Navi Title Agency
Phoenix, AZ 85007
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85007
Fri Jun 02 2023
This week the median list price for Phoenix, AZ 85007 is $649,900 with the market action index hovering around 53. This is less than last month's market action index of 54. Inventory has held steady at or around 15.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.
Real-Time Market Profile
| Median List Price | $649,900 | |
| Median Price of New Listings | $400,000 | |
| Per Square Foot | $411 | |
| Average Days on Market | 86 | |
| Median Days on Market | 63 | |
| Price Decreased | 53% | |
| Price Increased | 0% | |
| Relisted | 7% | |
| Inventory | 15 | |
| Median Rent | ||
| Market Action | 53 | |
| Strong Seller's Market | ||
The market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch the Market Action Index to predict how long this trend will last.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,075,000 | 2,449 | 8,000 - 10,000 sqft | 3 | 2 | 89 | 0 | 0 | 21 |
| $762,000 | 1,679 | 6,500 - 8,000 sqft | 3 | 1.5 | 85 | 0 | 0 | 24 |
| $592,499 | 1,639 | 6,500 - 8,000 sqft | 3 | 2 | 85 | 0 | 1 | 94 |
| $397,450 | 1,105 | 6,500 - 8,000 sqft | 2 | 1.5 | 88 | 1 | 1 | 52 |