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In the coming months, Metro Phoenix’s single-family home prices are projected to experience a modest increase, with inventory potentially tightening as holiday season listings typically slow. While mortgage rates currently average 6.88%, mortgage bankers expect gradual declines in the months ahead, which could offer some relief for buyers looking to enter the market.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: September 2024 > $913,382 vs October 2024 > $1,015,478 = 11% increase
Average Days On Market: September 2024 > 70 vs October 2024 > 67 = 4% decrease
Average Sale Price Per Square Foot: September 2024 > $356 vs October 2024 > $380 = 7% increase
Sale to List Price Ratio: September 2024 > 97.10% vs October 2024 > 97.02% = 0% No Change
Number of Sold Listings: September 2024 > 381 vs October 2024 > 379 = 1% decrease
Months Supply of Inventory: September 2024 > 5.75 vs October 2024 > 5.81 = 1% increase
Mortgage Rate: September 2024 > 6.26% vs October 2024 > 6.88% = 10% increase
Top 10 Sales
$12,250,000 5109 E Rovey Ave, Paradise Valley
$11,480,000 6132 N 51st Pl, Paradise Valley
$8,505,998 4415 N Arcadia Ln, Phoenix
$5,400,000 4507 E Lafayette Blvd, Phoenix
$4,750,000 5235 E Calle Ventura –, Phoenix
$4,695,000 9218 N 53rd Pl, Paradise Valley
$4,480,000 5569 E Valley Vista Ln, Paradise Valley
$4,360,000 5021 E Exeter Blvd, Phoenix
$4,350,000 4719 E Palo Verde Dr, Phoenix
$4,100,000 5324 E Mariposa St, Phoenix
