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The Metro Phoenix real estate market in 2024 demonstrated steady growth, with a 5% increase in average sales prices and higher price per square foot, highlighting the area’s long-term investment potential. A 9% rise in inventory levels offers buyers more options, creating opportunities to find the right home in a less competitive environment. Additionally, the thriving luxury market, exemplified by a $32 million sale in Paradise Valley, underscores strong demand for premium properties in the region.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: 2023 > $1001940vs 2024 > $1050772 = 5% increase
Average Days On Market: 2023 > 64 vs 2024 > 67 = 5% increase
Average Sale Price Per Square Foot: 2023 > $363 vs 2024 > $377 = 4% increase
Sale to List Price Ratio: 2023 > 96.78% vs 2024 > 96.90% = 0% Change
Number of Sold Listings: 2023 > 5268 vs 2024 > 5157 = 2% decrease
Months Supply of Inventory: 2023 > 1.55 vs 2024 > 1.7 = 9% increase
Mortgage Rate: 2023 > 6.90% vs 2024 > 7.04% = 2% increase
Top 10 Sales
$32,388,888 5724 E Mockingbird Ln, Paradise Valley
$20,975,000 5901 E Edward Ln, Paradise Valley
$18,750,000 6447 E Mcdonald Dr, Paradise Valley
$15,300,000 5625 N Wilkinson Rd, Paradise Valley
$15,250,000 5575 N Casa Blanca Dr, Paradise Valley
$14,000,000 7835 N Ironwood Dr, Paradise Valley
$14,000,000 4415 N Arcadia Ln, Phoenix
$13,300,000 6821 N 46th St, Paradise Valley
$13,200,000 4521 N Royal Palm Cir, Phoenix
$13,100,000 6126 E Joshua Tree Ln, Paradise Valley
