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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 85040 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 85040 has remained a Seller's Market.

Key Takeaway

85040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 85040, AZ

How much do homes in 85040, AZ cost?

Median Sold Price

$351,500

$253/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$11,550(+3.4%)

Key Takeaway

Homes in 85040 have sold for 3.4% more than they did a year ago.

Summary: The median home sold price in 85040 was $351,500 in October 2024, up 3.4% from last year, and the median price per square foot was $253.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $257.8K$296K
+14.8%
2 $211.2K$267.5K
+26.7%
3 $339K$350K
+3.2%
4 $396.2K$406K
+2.5%
5+ $350K$455K
+30.0%

Summary: 85040 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.8%, 2 bedroom homes increased by 26.7%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 30%.

Median Sold Price Compared To Nearby Zip Codes

85042
+6.0%
85034
+5.4%
85040
+3.4%
85004
+1.0%
85007
-9.3%

Housing Supply in 85040, AZ

How many homes are available in 85040, AZ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7688+15.8%

Summary: The 85040 real estate market had 88 homes for sale in October 2024, a 15.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 23
+50.0%
2 1014
+40.0%
3 4147
+14.6%
4 2020
0.0%
5+ 34
+33.3%

Summary: The 85040 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 14.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1420+42.9%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

2 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. 55% of homes here sold near the asking price last month.

Summary: A total of 20 homes were sold or pending in 85040 in October 2024, up by 42.9% month-over-month. Of the 20 sold homes, 35% were sold under asking, 55% were sold at asking, and 10% 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

Oct 2023Oct 2024CHANGE
25 Days62 Days+141.7%

Summary: Homes in 85040 had an average of 62 days on market in Oct 2024, up by 141.7% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 85040 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 20 homes were sold in 85040; 40% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 35% 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 4 Days Ago

Newest Listings in 85040, AZ

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