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

Housing Market Conditions



Gauge showing Phoenix is a seller's market


Difference Since February 2023

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 in Phoenix, AZ

How much do homes in Phoenix, AZ cost?

Median Sold Price



Based on all homes sold in the last 12 months.

Difference Since February 2023


Key Takeaway

Homes in Phoenix have sold for 1.1% less than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $252.6K$240K
2 $331.7K$325K
3 $430.2K$423.4K
4 $543.7K$567K
5+ $748.9K$802.7K

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

Paradise Valley

Housing Supply in Phoenix, AZ

How many homes are available in Phoenix, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE

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

# BEDSJan 2024Feb 2024CHANGE
1 166185
2 876959
3 1,9412,097
4 1,5051,612
5+ 489560

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 2024Feb 2024CHANGE

Asking Price vs. Sold Price

621 Homes Were Sold
Under Asking

319 Homes Were Sold
At Asking

175 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. 55.7% of homes here sold below asking price last month.

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 2023Feb 2024CHANGE
78 Days58 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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

Report Updated 4 Days Ago

Newest Listings in Phoenix, AZ

Nearby Markets to Phoenix, AZ

What housing markets are near Phoenix, AZ?