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 November 2021

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.

How much do homes in Phoenix, AZ cost?

Median Sold Price

$439,230

$280/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$66,431(+17.8%)

Key Takeaway

Homes in Phoenix have sold for 17.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $199.9K$250K
+25.0%
2 $273.8K$330K
+20.5%
3 $368.3K$430.1K
+16.8%
4 $456.7K$532.1K
+16.5%
5+ $648.4K$750.3K
+15.7%

Median Sold Price Compared To Nearby Cities

Tolleson
+28.7%
Paradise Valley
+27.9%
Glendale
+19.7%
Peoria
+18.9%
Phoenix
+17.8%

How many homes are available in Phoenix, AZ?

Number of Homes For Sale

Oct 2022Nov 2022%
6,4096,376-0.5%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 174179
+2.9%
2 9951,016
+2.1%
3 2,8692,826
-1.5%
4 1,8771,871
-0.3%
5+ 494484
-2.0%

Number of Homes Sold

Oct 2022Nov 2022%
1,2541,130-9.9%

Asking Price vs. Sold Price

749 Homes Were Sold
Under Asking

249 Homes Were Sold
At Asking

132 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. 66.3% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
31 Days58 Days+86.7%

Breakdown of Home Sale Times

351 Homes Were Sold
Under 30 Days

530 Homes Were Sold
In 30 - 90 Days

249 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.

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

About Phoenix, AZ

Homes for sale in Phoenix, AZ have reached 6,376. The inventory of homes for sale in Phoenix, AZ between October 2022 and November 2022 decreased by 0.5%. In November 2022 median list price was $439,230 and the average listing age was 58 days. Real estate listing prices changed between October 2022 and November 2022: prices of 1 bedroom properties increased by 25%, the cost of 2 bedrooms properties went up by 20.5%, the cost of 3 bedrooms properties went up by 16.8%, 4 bedrooms properties became 16.5% more expensive, 5 bedrooms properties became 15.7% more expensive. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes inventory increased by 2.9%, 2 bedrooms homes became 2.1% more available, 3 bedrooms homes became 1.5% less available, the quantity of 4 bedrooms homes went down by 0.3%, number of 5 bedrooms homes decreased by 2%. While more than 132 listings in Phoenix, AZ in November 2022 were sold above asking price, there were more than 249 listings sold at asking price, and more than 749 were sold below.

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