Is Phoenix, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$440,050
$281/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Phoenix have sold for 0.6% more than they did a year ago.
Summary: The median home sold price in Phoenix was $440,050 in March 2024, up 0.6% from last year, and the median price per square foot was $281.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250K | $240K | -4.0% |
| 2 Bedrooms | $329.9K | $325.2K | -1.4% |
| 3 Bedrooms | $429K | $425.2K | -0.9% |
| 4 Bedrooms | $539.5K | $576.1K | +6.8% |
| 5+ Bedrooms | $750.5K | $800.9K | +6.7% |
Summary: Phoenix housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Cities
| Phoenix | $437.6K | $440K | +0.6% |
| Peoria | $499.9K | $497.9K | -0.4% |
| Glendale | $430.1K | $420K | -2.4% |
| Paradise Valley | $3.1M | $3.0M | -3.1% |
| Tolleson | $419.7K | $404.9K | -3.5% |
Housing Supply in Phoenix, AZ
How many homes are available in Phoenix, AZ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5,461 | 5,887 | +7.8% |
Summary: The Phoenix real estate market had 5,887 homes for sale in March 2024, a 7.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 176 | 215 | +22.2% |
| 2 Bedrooms | 962 | 1,055 | +9.7% |
| 3 Bedrooms | 2,162 | 2,303 | +6.5% |
| 4 Bedrooms | 1,618 | 1,723 | +6.5% |
| 5+ Bedrooms | 543 | 591 | +8.8% |
Summary: The Phoenix housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 8.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,203 | 1,488 | +23.7% |
Asking Price vs. Sold Price
788 Homes Were Sold
Under Asking
418 Homes Were Sold
At Asking
282 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Phoenix, you may be able to get a good deal. 53% of homes here sold below asking price last month.
Summary: A total of 1,488 homes were sold or pending in Phoenix in March 2024, up by 23.7% month-over-month. Of the 1,488 sold homes, 53% were sold under asking, 28% were sold at asking, and 19% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 69 Days | 54 Days | -22.4% |
Summary: Homes in Phoenix had an average of 54 days on market in Mar 2024, down by 22.4% compared to last year.
Breakdown of Home Sale Times
610 Homes Were Sold
Under 30 Days
591 Homes Were Sold
In 30 - 90 Days
287 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Phoenix are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 1488 homes were sold in Phoenix; 41% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Arizona Regional Multiple Listing Service, Inc. Indicates a property listed by a real estate brokerage other than Rocket Homes Real Estate, LLC. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Arizona Regional Multiple Listing Service, Inc. do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information deemed reliable but not guaranteed. Copyright© 2024 Arizona Regional Multiple Listing Service, Inc. All Rights Reserved.
The data relating to real estate listings on this website comes in part from the Internet Data Exchange (IDX) program of Multiple Listing Service of Southern Arizona. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listings provided by brokerages other than this broker are identified with the MLSSAZ IDX Logo. All Information Is Deemed Reliable But Is Not Guaranteed Accurate. Listing information Copyright 2024 MLS of Southern Arizona. All Rights Reserved.