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 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

$435,862

$278/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$4,762(-1.1%)

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
-5.0%
2 $331.7K$325K
-2.0%
3 $430.2K$423.4K
-1.6%
4 $543.7K$567K
+4.3%
5+ $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
-1.1%
Paradise Valley
-2.6%
Peoria
-2.6%
Glendale
-2.8%
Tolleson
-5.3%

Housing Supply in Phoenix, AZ

How many homes are available in Phoenix, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
4,9775,413+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

# BEDSJan 2024Feb 2024CHANGE
1 166185
+11.4%
2 876959
+9.5%
3 1,9412,097
+8.0%
4 1,5051,612
+7.1%
5+ 489560
+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 2024Feb 2024CHANGE
9861,115+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

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

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