What You REALLY Get for $500k in Each Part of the Valley

Can $500k Still Get You a Great Home in the Phoenix Valley?

It’s a question many homebuyers are asking — especially in today’s market. With rising interest rates and shifting prices, $500,000 isn’t what it used to be. But that doesn’t mean your dream home is out of reach.

Let’s take a look at what half a million dollars really gets you in popular neighborhoods across the Phoenix Valley.

Scottsdale

Upscale Vibes with Smaller Spaces

In Scottsdale, $500k buys you location and lifestyle — not necessarily square footage. Think 1,200 to 1,500 sq. ft. condos or townhomes in prime spots. You’ll find updated interiors, gated communities, and great proximity to dining, golf, and nightlife. Detached homes in this price range are rare and often fixer-uppers.

Chandler

Family-Friendly with Room to Grow

Chandler offers more bang for your buck. For $500k, expect 3- to 4-bedroom single-family homes with modern updates, yards, and access to top-rated schools. Many homes are move-in ready and part of well-maintained subdivisions with community amenities.

Gilbert

Suburban Charm and Newer Builds

Gilbert is ideal for families and those craving suburban comfort. $500k gets you a relatively new home (built post-2000), often 1,800–2,200 sq. ft., with open-concept layouts and energy-efficient features. Expect safe neighborhoods, parks, and a strong sense of community.

Mesa

Diverse Options for Every Buyer

Mesa gives you choices — from historic bungalows near downtown to spacious homes in East Mesa. With $500k, you might land a 4-bedroom home with a pool or a newer build in a master-planned community. It’s a good middle ground for space and affordability.

Tempe

College Town Convenience

Want to live close to Arizona State University? Tempe offers condos and townhomes in walkable areas, and maybe a smaller single-family home with some updates. Expect a youthful, energetic vibe, with public transit and quick freeway access.

Glendale

Older Homes, Bigger Lots

Glendale stretches your dollar further. For $500k, you’ll often find 3+ bedroom homes with large lots, possibly even RV gates or space for toys. Some properties need a little TLC, but you’re getting more square footage and outdoor space.

Queen Creek & San Tan Valley

Spacious and Affordable Living

These growing areas are perfect if you’re looking for a newer home and don’t mind a commute. $500k can get you a nearly brand-new home, 2,500+ sq. ft., 4+ bedrooms, and even a 3-car garage. These are popular spots for families craving space and value.