Mesa, AZ

The housing market in this ZIP code is currently characterized as Cooling. Key indicators suggest a moderation in market activity and pricing, with the median listing price showing a year-over-year decrease alongside an increase in active listings. The pending ratio has also declined over the past year, reflecting less intense demand relative to available inventory.

The median listing price currently stands at $389,450, representing a modest month-over-month decline of 0.8% and a more significant year-over-year decrease of 6.2%. Active listings have expanded by 11.8% over the past year to 85 units, while new listings saw a substantial increase of 25.0% year-over-year, reaching 40 in the most recent period. The median days on market have lengthened to 66 days, an 11.9% increase over the past year. Concurrently, the share of price-reduced listings is 34.2%, which is 3.0% lower than in the prior year. The pending ratio, at 0.33 based on 28 pending listings and 85 active listings, has experienced a 2.6% year-over-year decline. The median price per square foot is $258, a 4.0% decrease compared to the prior year.

The rising inventory levels, increasing days on market, and declining pending ratio collectively suggest a reduction in the urgency for immediate transactions. While a significant portion of listings are seeing price reductions, the slight year-over-year decrease in this metric indicates some stability in pricing adjustments. This environment points towards greater opportunity for buyers to exercise price discipline and for properties to remain on the market for longer periods, rather than facing rapid multiple-offer scenarios.

The average listing price of $385,896 is slightly below the median listing price of $389,450, indicating a relatively narrow price distribution that suggests a less pronounced presence of ultra-luxury properties significantly skewing the average. The median price per square foot is $258 on a median property size of 1,512 sqft, providing a benchmark for typical property valuation within the market segment.