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Phoenix, AZ 85024
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85024
Wed Dec 11 2024
This week the median list price for Phoenix, AZ 85024 is $589,900 with the market action index hovering around 40. This is about the same as last month's market action index of 40. Inventory has decreased to 41.
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 started cooling and prices have been flat for several weeks. Since 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
| Median List Price | $589,900 | |
| Median Price of New Listings | $525,000 | |
| Per Square Foot | $304 | |
| Average Days on Market | 81 | |
| Median Days on Market | 63 | |
| Price Decreased | 54% | |
| Price Increased | 0% | |
| Relisted | 2% | |
| Inventory | 41 | |
| Median Rent | ||
| Market Action | 40 | |
| 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 |
|---|---|---|---|---|---|---|---|---|
| $795,000 | 2,794 | 6,500 - 8,000 sqft | 4 | 3 | 17 | 2 | 1 | 38 |
| $629,500 | 2,158 | 4,500 - 6,500 sqft | 3 | 3 | 23 | 1 | 1 | 115 |
| $527,450 | 1,697 | 4,500 - 6,500 sqft | 3 | 2 | 27 | 1 | 2 | 63 |
| $429,800 | 1,320 | 6,500 - 8,000 sqft | 3 | 2 | 38 | 3 | 2 | 42 |