The median listing price for a Metro Phoenix home has hit an all-time high exceeding $500,000, according to Realtor.com’s Monthly Housing Trends Report.
Phoenix homes have seen a market value increase of 19.4% annually for the past several years, nearly $100,000 higher than the national average. In January, Phoenix homes were sold at an average of $283 per square foot and increased in February to $297 per square foot.
Along with the Valley, the U.S. as a whole has reached a national high for housing market prices. As of March, homes nationwide are averaging $405,000. The listing prices for the top 50 metro areas grew by an average of 9.1% in March compared to last year.
With homes in the Valley surpassing the half a million-dollar price tag other aspects of the market are being impacted including average days on the market, price reductions, and active listing count.
Here’s a more in-depth look at the Phoenix real estate market in 2022:
- Median Phoenix home listing price: $502,000
- Median listing price increase year over year: 19.4%
- Median listing price increase per square foot year over year: 22.8%
- Active listing count year over year: 2.4% increase
- New listing count year over year: 5.1% decrease
- Median days on the market: 30
- Median days on the market year over year: -2
- Price reduced share: 6.4%
- Price reduced share year over year: 1.4%
Even with housing prices in the U.S. seemingly on the unforeseeable rise, Chief Economist of Realtor.com Danielle Hale weighed in her expertise,
“Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market. Buyer demand is moderating in the face of high costs, and we’re beginning to see more homeowners take price cuts on their listings and overall inventory declines lessen in response. Assuming all these factors and new construction hold steady, we could begin to see inventory increases this summer, welcome news for buyers who have endured pandemic home shopping and can continue their journey despite higher buying costs. For buyers currently in the market, there’s good reason to aim to find a home before interest rates increase further. But if it takes longer than a few months, don’t give up hope, as there may be more to choose from in the summer months.”
In April, houses were on the market 17 days less than last year. As of March 2022, the average house spent 38 days on the market, 11 less than March 2021, narrowing the gap from April. Houses continue to jump on and off listing pages yet data reveals small strides towards a more balanced market.