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Phoenix, AZ 85040

Single-Family Homes

Here is your weekly Market Update!



Phoenix, AZ 85040

Wed Oct 09 2024
This week the median list price for Phoenix, AZ 85040 is $395,000 with the market action index hovering around 41. This is less than last month's market action index of 45. Inventory has increased to 43. 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 plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its 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 85040

Wed Oct 09 2024
This week the median list price for Phoenix, AZ 85040 is $395,000 with the market action index hovering around 41. This is less than last month's market action index of 45. Inventory has increased to 43. 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 plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its 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 $395,000
Median Price of New Listings $379,000
Per Square Foot $271
Average Days on Market 58
Median Days on Market 49
Price Decreased 58%
Price Increased 2%
Relisted 9%
Inventory 43
Median Rent
Market Action 41
Slight Seller's Advantage

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
$505,445 2,039 4,500 - 6,500 sqft 4 2.5 6 2 0 91
$429,900 1,662 4,500 - 6,500 sqft 3 2 6 0 1 42
$380,000 1,341 4,500 - 6,500 sqft 3 2 30 1 1 56
$325,000 1,106 4,500 - 6,500 sqft 3 2 63 2 1 35