Navi Title Agency
Phoenix, AZ 85040
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85040
Sun Sep 15 2024
This week the median list price for Phoenix, AZ 85040 is $413,500 with the market action index hovering around 45. This is an increase over last month's market action index of 43. Inventory has decreased to 38.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.
Real-Time Market Profile
| Median List Price | $413,500 | |
| Median Price of New Listings | $329,750 | |
| Per Square Foot | $276 | |
| Average Days on Market | 57 | |
| Median Days on Market | 49 | |
| Price Decreased | 53% | |
| Price Increased | 11% | |
| Relisted | 13% | |
| Inventory | 38 | |
| Median Rent | ||
| Market Action | 45 | |
| 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 |
|---|---|---|---|---|---|---|---|---|
| $495,000 | 1,961 | 4,500 - 6,500 sqft | 4 | 3 | 1 | 0 | 3 | 70 |
| $444,000 | 1,662 | 4,500 - 6,500 sqft | 3 | 2 | 6 | 0 | 1 | 49 |
| $382,495 | 1,523 | 0 - 4,500 sqft | 3 | 2.5 | 20 | 1 | 1 | 49 |
| $324,950 | 1,048 | 6,500 - 8,000 sqft | 3 | 2 | 60 | 3 | 2 | 35 |