Phoenix AZ Real Estate - Phoenix AZ Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Phoenix? ›

Phoenix Housing Market Trends

In June 2024, Phoenix home prices were up 2.5% compared to last year, selling for a median price of $451K. On average, homes in Phoenix sell after 45 days on the market compared to 37 days last year. There were 1,399 homes sold in June this year, down from 1,641 last year.

Currently, Phoenix is a seller's market- because the demand outweighs the supply, so buyers need to put in competitive offers to win the house they want. There have been issues with inventory for some time in Phoenix, which has contributed to keeping prices up despite the higher mortgage rates.

There's no better time than NOW! 28.8% of homes are selling below their listing price. Moreover, there's a 17.6% increase in newly listed homes. So, not only are you spoilt for choice, but you're also more likely to crack a good deal on your dream home.

Late spring and up to July are considered the home-selling months. You can sell faster and earn higher sale proceeds during this time of the year.

Sale-to-list price ratio: 102.34% Homes in Phoenix, AZ sold for 2.34% above asking price on average in July 2024. Phoenix, AZ is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

However, the average months of supply remains stable at three months, suggesting a consistent level of housing inventory relative to demand. Experts predict continued growth in home prices throughout 2024, reflecting overall market health.

Arizona Housing Market Forecast

In general, housing market predictions for Arizona are positive, with many analysts predicting continued growth for the market. Major cities and metropolitan areas like Phoenix will likely continue to see year-over-year growth.

Late spring and early summer are the busiest and most competitive time of year for the real estate market. There's usually more inventory listed for sale than other times of year, and home prices are steeper to reflect the increased demand.

Similarly, inflation has driven costs to homebuilders to record highs, pushing up the price of new homes and once again limiting the supply. Thus, prices across the board have remained elevated.

According to a recent Redfin study, the estimated median monthly mortgage cost is $3,464 while the average rent price in Phoenix is $2,765. For many potential homebuyers, this means renting a home costs less than buying a home in today's market.

What credit score is needed to buy a house in Arizona? ›

Here are some general FHA loan requirements for Arizona. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

But Texas wins when it comes to less expensive homes. The median price of an Arizona house was $434,300 in July 2023, according to data from real estate brokerage Redfin. Texas' median home price was about $354,200. Texas' two biggest cities are both more affordable than Arizona's two largest metro areas.

In a recent note, Chief US Economist Michael Gapen and his team revealed that they expect home prices to rise by 4.5% this year and 5% in 2025. Gapen doesn't foresee the market cooling down until 2026 at the earliest. With this in mind, current homeowners can sell for even higher prices down the road.

Most Buyers View a Home for Sale on Sundays

Most home buyers tour properties over the long weekend, Thursday through Monday, with Sunday being the most popular.

Best day for the fastest sale

Listing your property on a Thursday can help sell a home fast as well as for the best price, the Zillow study found. This time frame gives sellers enough time to have multiple showings over the weekend — and, hopefully, an offer or two by Monday.

Looking forward, Zillow's prediction for the Phoenix real estate market is that home prices will rise by 6% from January 2024 to the same month in 2025.

In the City of Phoenix, the COVID-19 pandemic and economic downturn intensified the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, experienced job losses, which made it even more challenging to afford a place to live.

A family of four estimated monthly costs are 4,008.5$ without rent. A single person estimated monthly costs are 1,145.7$ without rent. Phoenix is 33.8% less expensive than New York (without rent). Rent in Phoenix is, on average, 61.5% lower than in New York.