker.com/wp-content/uploads/2024/06/Maricopa-Solar-Stats-June-2024.pdf

Rob Madden

About the author

Rob Madden is an experienced real estate broker in the Phoenix metro area, having worked in the industry for over 28 years. He has helped many home buyers and sellers navigate the local real estate market, and is considered a trusted expert in the field. Rob is committed to making the buying or selling process as seamless and straightforward as possible for his clients, and provides hands-on assistance at every stage of the transaction. In his free time, Rob enjoys being a Scoutmaster for a local Scouts BSA troop, hiking, backpacking, photography, and playing pinball.

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