Arizona Housing Market Update August 2021

It remains a seller’s market in Phoenix, however, list and sale prices are beginning to decrease. All data has been pulled from the ARMLS® from 8/1/2021-8/31/2021. See how the Phoenix-area housing market performed in August below.

Monthly Sales

In August, sales slightly decreased by 1.2% landing at 8,614 homes sold compared to 8,715 in July. Sales also decreased by 3% compared to August 2020.

Graph showing monthly sales at 8,614 homes vs. 8,878 last year.

List Price

The average list price continued to climb, increasing by 15% from the previous year. The average list price in August was $512.2K, a decrease from July at $518.7K. Median prices also remain on the rise with a 25.4% increase from August 2020.

Graph showing this years list prices at $512.2k vs. $420k last year.

Sale Price

The average closing price in August was $490.7K, a decrease from the previous month at $498.6K. The average sales price increased by 23% from August 2020, as well as the median sales price with an increase of 24.6%.

Graph showing this years sales price at $490.7k vs. $405k last year.

Days on Market (DOM)

Homes are still continuing to sell in Phoenix, however, the pace is beginning to slow down. The Average Days on Market in August was 29. This is a one-day increase from the previous month and a 22-day decrease from August 2020.

Graph showing average days on market this year at 29 vs. 51 last year.

A Message From Wayne Graham, Head of Real Estate

“While we are starting to see list and sale prices slightly decrease, it is still very much a seller’s market. We are also starting to see inventory steadily increase each month, which tells us that the demand is lessening. More homes are becoming available to buyers causing less competition in today’s market.”

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Read more about buying or selling in Arizona

Real Estate Market 2020 Recap & 2021 Forecast Greater Phoenix Metro Area, AZ
How to Find a Real Estate Agent in Arizona
How to Price Your Home in Arizona

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