First Arizona Title's Market Report

Phoenix, AZ

Single-Family Homes

First Arizona Title Agency | (480) 385-6500 | www.FirstAZTitle.com



Phoenix, AZ

Thu Sep 21 2023
This week the median list price for Phoenix, AZ is $624,600 with the market action index hovering around 56. This is less than last month's market action index of 57. Inventory has increased to 1,217. 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

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, 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.

Phoenix, AZ

Thu Sep 21 2023
This week the median list price for Phoenix, AZ is $624,600 with the market action index hovering around 56. This is less than last month's market action index of 57. Inventory has increased to 1,217. 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

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, 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

Never miss important changes in the Phoenix market.
Median List Price $624,600
Median Price of New Listings $524,900
Per Square Foot $309
Average Days on Market 62
Median Days on Market 35
Price Decreased 47%
Price Increased 4%
Relisted 6%
Inventory 1,217
Median Rent
Market Action 56
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
$1,377,000 3,289 0.25 - 0.5 acre 4 4 21 47 31 49
$724,850 2,250 8,000 - 10,000 sqft 4 3 34 44 45 42
$525,000 1,838 6,500 - 8,000 sqft 3 2 37 73 47 28
$380,000 1,454 6,500 - 8,000 sqft 3 2 53 87 81 28