Navi Title Agency
Phoenix, AZ 85007
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85007
Fri Jul 26 2024
This week the median list price for Phoenix, AZ 85007 is $540,000 with the market action index hovering around 40. This is an increase over last month's market action index of 38. Inventory has decreased to 26.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has begun to heat up in recent weeks. We’re already in a Seller’s market and not surprisingly prices are showing evidence of moving up along with the lower levels of inventory.
Real-Time Market Profile
| Median List Price | $540,000 | |
| Median Price of New Listings | $477,000 | |
| Per Square Foot | $347 | |
| Average Days on Market | 91 | |
| Median Days on Market | 53 | |
| Price Decreased | 58% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 26 | |
| Median Rent | ||
| Market Action | 40 | |
| Slight Seller's Advantage | ||
Prices is this zip code this week saw relatively little change from last week. However the market appears to be trying to establish an uptrend. Keep an eye on the Market Action Index to determine if demand will help push prices higher.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,387,500 | 2,625 | 0.25 - 0.5 acre | 4 | 2.5 | 90 | 0 | 1 | 73 |
| $624,950 | 2,016 | 6,500 - 8,000 sqft | 3 | 2 | 76 | 1 | 0 | 45 |
| $499,000 | 1,448 | 6,500 - 8,000 sqft | 3 | 2 | 87 | 0 | 1 | 42 |
| $378,000 | 1,149 | 4,500 - 6,500 sqft | 3 | 2 | 88 | 1 | 2 | 42 |