Greater Phoenix, AZ Housing Market Update December 2021

Phoenix’s real estate market slowed down during the holidays as expected but is closing out the year with record-setting home sales. We are entering the new year with the lowest number of active listings at year’s end on record, continuing to propose a challenge for buyers in the market. All data has been pulled from the ARMLS® from 12/1/2021-12/31/2021. See how the Phoenix-area housing market performed in December below.

Monthly Sales

In December, sales increased by 2.8% landing at 8,814. This was a decline from last year, landing at a drop of 8.8%.

List Price

The average new list price is up 19.3% from the previous year. The average list price in December was $527.4K, a decrease from November at $540K, as expected showing the holidays caused the market to slow down a bit. Median prices also remain on the rise with a 30.3% increase from December 2020.

Sale Price

The average closing price in December was $528.9K, an increase from the previous month at $513K. The average sales price increased by 22.6% from December 2020, as well as the median sales price with an increase of 28.2%.

Days on Market (DOM)

The average days on market continued to cool as we entered the holiday season. The average days on market in December was 36. This is a two-day increase from the previous month and a seven-day decrease from December 2020.

A Message From Wayne Graham, Head of Real Estate

“We started 2021 in the midst of a pandemic with record-setting home sales and ended the year on the same note. We are entering the new year with the lowest number of active listings at year’s end on record, continuing to make it extremely challenging for buyers. We will continue to see this trend in January and expect inflation and the potential of rising interest rates to impact the future of our housing market in 2022.”

Turn to a Homie

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Read more about buying or selling in Arizona


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