First American Title Market Report
Phoenix, AZ
Single-Family Homes
Phoenix, AZ
Fri Mar 24 2023
This week the median list price for Phoenix, AZ is $565,000 with the market action index hovering around 49. This is an increase over last month's market action index of 46. Inventory has decreased to 1,356.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.
Real-Time Market Profile
| Median List Price | $565,000 | |
| Median Price of New Listings | $499,950 | |
| Per Square Foot | $297 | |
| Average Days on Market | 85 | |
| Median Days on Market | 49 | |
| Price Decreased | 50% | |
| Price Increased | 3% | |
| Relisted | 7% | |
| Inventory | 1,356 | |
| Median Rent | ||
| Market Action | 49 | |
| Strong Seller's Market | ||
Price trends continued their recent uptrend this week. While still below the market’s price high-point, we’ve seen a nice run recently.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,275,000 | 3,288 | 0.25 - 0.5 acre | 4 | 3.5 | 25 | 28 | 38 | 56 |
| $675,000 | 2,184 | 8,000 - 10,000 sqft | 4 | 2.5 | 37 | 65 | 52 | 49 |
| $468,000 | 1,718 | 6,500 - 8,000 sqft | 3 | 2 | 42 | 48 | 72 | 49 |
| $360,000 | 1,395 | 6,500 - 8,000 sqft | 3 | 2 | 53 | 65 | 86 | 49 |