85048 Phoenix, AZ Housing Market

Trend

Median listing price has decreased by 2.3% MoM and 9.5% YoY, settling at $577,000. Active listings have risen 3.5% YoY to 117 units, with new listings showing an 8.3% YoY increase to 52. The median days on market remains stable at 55 days YoY. The price-reduced share has seen a significant 10.0% YoY decrease, now at 27.9%. The pending ratio stands at 0.41, a 2.3% YoY decline.

Negotiating leverage

The reduced pending ratio and the decline in the share of price reductions suggest a shift towards more balanced market dynamics, easing inventory pressure. While the pace of transactions has slightly decelerated, sustained buyer interest is evident in new listing activity. Price discipline is becoming more critical for sellers to achieve desired outcomes.

Luxury segment

The average listing price of $735,104 significantly exceeds the median listing price of $577,000, indicating a segment of higher-priced properties within the market. This spread suggests that the upper tier of the market maintains a distinct pricing structure, even as the overall median price experiences downward pressure. The median price per square foot is $302, reflecting the general value trends across all price points, with luxury properties likely commanding a premium per square foot.