Phoenix, AZ

The ZIP code is currently experiencing a Cooling market dynamic. While the median listing price shows modest appreciation over the past year and month, several indicators suggest a softening trend. Active listings have increased year-over-year, new listings have declined, and the time homes spend on the market has lengthened, leading to a more measured pace for transactions.

The median listing price increased by 2.8% from the prior month and 1.4% over the past year, currently standing at $455,000. However, the volume of active listings has expanded by 7.1% over the past year, reaching 181 units. Concurrently, new listings saw a year-over-year decline of 10.5%. The median days on market increased by 9.1% over the past year to 72 days, indicating a slower absorption rate. The share of listings with price reductions also increased by 3.1% year-over-year to 31.0%. The pending ratio is 0.38, reflecting a 2.1% increase over the past year.

The increasing median days on market and the year-over-year rise in price reductions and active listings suggest a shift towards more negotiating leverage for those acquiring properties. The decline in new listings indicates a more constrained supply entering the market, but the overall inventory expansion suggests a less urgent acquisition environment. The pace of transactions is becoming more deliberate, allowing for greater price discipline.

The average listing price of $493,817 is 8.5% higher than the median listing price of $455,000, indicating a segment of properties listed at higher values. The average listing price also showed a more robust year-over-year increase of 4.3% compared to the median's 1.4%. The median price per square foot is $314.