Is Phoenix, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$444,345
$283/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Phoenix was $444,345 in April 2024, up 2.6% from last year, and the median price per square foot was $283.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $246K | $247.7K | +0.7% |
2 Bedrooms | $325.2K | $328.7K | +1.1% |
3 Bedrooms | $423.4K | $429.9K | +1.5% |
4 Bedrooms | $537.4K | $579.7K | +7.9% |
5+ Bedrooms | $750.3K | $818.5K | +9.1% |
Summary: Phoenix housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.7%, 2 bedroom homes increased by 1.1%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 9.1%.
Median Sold Price Compared To Nearby Cities
Phoenix | $433K | $444.3K | +2.6% |
Paradise Valley | $3.0M | $3.0M | 0.3% |
Peoria | $498.3K | $499.8K | 0.3% |
Glendale | $425K | $424.6K | -0.1% |
Tolleson | $410.5K | $405K | -1.3% |
Housing Supply in Phoenix, AZ
How many homes are available in Phoenix, AZ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
5,948 | 6,095 | +2.5% |
Summary: The Phoenix real estate market had 6,095 homes for sale in April 2024, a 2.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 218 | 208 | -4.6% |
2 Bedrooms | 1,063 | 1,094 | +2.9% |
3 Bedrooms | 2,311 | 2,385 | +3.2% |
4 Bedrooms | 1,782 | 1,801 | +1.1% |
5+ Bedrooms | 574 | 607 | +5.7% |
Summary: The Phoenix housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.6%, 2 bedroom homes increased by 2.9%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 5.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,487 | 1,493 | 0.4% |
Asking Price vs. Sold Price
813 Homes Were Sold
Under Asking
374 Homes Were Sold
At Asking
306 Homes Were Sold
Over Asking
Summary: A total of 1,493 homes were sold or pending in Phoenix in April 2024, up by 0.4% month-over-month. Of the 1,493 sold homes, 54% were sold under asking, 25% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
62 Days | 55 Days | -9.8% |
Summary: Homes in Phoenix had an average of 55 days on market in Apr 2024, down by 9.8% compared to last year.
Breakdown of Home Sale Times
554 Homes Were Sold
Under 30 Days
666 Homes Were Sold
In 30 - 90 Days
273 Homes Were Sold
Over 90 Days
Summary: During April 2024, 1493 homes were sold in Phoenix; 37% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.