$5,344 Closing Credit*
$450,000
2,018 SqFt
4 Beds
•2 Baths
Jennifer Barney, Listing Office: Realty ONE Group
Is Phoenix, AZ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$450,977
$285/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$25,977(+6.1%)
Key Takeaway
Homes in Phoenix have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in Phoenix was $450,977 in October 2024, up 6.1% from last year, and the median price per square foot was $285.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $234.7K | $248K | +5.7% |
| 2 Bedrooms | $319.1K | $335.2K | +5.0% |
| 3 Bedrooms | $414.9K | $435.1K | +4.9% |
| 4 Bedrooms | $549.7K | $578.3K | +5.2% |
| 5+ Bedrooms | $748.1K | $815K | +8.9% |
Summary: Phoenix housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 8.9%.
Median Sold Price Compared To Nearby Cities
| Peoria | $479.1K | $514.8K | +7.5% |
| Phoenix | $424.9K | $450.9K | +6.1% |
| Glendale | $414.7K | $425K | +2.5% |
| Tolleson | $399.9K | $409.7K | +2.5% |
| Paradise Valley | $3.1M | $3.1M | -0.9% |
Housing Supply in Phoenix, AZ
How many homes are available in Phoenix, AZ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6,148 | 6,612 | +7.5% |
Summary: The Phoenix real estate market had 6,612 homes for sale in October 2024, a 7.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 206 | 234 | +13.6% |
| 2 Bedrooms | 1,041 | 1,160 | +11.4% |
| 3 Bedrooms | 2,516 | 2,673 | +6.2% |
| 4 Bedrooms | 1,812 | 1,924 | +6.2% |
| 5+ Bedrooms | 573 | 621 | +8.4% |
Summary: The Phoenix housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 8.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,171 | 1,291 | +10.2% |
Asking Price vs. Sold Price
697 Homes Were Sold
Under Asking
344 Homes Were Sold
At Asking
250 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Phoenix, you may be able to get a good deal. 54% of homes here sold below asking price last month.
Summary: A total of 1,291 homes were sold or pending in Phoenix in October 2024, up by 10.2% month-over-month. Of the 1,291 sold homes, 54% were sold under asking, 27% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 42 Days | 62 Days | +47.8% |
Summary: Homes in Phoenix had an average of 62 days on market in Oct 2024, up by 47.8% compared to last year.
Breakdown of Home Sale Times
437 Homes Were Sold
Under 30 Days
568 Homes Were Sold
In 30 - 90 Days
286 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Phoenix has remained consistent over time.
Summary: During October 2024, 1291 homes were sold in Phoenix; 34% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 22% 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.