Is 85118, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 85118 was a Seller's Market.
Key Takeaway
85118 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 85118, AZ
How much do homes in 85118, AZ cost?
Median Sold Price
$494,500
$265/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 85118 have sold for 4.9% less than they did a year ago.
Summary: The median home sold price in 85118 was $494,500 in March 2024, down 4.9% from last year, and the median price per square foot was $265.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $432.2K | $429.9K | -0.5% |
| 3 Bedrooms | $520K | $495K | -4.8% |
| 4 Bedrooms | $655K | $621K | -5.2% |
| 5+ Bedrooms | $1.0M | $728.7K | -28.8% |
Summary: 85118 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.5%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes decreased by 28.8%.
Housing Supply in 85118, AZ
How many homes are available in 85118, AZ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 232 | 238 | +2.6% |
Summary: The 85118 real estate market had 238 homes for sale in March 2024, a 2.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 46 | 44 | -4.3% |
| 3 Bedrooms | 120 | 129 | +7.5% |
| 4 Bedrooms | 54 | 52 | -3.7% |
| 5+ Bedrooms | 12 | 13 | +8.3% |
Summary: The 85118 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.3%, 3 bedroom homes increased by 7.5%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 48 | 35 | -27.1% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 85118, you may be able to get a good deal. 68.6% of homes here sold below asking price last month.
Summary: A total of 35 homes were sold or pending in 85118 in March 2024, down by 27.1% month-over-month. Of the 35 sold homes, 69% were sold under asking, 14% were sold at asking, and 17% were sold over asking.
Days on Market for 85118, AZ
How long does it take to sell a home in 85118, AZ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 98 Days | 76 Days | -22.1% |
Summary: Homes in 85118 had an average of 76 days on market in Mar 2024, down by 22.1% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 85118 has remained consistent over time.
Summary: During March 2024, 35 homes were sold in 85118; 20% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 37% of homes were sold over 90 days.
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc. Indicates a property listed by a real estate brokerage other than Rocket Homes Real Estate, LLC. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information deemed reliable but not guaranteed. Copyright© 2024 Arizona Regional Multiple Listing Service, Inc. All Rights Reserved.