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In the coming months, it’s important to watch for the Metro-Phoenix single-family housing market to cool slightly, influenced by the holiday season, fluctuating interest rates, and a tightening inventory of homes. For buyers waiting on the sidelines, December is an opportune time to negotiate price and terms. By January, inventory is expected to rise, ushering in the peak sales season with renewed activity.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: October 2024 > $1,014,499 vs November 2024 > $974,997 = 4% decrease
Average Days On Market: October 2024 > 66 vs November 2024 > 70 = 6% increase
Average Sale Price Per Square Foot: October 2024 > $379 vs November 2024 > $372 = 2% decrease
Sale to List Price Ratio: October 2024 > 97.14% vs November 2024 > 97.22% = 0%
Number of Sold Listings: October 2024 > 398 vs November 2024 > 391 = 2% decrease
Months Supply of Inventory: October 2024 > 5.68 vs November 2024 > 5.42 = 5% decrease
Mortgage Rate: October 2024 > 6.88% vs November 2024 > 6.94% = 1% increase
Top 10 Sales
$14,000,000 4415 N Arcadia Ln, Phoenix
$8,650,000 4615 N Launfal Ave, Phoenix
$6,495,000 6216 N 38th Pl, Paradise Valley
$6,225,000 4116 E Mountain View Rd, Phoenix
$4,750,000 6712 N 65th St, Paradise Valley
$4,700,000 6898 E Joshua Tree Ln, Paradise Valley
$4,250,000 6648 E Horseshoe Rd, Paradise Valley
$4,200,000 4735 E Calle Del Medio, Phoenix
$4,200,000 6641 E Lincoln Dr, Paradise Valley
$3,950,000 5434 E Lincoln Dr #55, Paradise Valley
