PHOENIX HOMES FOR SALE & REAL ESTATE LISTINGS

As of March 2024, the housing market in Phoenix has seen a significant increase in home values, with median prices rising 12.1% year-over-year to $459K. Homes are selling faster than the previous year, with the average selling time decreasing from 52 to 42 days. However, despite these positive trends in price and selling speed, the volume of homes sold has decreased, with 1,548 homes sold in March this year compared to 1,720 in the same month last year. This decline in sales could indicate a tightening market where fewer homes are available, which might be driving the quicker sales and higher prices.

The Phoenix real estate market maintains a level of competitiveness, with homes generally selling within 45 days. The market dynamics suggest that while some properties receive multiple offers, on average, homes in Phoenix sell for approximately 2% below the listing price and typically go pending in around the same 45-day period. However, properties categorized as "hot" homes, which likely include those in sought-after locations or with desirable features, tend to sell more quickly and for around the list price, going pending in about 20 days. This faster movement for hot homes indicates a strong demand for premium properties in the area.

People relocating to Phoenix are predominantly coming from other major metropolitan areas, with the largest numbers arriving from Seattle. This is closely followed by significant interest from potential homebuyers in Los Angeles and San Francisco. Nationally, 3% of homebuyers are searching to move into Phoenix from outside metropolitan areas, reflecting its growing appeal as a destination for residents of larger, more densely populated cities, likely drawn by Phoenix's more affordable living, favorable climate, and lifestyle opportunities.