Is Downtown Phoenix, 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, Downtown Phoenix was a Seller's Market.
Housing Prices in Downtown Phoenix, AZ
How much do homes in Downtown Phoenix, AZ cost?
Median Sold Price
$428,500
$374/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Downtown Phoenix was $428,500 in March 2024, up 8.5% from last year, and the median price per square foot was $374.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $351.5K | $360K | +2.4% |
2 Bedrooms | $492K | $525K | +6.7% |
3 Bedrooms | $565K | $582.5K | +3.1% |
4 Bedrooms | - | $849K | N/A |
5+ Bedrooms | - | $502.7K | N/A |
Summary: Downtown Phoenix housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 3.1%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
Downtown Phoenix | $395K | $428.5K | +8.5% |
Copper Square | $375K | $395K | +5.3% |
Garfield | $415K | $404.5K | -2.5% |
Housing Supply in Downtown Phoenix, AZ
How many homes are available in Downtown Phoenix, AZ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
19 | 18 | -5.3% |
Summary: The Downtown Phoenix real estate market had 18 homes for sale in March 2024, a 5.3% decrease compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 5 | -16.7% |
2 Bedrooms | 9 | 9 | 0.0% |
3 Bedrooms | 1 | 2 | +100.0% |
4 Bedrooms | 1 | 1 | 0.0% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Downtown Phoenix housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
4 | 2 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 2 homes were sold or pending in Downtown Phoenix in March 2024, down by 50.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Downtown Phoenix, AZ
How long does it take to sell a home in Downtown Phoenix, AZ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
34 Days | 76 Days | +123.5% |
Summary: Homes in Downtown Phoenix had an average of 76 days on market in Mar 2024, up by 123.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 2 homes were sold in Downtown Phoenix; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.