Is Phoenix, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$449,755
$285/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Phoenix was $449,755 in June 2024, up 5.8% from last year, and the median price per square foot was $285.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $237.5K | $250K | +5.3% |
2 Bedrooms | $320K | $330K | +3.1% |
3 Bedrooms | $414.9K | $434.9K | +4.8% |
4 Bedrooms | $536.7K | $581.2K | +8.3% |
5+ Bedrooms | $720.7K | $823.7K | +14.3% |
Summary: Phoenix housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.3%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 14.3%.
Median Sold Price Compared To Nearby Cities
Phoenix | $425K | $449.7K | +5.8% |
Paradise Valley | $3.0M | $3.2M | +5.3% |
Glendale | $416K | $424.9K | +2.2% |
Tolleson | $401K | $409.9K | +2.2% |
Peoria | $489.5K | $499.6K | +2.1% |
Housing Supply in Phoenix, AZ
How many homes are available in Phoenix, AZ?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
6,286 | 6,173 | -1.8% |
Summary: The Phoenix real estate market had 6,173 homes for sale in June 2024, a 1.8% decrease compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 208 | 226 | +8.7% |
2 Bedrooms | 1,100 | 1,074 | -2.4% |
3 Bedrooms | 2,480 | 2,476 | -0.2% |
4 Bedrooms | 1,889 | 1,796 | -4.9% |
5+ Bedrooms | 609 | 601 | -1.3% |
Summary: The Phoenix housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes decreased by 4.9%, and 5+ bedroom homes decreased by 1.3%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
1,614 | 1,361 | -15.7% |
Asking Price vs. Sold Price
705 Homes Were Sold
Under Asking
381 Homes Were Sold
At Asking
275 Homes Were Sold
Over Asking
Summary: A total of 1,361 homes were sold or pending in Phoenix in June 2024, down by 15.7% month-over-month. Of the 1,361 sold homes, 52% were sold under asking, 28% were sold at asking, and 20% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
51 Days | 52 Days | +2.3% |
Summary: Homes in Phoenix had an average of 52 days on market in Jun 2024, up by 2.3% compared to last year.
Breakdown of Home Sale Times
506 Homes Were Sold
Under 30 Days
635 Homes Were Sold
In 30 - 90 Days
220 Homes Were Sold
Over 90 Days
Summary: During June 2024, 1361 homes were sold in Phoenix; 37% of homes were sold within 30 days, 47% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.