Old Republic Title's Market Report
Phoenix, AZ
Single-Family Homes
Phoenix, AZ
Wed Dec 04 2024
This week the median list price for Phoenix, AZ is $534,900 with the market action index hovering around 38. This is about the same as last month's market action index of 38. Inventory has held steady at or around 2,439.
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
| Median List Price | $534,900 | |
| Median Price of New Listings | $514,999 | |
| Per Square Foot | $301 | |
| Average Days on Market | 81 | |
| Median Days on Market | 56 | |
| Price Decreased | 54% | |
| Price Increased | 3% | |
| Relisted | 6% | |
| Inventory | 2,439 | |
| Median Rent | ||
| Market Action | 38 | |
| Slight Seller's Advantage | ||
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,159,000 | 3,063 | 0.25 - 0.5 acre | 4 | 3 | 25 | 57 | 63 | 63 |
| $650,000 | 2,089 | 6,500 - 8,000 sqft | 4 | 2.5 | 34 | 52 | 55 | 63 |
| $450,000 | 1,673 | 6,500 - 8,000 sqft | 3 | 2 | 41 | 68 | 75 | 49 |
| $359,250 | 1,339 | 4,500 - 6,500 sqft | 3 | 2 | 54 | 69 | 74 | 49 |