Navi Title Agency

Phoenix, AZ 85016

Single-Family Homes

Here is your weekly Market Update!



Phoenix, AZ 85016

Tue May 28 2024
This week the median list price for Phoenix, AZ 85016 is $812,499 with the market action index hovering around 39. This is less than last month's market action index of 42. Inventory has increased to 70. 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.

Slight Seller's Advantage

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Phoenix, AZ 85016

Tue May 28 2024
This week the median list price for Phoenix, AZ 85016 is $812,499 with the market action index hovering around 39. This is less than last month's market action index of 42. Inventory has increased to 70. 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.

Slight Seller's Advantage

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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

Never miss important changes in the Phoenix market.
Median List Price $812,499
Median Price of New Listings $837,000
Per Square Foot $446
Average Days on Market 81
Median Days on Market 49
Price Decreased 57%
Price Increased 3%
Relisted 4%
Inventory 70
Median Rent
Market Action 39
Slight Seller's Advantage

Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly 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
$2,695,000 5,315 8,000 - 10,000 sqft 4 4 27 0 2 84
$949,900 2,183 8,000 - 10,000 sqft 4 3 60 3 1 35
$732,499 1,810 6,500 - 8,000 sqft 3 2 70 1 0 42
$602,500 1,614 6,500 - 8,000 sqft 3 2 73 2 2 49