Is Phoenix, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Phoenix has remained a Seller's Market.
Housing Prices in Phoenix, AZ
How much do homes in Phoenix, AZ cost?
Median Sold Price
$435,862
$278/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Phoenix was $435,862 in February 2024, down 1.1% from last year, and the median price per square foot was $278.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $252.6K | $240K | -5.0% |
2 Bedrooms | $331.7K | $325K | -2.0% |
3 Bedrooms | $430.2K | $423.4K | -1.6% |
4 Bedrooms | $543.7K | $567K | +4.3% |
5+ Bedrooms | $748.9K | $802.7K | +7.2% |
Summary: Phoenix housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Cities
Phoenix | $440.6K | $435.8K | -1.1% |
Paradise Valley | $3.1M | $3.0M | -2.6% |
Peoria | $503.9K | $490.9K | -2.6% |
Glendale | $432K | $419.9K | -2.8% |
Tolleson | $425K | $402.2K | -5.3% |
Housing Supply in Phoenix, AZ
How many homes are available in Phoenix, AZ?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
4,977 | 5,413 | +8.8% |
Summary: The Phoenix real estate market had 5,413 homes for sale in February 2024, a 8.8% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 166 | 185 | +11.4% |
2 Bedrooms | 876 | 959 | +9.5% |
3 Bedrooms | 1,941 | 2,097 | +8.0% |
4 Bedrooms | 1,505 | 1,612 | +7.1% |
5+ Bedrooms | 489 | 560 | +14.5% |
Summary: The Phoenix housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 14.5%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
986 | 1,115 | +13.1% |
Asking Price vs. Sold Price
621 Homes Were Sold
Under Asking
319 Homes Were Sold
At Asking
175 Homes Were Sold
Over Asking
Summary: A total of 1,115 homes were sold or pending in Phoenix in February 2024, up by 13.1% month-over-month. Of the 1,115 sold homes, 56% were sold under asking, 29% were sold at asking, and 16% were sold over asking.
Days on Market for Phoenix, AZ
How long does it take to sell a home in Phoenix, AZ?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
78 Days | 58 Days | -24.6% |
Summary: Homes in Phoenix had an average of 58 days on market in Feb 2024, down by 24.6% compared to last year.
Breakdown of Home Sale Times
411 Homes Were Sold
Under 30 Days
445 Homes Were Sold
In 30 - 90 Days
259 Homes Were Sold
Over 90 Days
Summary: During February 2024, 1115 homes were sold in Phoenix; 37% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.