Is 85040, AZ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 85040 is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, 85040 was a Seller's Market.

Key Takeaway

85040 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 85040, AZ

How much do homes in 85040, AZ cost?

Median Sold Price

$354,333

$254/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$14,333(+4.2%)

Key Takeaway

Homes in 85040 have sold for 4.2% more than they did a year ago.

Summary: The median home sold price in 85040 was $354,333 in November 2024, up 4.2% from last year, and the median price per square foot was $254.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $189.2K$227K
+19.9%
2 $212.5K$260K
+22.4%
3 $339.2K$350K
+3.2%
4 $395K$402.4K
+1.9%
5+ $350K$455K
+30.0%

Summary: 85040 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.9%, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 30%.

Median Sold Price Compared To Nearby Zip Codes

85042
+5.2%
85040
+4.2%
85004
+1.4%
85007
-3.4%

Housing Supply in 85040, AZ

How many homes are available in 85040, AZ?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
88880.0%

Summary: The 85040 real estate market had 88 homes for sale in November 2024, the same as October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 33
0.0%
2 1312
-7.7%
3 4852
+8.3%
4 2018
-10.0%
5+ 43
-25.0%

Summary: The 85040 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 8.3%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2014-30.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 85040, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 14 homes were sold or pending in 85040 in November 2024, down by 30.0% month-over-month. Of the 14 sold homes, 21% were sold under asking, 50% were sold at asking, and 29% were sold over asking.

Days on Market for 85040, AZ

How long does it take to sell a home in 85040, AZ?

Average Sale Time

Nov 2023Nov 2024CHANGE
26 Days61 Days+128.1%

Summary: Homes in 85040 had an average of 61 days on market in Nov 2024, up by 128.1% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 85040 has remained consistent over time.

Summary: During November 2024, 14 homes were sold in 85040; 29% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 36% 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 22 Days Ago

Newest Listings in 85040, AZ

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