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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Surprise is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Surprise has remained a Seller's Market.

Key Takeaway

Surprise is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Surprise, AZ

How much do homes in Surprise, AZ cost?

Median Sold Price

$425,000

$234/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$29,999(-6.6%)

Key Takeaway

Homes in Surprise have sold for 6.6% less than they did a year ago.

Summary: The median home sold price in Surprise was $425,000 in February 2024, down 6.6% from last year, and the median price per square foot was $234.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $177K$225.4K
+27.4%
2 $419.5K$395K
-5.9%
3 $434.9K$405K
-6.9%
4 $485.1K$460K
-5.2%
5+ $560K$538.9K
-3.8%

Summary: Surprise housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.4%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes decreased by 6.9%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes decreased by 3.8%.

Median Sold Price Compared To Nearby Cities

Wittmann
+2.0%
Peoria
-2.6%
Surprise
-6.6%
El Mirage
-7.8%
Waddell
-16.1%

Housing Supply in Surprise, AZ

How many homes are available in Surprise, AZ?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,2641,338+5.9%

Summary: The Surprise real estate market had 1,338 homes for sale in February 2024, a 5.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1717
0.0%
2 313338
+8.0%
3 503539
+7.2%
4 338347
+2.7%
5+ 9397
+4.3%

Summary: The Surprise housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 4.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
208237+13.9%

Asking Price vs. Sold Price

146 Homes Were Sold
Under Asking

65 Homes Were Sold
At Asking

26 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Surprise, you may be able to get a good deal. 61.6% of homes here sold below asking price last month.

Summary: A total of 237 homes were sold or pending in Surprise in February 2024, up by 13.9% month-over-month. Of the 237 sold homes, 62% were sold under asking, 27% were sold at asking, and 11% were sold over asking.

Days on Market for Surprise, AZ

How long does it take to sell a home in Surprise, AZ?

Average Sale Time

Feb 2023Feb 2024CHANGE
82 Days71 Days-13.8%

Summary: Homes in Surprise had an average of 71 days on market in Feb 2024, down by 13.8% compared to last year.

Breakdown of Home Sale Times

73 Homes Were Sold
Under 30 Days

98 Homes Were Sold
In 30 - 90 Days

66 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 237 homes were sold in Surprise; 31% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 28% 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 18 Days Ago

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