Mesa, AZ

The housing market in this ZIP code is currently characterized by Cooling conditions. While the median listing price shows modest positive growth year-over-year, rising inventory and slowing sales activity, indicated by a decline in the pending ratio, suggest a less competitive environment. Price discipline remains in focus for sellers, with a notable share of listings undergoing reductions.

The median listing price has seen a 2.0% increase over the past year, with a slight 0.2% rise in the most recent month. However, active listings have expanded by 11.5% year-over-year, alongside a 16.7% increase in new listings. Median days on market have extended by 10.0% over the past year, reaching 72 days. The pending ratio has declined by 5.0% year-over-year, currently standing at 0.43, indicating a deceleration in transaction pace. The median price per square foot has decreased by 2.1% over the past year.

The expansion in active listings and the year-over-year decline in the pending ratio suggest an easing of inventory pressure and a more measured pace of sales. This indicates a shift where buyers may find slightly more options and negotiation opportunities, while sellers may need to exercise greater price discipline to attract offers, as evidenced by nearly 30% of listings having undergone price reductions.

The average listing price, at $565,391, significantly exceeds the median listing price of $474,500, creating a spread of $90,891. This difference points to a distinct top tier within the market. The average listing price has declined by 5.8% year-over-year, while the median price per square foot is $266.