First American Title Market Report
Phoenix, AZ 85048
Single-Family Homes
Phoenix, AZ 85048
Wed Apr 24 2024
This week the median list price for Phoenix, AZ 85048 is $640,000 with the market action index hovering around 55. This is an increase over last month's market action index of 51. Inventory has decreased to 35.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $640,000 | |
| Median Price of New Listings | $549,000 | |
| Per Square Foot | $309 | |
| Average Days on Market | 61 | |
| Median Days on Market | 56 | |
| Price Decreased | 43% | |
| Price Increased | 3% | |
| Relisted | 0% | |
| Inventory | 35 | |
| Median Rent | ||
| Market Action | 55 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,172,500 | 3,659 | 0.25 - 0.5 acre | 4 | 3 | 28 | 1 | 1 | 28 |
| $849,500 | 2,948 | 6,500 - 8,000 sqft | 4 | 3 | 33 | 0 | 4 | 70 |
| $579,900 | 2,061 | 4,500 - 6,500 sqft | 4 | 3 | 32 | 1 | 5 | 42 |
| $525,000 | 1,655 | 4,500 - 6,500 sqft | 3 | 2 | 32 | 3 | 0 | 7 |