Phoenix, AZ Metro Area Housing Market Analysis - November 2024

The Phoenix, AZ metro area housing market in November 2024 presents a stable yet evolving landscape. The Median Sales Price remains unchanged year-over-year at $460,000, indicating a stabilization in home values. Meanwhile, the Median List Price has decreased by 1.2% to $479,000, suggesting a slight adjustment in seller expectations.

In terms of Price Per Square Foot, the market shows a modest increase. The median Price Per Square Foot has risen by 0.7% to $262.73, while the Median List Price per square foot has seen a more significant increase of 3.5%, reaching $273.83. This indicates a growing demand for space, even as overall price growth remains moderate.

Sales activity in the Phoenix metro area is robust, with 4,743 Homes Sold, marking a 12.8% increase year-over-year. Pending Sales also reflect a healthy market, with a 10.7% rise to 5,555. However, New Listings have decreased by 4.4% to 5,856, which could indicate a tightening supply in the future.

Inventory levels have surged by 25.7% to 20,266, providing more options for buyers. The Months of Supply have increased significantly by 50% to 4.3 months, suggesting a shift towards a more balanced market. Homes are spending more time on the market, with the Median Days on Market rising by 13% to 55 days.

The average sale to list ratio remains steady at 98.3%, with a slight year-over-year increase of 0.1%. The percentage of Homes Sold above list price has decreased by 1.5% to 15.6%, indicating a cooling in competitive bidding. Price Drops are also down by 3.2% to 28.5%, and the percentage of homes going off market in two weeks has decreased by 6.3% to 19.9%, reflecting a more measured pace in the market.

Overall, the Phoenix housing market in November 2024 is characterized by stable prices, increased inventory, and strong sales activity, with signs of a more balanced market emerging.