Is Phoenix, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Phoenix is a seller's market

Buyer's
Market

Difference Since August 2021

Since last year, Phoenix has remained a Seller's Market.

Key Takeaway

Phoenix is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Phoenix, AZ cost?

Median Sold Price

$429,900

$274/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$79,836(+22.8%)

Key Takeaway

Homes in Phoenix have sold for 22.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $189.9K$245K
+29.0%
2 $258.7K$320.6K
+23.9%
3 $344.8K$424.8K
+23.2%
4 $437.4K$519.2K
+18.7%
5+ $616.3K$739.2K
+19.9%

Median Sold Price Compared To Nearby Cities

Tolleson
+39.1%
Paradise Valley
+31.7%
Glendale
+26.8%
Peoria
+23.3%
Phoenix
+22.8%

How many homes are available in Phoenix, AZ?

Number of Homes For Sale

Jul 2022Aug 2022%
6,8347,356+7.6%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 194197
+1.5%
2 1,1101,190
+7.2%
3 3,0643,304
+7.8%
4 1,9042,065
+8.5%
5+ 562600
+6.8%

Number of Homes Sold

Jul 2022Aug 2022%
1,5111,526+1.0%

Asking Price vs. Sold Price

815 Homes Were Sold
Under Asking

403 Homes Were Sold
At Asking

308 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Phoenix, you may be able to get a good deal. 53.4% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
26 Days37 Days+42.8%

Breakdown of Home Sale Times

707 Homes Were Sold
Under 30 Days

729 Homes Were Sold
In 30 - 90 Days

90 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Phoenix has remained consistent over time.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Phoenix, AZ

Number of homes for sale in Phoenix, AZ real estate market have reached 7,356. The number of homes for sale in Phoenix, AZ increased by 7.6% between July 2022 and August 2022. In August 2022 median list price was $429,900 and the average listing age was 37 days. This housing market listing prices have changed between July 2022 and August 2022: 1 bedroom properties prices increased by 29%, 2 bedrooms properties prices increased by 23.9%, 3 bedrooms properties became 23.2% more expensive, 4 bedrooms properties prices increased by 18.7%, the cost of 5 bedrooms properties went up by 19.9%. Housing inventory have changed in this real estate market: 1 bedroom homes became 1.5% more available, 2 bedrooms homes became 7.2% more available, 3 bedrooms homes inventory increased by 7.8%, the quantity of 4 bedrooms homes went up by 8.5%, 5 bedrooms homes inventory increased by 6.8%. Over 308 listings were sold over their listed price in August 2022 in Phoenix, AZ. In the same period over 815 listings were sold below the listed price and 403 listings were sold for the listed price.

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