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About Phoenix

 

Phoenix is a city soaked in sunlight, with an invigorating cultural arts scene as well as an exquisite landscape of stunning deserts, hikes, and other outdoor adventures. As the anchor of the Valley of the Sun, one of the fastest-growing metropolitan areas in the country, Phoenix is also a hub for economic growth with sought after shopping and an electric nightlife. Those in the mood for a cultural experience might find themselves venturing to The Arizona Opera Company or one of the dozens of other museums. The Musical Instrument Museum, for example, features the biggest musical instrument collection on Earth! Phoenix is renowned for its Mexican food but has a rich wealth of cuisine from all over the world as well.

Home to a metropolitan area of over 4 million people, Phoenix also boasts the largest municipal park system in the country. One hundred eighty-two local parks contain over 41,900 acres of mountainous desert terrain made for hiking, biking, rock climbing, and floating down the famous salt river. If that weren’t enough, you should also know there is no big city in America with lighter traffic than Phoenix thanks to it’s easy to navigate roads and 20 miles of safe, clean, and affordable light rail. If you can’t wait to find your new home in this gorgeous city, take a look below and take advantage of our easy search options!

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Phoenix Real Estate Market Updates

Average Home Sales Price In Phoenix

The average sales price in the city of Phoenix has been on the rise for a number of years. We are going to showcase a few charts below that demonstrate just that.

Average Sales Price In Phoenix In 2009 & 2015

In 2009, Phoenix’s average sales price hit it’s lowest point in the last 15 years with a Monthly Average Sales Price of $102,000.

For comparison, we pulled numbers from 2015 (~5 years ago), and you can see that in the span between 2009 and 2015, the average price jumped up quite a bit. The average price danced around a bit, but in September 2015, Phoenix’s average home sales price was just around $260,000.

Average Home Prices In Phoenix In 2009 & 2015

Average Sales Price In 2020

The average home price in Phoenix has ranged wildly in 2020 for several reasons. Most importantly, the news of COVID had a significant impact on consumer confidence.

In 2020, we have seen the average home sales price in Phoenix range from ~350,000 in mid-march to ~$415,000 in August. One thing to keep in mind about these numbers is these stats apply for Phoenix’s entire city. If you are looking to buy or sell a home in Phoenix, it is best to look at prices in either a neighborhood or particular zip code. 

Average Home Sales Price In Phoenix In 2020

Average List Price Per Square Foot In Phoenix

Just as home prices in Phoenix have been increasing, so has the average list price. Average List Price Per Square Foot (the price of the listing divided by the number of square feet in the home) best showcases this trend. The chart below displays the average list price per square foot of Phoenix’s active listings (measured weekly). It is important to note that these numbers showcase what the homes were listed at and not necessarily what price they were sold for. Phoenix homes might be sold for more or less than the list price.

Phoenix Listing Price Per Square Foot In 2018 & 2019

Phoenix’s listing price per square foot had a similar trend to start both 2018 & 2019. The list price per square foot was right around $210-$215 per square foot in both years. By the end of April, both years saw an increase in listing price per square foot to ~$225.

After April 2018, the list price started to decline and ended with a list price per square foot of around $215. In 2019, we saw a steady increase in list price and ended the year at $236/square foot.

Average Listing Price Per Square Foot In Phoenix 2020

In 2020, the average listing price per square foot in Phoenix increased from $238 to $260, dipped in March & April, and has steadily been on the rise ever since. Comparing the chart for 2020 to the charts for 2019 and 2018, you can see that Phoenix’s home prices have been on the rise in the last few years. As with anything related to the city of Phoenix, because it is so large, these numbers don’t always best depict what is happening in one part or area. If you are looking for a home in a particular neighborhood in Phoenix, it is essential to look at prices for that Phoenix neighborhood specifically.

Phoenix List Price Per Square Foot In 2018 - 2020

Number of Active Listings In Phoenix

The number of active listings in Phoenix usually helps tell the story of what type of market we are in. Reduced inventory (less active homes) usually means that Phoenix is in a Buyer’s market. If there is a lot of inventory for homebuyers in Phoenix to choose from, that typically means we are in a Buyer’s market.

For Phoenix, the years 2005 & 2008 helps tell that story. The Phoenix real estate market in Phoenix was 100% a seller’s market. Homes were “flying off the shelves,” and, if you were a buyer, it was tough to get your offer approved. In 2008, we saw a wildly different market. Homes were going into foreclosure, and finding a buyer became very tough. If we look at Phoenix’s active listings during these two times, we can see how those two different real estate markets show up in the numbers.

The Lowest Number of Active Listings In Phoenix

Because of that crazy market, 2005 saw the fewest number of active single-family homes on the market. March 2005 had ~1,100 active single family homes for sales (measured weekly).

The Most Active Listings In Phoenix In The Last 20 Years

Just a few years later, 2008 saw a completely different real estate market (a Buyer’s market) and had the highest number of active single-family homes on the market. October 2008 had over 11,500 active single-family homes on the market (measured weekly).

Highest & Lowest Number of Active Homes For Sale Phoenix (2005 & 2008)

Chart Showing Highest & Lowest Number of Active Homes For Sale Phoenix (2005 & 2008)

Number of Active Phoenix Homes For Sale In 2020 VS 2019 VS 2018

The number of active homes for sale in Phoenix has varied in the last few years. We have seen active listings in Phoenix get as high as ~4,000 in 2019 to as low as 1,800 earlier this year.

Supply of Homes In Phoenix

We already looked at the total number of active listings in Scottsdale. Another way to look at the market’s inventory is to look at a metric called “Month’s Supply.” In many ways, this is a more accurate depiction of what type of market we are experiencing. Month’s supply tells us how long there would be inventory in Phoenix if no other homes became active/ hit the market, and we continued to sell homes at the rate of that month. Let’s go through an easy explanation. Let’s say we have 500 properties for sales, and, on average, 100 properties have been selling (on average) per month. Our Month’s Supply would be 5 (5 Months). That’s the “Month’s Supply” metric.

What Has The Months Supply Metric Looked Like Over The Last 20 Years?

As you can see from the chart below this article, you can typically expect less than 5 months of supply in the Phoenix market. Only during the last great housing crisis did we start to see inventory, and therefore, the Month’s Supply numbers explode. Starting in 2007, you see that the supply of active homes in Phoenix started to increase drastically and at one point hit over 24 months!

AZ Digest
AZ Digest