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Phoenix, AZ 85023
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ 85023
Tue Apr 29 2025
This week the median list price for Phoenix, AZ 85023 is $512,500 with the market action index hovering around 44. This is less than last month's market action index of 45. Inventory has increased to 64.
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 recently plateaued. 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 | $512,500 | |
| Median Price of New Listings | $512,450 | |
| Per Square Foot | $275 | |
| Average Days on Market | 71 | |
| Median Days on Market | 42 | |
| Price Decreased | 63% | |
| Price Increased | 3% | |
| Relisted | 3% | |
| Inventory | 64 | |
| Median Rent | ||
| Market Action | 44 | |
| Slight Seller's Advantage | ||
We continue to see prices in this zip code bouncing around this plateau. 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 |
|---|---|---|---|---|---|---|---|---|
| $989,499 | 2,698 | 0.25 - 0.5 acre | 4 | 2.5 | 52 | 1 | 4 | 35 |
| $579,950 | 2,138 | 6,500 - 8,000 sqft | 3 | 2 | 38 | 2 | 1 | 70 |
| $474,500 | 1,797 | 6,500 - 8,000 sqft | 3 | 2 | 45 | 1 | 3 | 42 |
| $402,450 | 1,502 | 6,500 - 8,000 sqft | 3 | 2 | 45 | 2 | 4 | 52 |