Navi Title Agency

Phoenix, AZ 85048

Single-Family Homes

Here is your weekly Market Update!



Phoenix, AZ 85048

Thu Sep 21 2023
This week the median list price for Phoenix, AZ 85048 is $675,000 with the market action index hovering around 61. This is less than last month's market action index of 64. Inventory has decreased to 27. 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.

Strong Seller's Market

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.

Phoenix, AZ 85048

Thu Sep 21 2023
This week the median list price for Phoenix, AZ 85048 is $675,000 with the market action index hovering around 61. This is less than last month's market action index of 64. Inventory has decreased to 27. 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.

Strong Seller's Market

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.

Real-Time Market Profile

Never miss important changes in the Phoenix market.
Median List Price $675,000
Median Price of New Listings $622,000
Per Square Foot $282
Average Days on Market 26
Median Days on Market 21
Price Decreased 52%
Price Increased 0%
Relisted 7%
Inventory 27
Median Rent
Market Action 61
Strong Seller's Market

In this zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend in general over the last several weeks.

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
$1,219,499 3,918 0.25 - 0.5 acre 5 4 30 0 2 38
$825,000 3,111 8,000 - 10,000 sqft 4 3 29 2 3 28
$615,000 2,303 4,500 - 6,500 sqft 4 3 32 2 2 14
$550,000 2,035 4,500 - 6,500 sqft 4 3 31 2 2 7