First American Title Market Report
Phoenix, AZ 85045
Single-Family Homes
Phoenix, AZ 85045
Fri Jul 26 2024
This week the median list price for Phoenix, AZ 85045 is $704,500 with the market action index hovering around 50. This is an increase over last month's market action index of 47. Inventory has decreased to 14.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
Real-Time Market Profile
| Median List Price | $704,500 | |
| Median Price of New Listings | $795,000 | |
| Per Square Foot | $282 | |
| Average Days on Market | 52 | |
| Median Days on Market | 28 | |
| Price Decreased | 36% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 14 | |
| Median Rent | ||
| Market Action | 50 | |
| Strong Seller's Market | ||
Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, 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 |
|---|---|---|---|---|---|---|---|---|
| $1,179,000 | 3,494 | 0.25 - 0.5 acre | 4 | 3 | 18 | 1 | 1 | 42 |
| $825,000 | 2,973 | 8,000 - 10,000 sqft | 5 | 3 | 30 | 1 | 1 | 14 |
| $682,000 | 2,760 | 4,500 - 6,500 sqft | 4 | 3 | 17 | 2 | 1 | 10 |
| $571,500 | 2,094 | 6,500 - 8,000 sqft | 3 | 2 | 23 | 0 | 2 | 42 |