April Market Report for

Greater Phoenix Metro Area

 If you’re a homeowner in Greater Phoenix Metro or planning to become one, I’m going to be sharing an update on the latest real estate market trends from March of 2024. Make sure you stick around to the end so that you can take advantage of some hidden opportunities in the real estate market for both buyers and sellers.

Market Overview – there were 3 months of supply available in The Valley, which has been consistently steady in seller’s market territory.

What does that mean? Months of supply measures how many months it would take for all of the homes currently on the market to sell off. A supply of 4-6 months of inventory indicate a balanced market, less than 4 months means there’s not a lot of inventory available , which can drive prices up. More than 6 months of supply means there’s lots of properties available from which to choose from…

How is that number trending vs. last month? We have been holding steady at 3 months supply give or take a day for many months now. If you compare this same stat to last year we have gained a few days – in March of 2023 this number was at 67 days.

March Data for April Updates.

Average Price ● The average price for a single family residential detached home is $584,000 but keep in mind that is the average across all areas of the Phoenix Metro. If Median home sales price is better that number was at $441,000 either way you measure we are up from last month and last year. 

Those who have been keeping up with these stats probably noticed that the median sales price has barely moved for 10 months. Starting at $440,000 from June of 2023, slowly dropping to $430,000 this January and now back up to $441,000 in March. 

In my opinion rate sensitive buyers will need to keep an eye on their options. Everyone is waiting for something to change either with rates or with prices. And while the changes that have occurred might have just confused the public … the only thing that will truly affect shoppers right now is monthly payment . Prices and rates so far have not not caused a huge correction. Time will tell but I’ll tell you this if rated do come down more buyers will jump back in which means more competition when bidding on homes.

List to Sale Price Ratio ● The average list to sale price ratio was 97.9% in March. That simply means that properties were selling for just below list price. That’s up from 95.5% last month, but down from a whopping 115% last year.

Now when you’re looking at this stat, you’ve got to keep in mind that it has a lot to do with the strategy a seller/ or listing agent uses when they’re listing the property. A full asking price does not necessarily mean the home was priced correctly to begin with. Closings over asking price have edged up seasonally to 17% of March sales so far, but the majority of sales are negotiated down by an average of 2.1% below list.

Days on Market

  • You might be wondering how long it takes properties to sell right now? In March median days on market in the Phoenix Metro was 28 days for a property to get an accepted contract. That is holding steady from last year where it took about 31 days which let’s us know that we on track with keeping supply and demand even from 2023 to 2024.

Interest Rates

  • The average 30-year, fixed-rate mortgage as of April of 2024 was 30-year fixed 7.44%
    Last week we were at 7.37% , according to Freddie Mac.
    Higher mortgage rates continue to keep buyer competition lower than normal, but even mild declines in the rate have resulted in a boost in weekly accepted contracts.

Market Trends Insight

Spring is statistically the best time to be a seller in the Phoenix Metro area as the weather starts to warm up so do the buyers. Activity closes in on its seasonal peak from April through May before slowing down from June through December. This season some areas and price points have been heating up more than others compared to last year, but heat is not all about demand because it’s difficult to increase sales without supply for sale.

When supply is taken into account, the hottest areas in the Greater Phoenix Metro where supply isn’t quite sufficient for Spring demand is toward the south. Specifically Avondale, Tolleson, South Phoenix, Ahwatukee, Chandler, Gilbert, and San Tan Valley. If you have a home in one of these cities you may want to jump in now to get the most attention from ready to pounce buyers. While median prices in these areas are still flat — sellers are selling 1- 2 weeks faster than the current 4-week median time frame.

Compare listings

Price Range From To
Other Features