Mesa, AZ

The housing market in this ZIP code is currently characterized as Cooling. Key indicators show a notable deceleration in price appreciation, with the median listing price down 9.5% over the past year. While new listings have increased, the pending ratio has decreased, suggesting a less competitive environment. Days on market have declined, but a significant portion of listings are undergoing price reductions.

Over the past year, the median listing price has decreased by 9.5%, indicating a clear downward trend in pricing. The average listing price has also declined, by 5.9%. While the median price per square foot has seen a more modest year-over-year reduction of 1.7%, it further underscores the broader cooling trend. New listings have increased by 7.7% year-over-year, contributing to a slight year-over-year decrease in active listings by 3.5%. The median days on market have decreased by 13.4% over the past year, however, this has not translated into increased market velocity as the pending ratio has decreased by 5.6% year-over-year to 0.38. Furthermore, the share of price-reduced listings stands at 23.3%, a decrease of 6.9% year-over-year, but still representing a notable portion of the market.

For buyers, the cooling conditions suggest opportunities for more deliberate decision-making and potentially more favorable negotiations, as evidenced by a substantial portion of listings undergoing price reductions. The decreased pending ratio indicates less immediate pressure on inventory. For sellers, the market demands heightened price discipline and strategic positioning to attract offers, given the overall deceleration in pricing trends and the elevated share of listings requiring price adjustments.

In the luxury segment, the average listing price of $559,002 significantly exceeds the median listing price of $399,950, reflecting a premium segment within the market. At the top end, the median price per square foot is $264.