Navi Title Agency
Phoenix, AZ 85031
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85031
Fri Jul 26 2024
This week the median list price for Phoenix, AZ 85031 is $353,000 with the market action index hovering around 70. This is less than last month's market action index of 72. Inventory has increased to 18.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
Real-Time Market Profile
| Median List Price | $353,000 | |
| Median Price of New Listings | $330,000 | |
| Per Square Foot | $226 | |
| Average Days on Market | 55 | |
| Median Days on Market | 25 | |
| Price Decreased | 28% | |
| Price Increased | 11% | |
| Relisted | 6% | |
| Inventory | 18 | |
| Median Rent | ||
| Market Action | 70 | |
| Strong Seller's Market | ||
Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate 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 |
|---|---|---|---|---|---|---|---|---|
| $399,900 | 1,822 | 6,500 - 8,000 sqft | 5 | 2.5 | 67 | 1 | 0 | 28 |
| $372,500 | 1,344 | 6,500 - 8,000 sqft | 4 | 2 | 69 | 0 | 0 | 42 |
| $345,000 | 1,778 | 6,500 - 8,000 sqft | 4 | 2 | 67 | 2 | 1 | 14 |
| $319,900 | 1,293 | 4,500 - 6,500 sqft | 3 | 2 | 66 | 2 | 0 | 14 |