Top Mega Teams in Phoenix, Arizona – Ranked by Volume

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    2023 Phoenix, Arizona Market Summary

    Phoenix, Arizona started 2023 with a total of 1,936 single-family homes on the market, with a median home price of $465,000 and an average price per square foot of $307. By the end of the year, inventory had decreased to 1,520 homes on the market (-21%), with a median home price of $559,950 (+20%) and an average price per square foot of $339 (+10%).

    At the start of 2023, the median days on market (DOM) was 77 days – by the end of the year, median DOM had decreased to 56 days.

    Phoenix started the year with 61% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 48% of Phoenix homes for sale had taken a price cut.

    Finally, Altos’ proprietary Market Action Index (MAI) shows that Phoenix started 2023 as a seller’s market, with an MAI score of 43; by the end of the year, the MAI had dropped to 39 – a slight seller’s advantage.

    This market summary is powered by Altos Research – click here to run a free report for your area.

    Housing Market News

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    Lower mortgage rates attracting more homebuyers 

    Sep 16, 2024By

    An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

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