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

Housing Market Conditions



Gauge showing Phoenix is a seller's market


Difference Since August 2022

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.

Housing Prices

How much do homes in Phoenix, AZ cost?

Median Sold Price



Based on all homes sold in the last 12 months.

Difference Since August 2022


Key Takeaway

Homes in Phoenix have sold for 1.2% less than they did a year ago.

Summary: The median home sold price in Phoenix was $424,763 in August 2023, down 1.2% from last year, and the median price per square foot was $271.

Median Sold Price By Bedroom Count

# BEDSAug 2022Aug 2023CHANGE
1 $245K$230K
2 $320.9K$319.5K
3 $424.9K$414.4K
4 $519.8K$540.3K
5+ $741.5K$729K

Summary: Phoenix housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 6.1%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 1.7%.

Median Sold Price Compared To Nearby Cities

Paradise Valley

Housing Supply

How many homes are available in Phoenix, AZ?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE

Summary: The Phoenix real estate market had 4,769 homes for sale in August 2023, a 3.5% increase compared to July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 179178
2 768781
3 1,8641,928
4 1,3551,431
5+ 441451

Summary: The Phoenix housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 0.6%, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 2.3%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE

Asking Price vs. Sold Price

647 Homes Were Sold
Under Asking

369 Homes Were Sold
At Asking

320 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. 48.4% of homes here sold below asking price last month.

Summary: A total of 1,336 homes were sold or pending in Phoenix in August 2023, down by 0.8% month-over-month. Of the 1,336 sold homes, 48% were sold under asking, 28% were sold at asking, and 24% were sold over asking.

Days on Market

How long does it take to sell a home in Phoenix, AZ?

Average Sale Time

Aug 2022Aug 2023CHANGE
37 Days44 Days+18.8%

Summary: Homes in Phoenix had an average of 44 days on market in Aug 2023, up by 18.8% compared to last year.

Breakdown of Home Sale Times

619 Homes Were Sold
Under 30 Days

538 Homes Were Sold
In 30 - 90 Days

179 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Phoenix are selling fast, if you're buying plan to act quickly.

Summary: During August 2023, 1336 homes were sold in Phoenix; 46% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

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

Report Updated 25 Days Ago

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Nearby Markets

What housing markets are near Phoenix, AZ?