Phoenix’s real estate market is cooling off as we enter the holiday season but is still holding strong as a seller’s market. Home prices are 26% higher than they were last year continuing to propose a challenge for first-time buyers. All data has been pulled from the ARMLS® from 10/1/2021-10/31/2021. See how the Phoenix-area housing market performed in October below.
Monthly Sales
In October, sales decreased by 6.3% landing at 8,385. This was a decline from last year, landing at a drop of 13.5%.
List Price
The average list price increased by 16.5% from the previous year. The average list price in October was $533.4K, a decrease from September at $542.6K showing the market is slightly starting to level out. Median prices also remain on the rise with a 27.6% increase from October 2020.
Sale Price
The average closing price in October was $515.3K, an increase from the previous month at $492.4K. The average sales price increased by 21.2% from October 2020, as well as the median sales price with an increase of 25.7%.
Days on Market (DOM)
The average days on market is starting to cool off as we enter the holiday season. The Average Days on Market in October was 31. This is a one-day increase from the previous month and a 12-day decrease from October 2020.
A Message From Wayne Graham, Head of Real Estate
“The biggest challenges for Arizona buyers has been lack of supply and fierce competition. With competition slowing down as we enter the holiday season, it’s a great time for dedicated buyers to search for a home. However, with the limited supply and strong demand, prices will continue to rise for the remainder of 2021.”
Turn to a Homie
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Read more about buying or selling in Arizona
Phoenix September 2021 Market Update
How to Find a Real Estate Agent in Arizona