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The Metro Phoenix real estate market experienced a cooling period from June to July 2024. Home prices dropped significantly and had longer days on market which suggests more cautious buyers, and sellers having to settle for offers below the list price. Sold homes decreased; however, the available homes for sale increased significantly, providing a more comprehensive range of options for potential buyers. The most exciting news is the reduction in interest rates from 7.02% in June to 6.86% in July. This significant drop in borrowing costs makes buying more attractive for those waiting on the sidelines, encouraging them to enter the market and take advantage of the lower rates.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: June 2024 > $1,019,875 vs July 2024 > $898,223 = 12% decrease
Average Days On Market: June 2024 > 63 vs July 2024 > 65 = 3% increase
Average Sale Price Per Square Foot: June 2024 > $371 vs July 2024 > $359 = 3% decrease
Sale to List Price Ratio: June 2024 > 96.42% vs July 2024 > 95.59% = 1% decrease
Number of Sold Listings: June 2024 > 467 vs July 2024 > 403 = 14% decrease
Months Supply of Inventory: June 2024 > 4.54 vs July 2024 > 4.76 = 5% increase
Mortgage Rate: June 2024 > 7.02% vs July 2024 > 6.86% = 2% decrease
Top 10 Sales
$12,000,000 6044 N 44th Pl, Paradise Valley
$11,700,000 5247 N Invergordon Rd, Paradise Valley
$5,400,000 4507 E Lafayette Blvd, Phoenix
$5,300,000 6521 E Via Los Caballos, Paradise Valley
$4,480,000 4937 E Rockridge Rd, Phoenix
$4,400,000 5441 E Mockingbird Ln, Paradise Valley
$3,900,000 5702 E Caballo Dr, Paradise Valley
$3,608,000 6560 N 39th Way, Paradise Valley
$3,500,000 8712 N 68th St, Paradise Valley
$3,272,000 4507 E Vermont Ave S, Phoenix
