Navi Title Agency

Phoenix, AZ 85008

Single-Family Homes

Here is your weekly Market Update!



Phoenix, AZ 85008

Sun Jul 14 2024
This week the median list price for Phoenix, AZ 85008 is $542,450 with the market action index hovering around 44. This is less than last month's market action index of 50. Inventory has increased to 44. 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 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 85008

Sun Jul 14 2024
This week the median list price for Phoenix, AZ 85008 is $542,450 with the market action index hovering around 44. This is less than last month's market action index of 50. Inventory has increased to 44. 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 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 $542,450
Median Price of New Listings $544,900
Per Square Foot $328
Average Days on Market 55
Median Days on Market 42
Price Decreased 48%
Price Increased 0%
Relisted 7%
Inventory 44
Median Rent
Market Action 44
Slight Seller's Advantage

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, 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
$1,000,000 2,478 0.25 - 0.5 acre 4 3 66 1 1 42
$599,000 1,864 8,000 - 10,000 sqft 4 3 74 3 2 14
$480,000 1,452 6,500 - 8,000 sqft 3 2 71 0 1 56
$359,900 1,259 6,500 - 8,000 sqft 3 2 74 3 2 42