RealTrends Market Report

Phoenix, AZ

Single-Family Homes

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Phoenix, AZ

Sun Oct 06 2024
This week the median list price for Phoenix, AZ is $549,000 with the market action index hovering around 41. This is less than last month's market action index of 42. Inventory has increased to 2,301. Click here to stay informed with the Phoenix market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

Market Narrative

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Phoenix, AZ

Sun Oct 06 2024
This week the median list price for Phoenix, AZ is $549,000 with the market action index hovering around 41. This is less than last month's market action index of 42. Inventory has increased to 2,301. Click here to stay informed with the Phoenix market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

Market Narrative

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Phoenix market.
Median List Price $549,000
Median Price of New Listings $511,000
Per Square Foot $299
Average Days on Market 69
Median Days on Market 42
Price Decreased 54%
Price Increased 3%
Relisted 5%
Inventory 2,301
Median Rent
Market Action 41
Slight Seller's Advantage

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

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
$1,134,000 3,038 0.25 - 0.5 acre 4 3 22 66 48 56
$650,000 2,080 6,500 - 8,000 sqft 4 3 35 73 60 49
$460,000 1,702 6,500 - 8,000 sqft 3 2 42 72 69 42
$365,000 1,352 6,500 - 8,000 sqft 3 2 54 100 98 35