Mesa, AZ

The housing market in this ZIP code is currently characterized as Cooling. The median listing price has experienced a slight decrease both month-over-month and year-over-year, while active listings have contracted. However, the pending ratio indicates some underlying stability, despite increased days on market.

The median listing price currently stands at $444,900, reflecting a month-over-month decline of 2.3% and a more modest year-over-year decrease of 0.9%. Active listings have shown a year-over-year contraction of 9.1%, totaling 110 units, while new listings remain stable year-over-year. Properties are spending longer on the market, with the median days on market at 55, a 19.1% increase over the past year. The share of listings with price reductions has also increased year-over-year by 3.8 percentage points, now at 29.7%.

The current environment suggests a shift towards increased negotiating leverage for purchasers. While active inventory has decreased year-over-year, the extended median days on market and the higher proportion of price-reduced listings indicate that pricing discipline is becoming more critical for sellers. The pending ratio of 0.42, a 6.3% increase over the past year, suggests a sustained level of transaction activity relative to available inventory, yet not enough to offset other indicators pointing to a less pressured market for buyers.

The average listing price of $453,019, which is slightly above the median listing price of $444,900, indicates a relatively contained spread between the middle and higher-priced segments. The median price per square foot is $265.