Navi Title Agency
Phoenix, AZ
Single-Family Homes
Here is your weekly Market Update!
Phoenix, AZ
Fri Jun 02 2023
This week the median list price for Phoenix, AZ is $639,900 with the market action index hovering around 57. This is about the same as last month's market action index of 57. Inventory has decreased to 1,082.
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 | $639,900 | |
| Median Price of New Listings | $495,000 | |
| Per Square Foot | $317 | |
| Average Days on Market | 68 | |
| Median Days on Market | 35 | |
| Price Decreased | 49% | |
| Price Increased | 4% | |
| Relisted | 5% | |
| Inventory | 1,082 | |
| Median Rent | ||
| Market Action | 57 | |
| Strong Seller's Market | ||
Prices hit another all time high this week. Given current conditions, prices continue to march higher. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,499,500 | 3,351 | 0.25 - 0.5 acre | 4 | 3.5 | 28 | 25 | 29 | 49 |
| $749,000 | 2,326 | 8,000 - 10,000 sqft | 4 | 2.5 | 35 | 48 | 38 | 35 |
| $545,000 | 1,833 | 6,500 - 8,000 sqft | 3 | 2 | 43 | 55 | 50 | 28 |
| $386,000 | 1,454 | 6,500 - 8,000 sqft | 3 | 2 | 51 | 97 | 89 | 21 |