Empire Title Agency's Market Report

Phoenix, AZ

Single-Family Homes

www.ewtaz.com | MarketReports@ewtaz.com | 602-749-7000



Phoenix, AZ

Tue May 28 2024
This week the median list price for Phoenix, AZ is $595,000 with the market action index hovering around 47. This is less than last month's market action index of 48. Inventory has increased to 1,900. 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

In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.

Phoenix, AZ

Tue May 28 2024
This week the median list price for Phoenix, AZ is $595,000 with the market action index hovering around 47. This is less than last month's market action index of 48. Inventory has increased to 1,900. 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

In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.

Real-Time Market Profile

Never miss important changes in the Phoenix market.
Median List Price $595,000
Median Price of New Listings $515,000
Per Square Foot $308
Average Days on Market 65
Median Days on Market 35
Price Decreased 51%
Price Increased 3%
Relisted 6%
Inventory 1,900
Median Rent
Market Action 47
Strong Seller's Market

The market is hovering around this plateau. Look for a persistent change 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
$1,299,000 3,191 0.25 - 0.5 acre 4 4 22 49 38 42
$710,000 2,276 6,500 - 8,000 sqft 4 3 31 62 52 35
$499,900 1,782 6,500 - 8,000 sqft 3 2 41 81 61 35
$380,000 1,384 6,500 - 8,000 sqft 3 2 53 93 98 28