Phoenix AZ Real Estate - Phoenix AZ Homes For Sale | Zillow (2024)

FAQs

Is it a good time to buy a house in Phoenix right now? ›

Currently, Phoenix is a seller's market- because the demand outweighs the supply, so buyers need to put in competitive offers to win the house they want. There have been issues with inventory for some time in Phoenix, which has contributed to keeping prices up despite the higher mortgage rates.

Phoenix Housing Market Trends

What is the housing market like in Phoenix today? In June 2024, Phoenix home prices were up 3.4% compared to last year, selling for a median price of $455K. On average, homes in Phoenix sell after 45 days on the market compared to 37 days last year.

Phoenix has a dynamic real estate market. It can be challenging to sell your house in the current economic situation. Late spring and up to July are considered the home-selling months. You can sell faster and earn higher sale proceeds during this time of the year.

Phoenix was a pandemic boomtown, but home prices there are falling, according to a Realtor report. As of August 2023, the median home price in Phoenix was $537,900, down 1.2% compared to last year. But there are homes much cheaper than that, of course. We took a look through listings to find five.

The current median days on market (DOM) in Arizona is 51 days. This is relatively average compared to other states, but the state's limited inventory and rising prices indicate a seller's market.

Average Home Prices: The average median home price in Arizona is $433,200, up by 6.7% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory.

In the City of Phoenix, the COVID-19 pandemic and economic downturn intensified the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, experienced job losses, which made it even more challenging to afford a place to live.

Phoenix Housing Market Report Maricopa County, Arizona

Is Phoenix, AZ a buyer's or seller's market? Since last year, Phoenix has remained a Seller's Market. Phoenix is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Arizona exemplifies the stress over housing. Over the past decade, the allure of suburban life under cloudless skies has swelled the population of greater Phoenix to five million from 4.2 million, according to census data. The influx pushed housing prices steadily higher.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

What is the most popular month to sell a house? ›

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

Best day for the fastest sale

Listing your property on a Thursday can help sell a home fast as well as for the best price, the Zillow study found. This time frame gives sellers enough time to have multiple showings over the weekend — and, hopefully, an offer or two by Monday.

In other terms, that's one in every 37 existing homes in Arizona that entered some stage of the foreclosure process. The metro Phoenix foreclosure rate was 3.09 percent, which ranked the area at No. 17 in the nation.

Arizona has long been a top choice for real estate investors seeking attractive opportunities in the United States. With its thriving economy, diverse landscapes, and favorable tax environment, the Grand Canyon State offers a range of benefits for those looking to invest in real estate.

Arizona Housing Market Overview

In June 2024, home prices in Arizona were up 2.0% compared to last year, selling for a median price. On average, the number of homes sold was down 14.3% year over year and there were 8,374 homes sold in June this year, down 9,774 homes sold in June last year.

Arizona is a competitive market. Phoenix and the surrounding communities attract people from far and wide, and the state's population is booming with little sign of stopping. Whether you're looking for your first home or someplace to retire, investing in Arizona real estate could pay off for you.

Competition levels may also be lower than spring and summer, especially if you're searching in an area that's popular among families with kids. If getting the lowest price possible is your main priority, consider searching for a home in November or December.

From 2021 to 2022, Maricopa County — which contains much of greater Phoenix — added 57,000 people, registering the largest population growth in the nation. As the Federal Reserve lifted interest rates to lower inflation, mortgage rates increased sharply, raising the costs of buying homes.