Arizona Housing Market Update July 2021

In July, the demand for homes remained strong, keeping prices high and inventory low. All data has been pulled from the ARMLS® from 7/1/2021-7/31/2021. Check out below to see how the Phoenix-area housing market performed in July.

Monthly Sales

In July, sales decreased by 9.8% landing at 8,715 homes sold compared to 9,661 in June. Sales also decreased by 15.4% compared to July 2020.

Graph showing monthly sales at 8,715 vs. 10,303 last year.
Graph showing monthly sales at 8,715 vs. 10,303 last year.

List Price

The average list price continued to rise, increasing by 24% from the previous year. The average list price in July was $518.7K, a very slight increase from the previous month at $518.4K. Median prices also remain on the rise with a 26.2% increase from July 2020.

Graph showing this years list prices at $518.7k vs. $410k last year
Graph showing this years list prices at $518.7k vs. $410k last year.

Sale Price

The average closing price in July was $498.6K, a slight decrease from the previous month at $507.9K. The average sales price increased by 27.3% from July 2020, as well as the median sales price with an increase of 28.6%.

Graph showing this years sales price at $498.6k vs. $405k last year
Graph showing this years sales price at $498.6k vs. $405k last year.

Days on Market (DOM)

Homes are continuing to sell rapidly in Phoenix. The Average Days on Market in July was 28. This is a one-day decrease from the previous month and a 27-day decrease from July 2020.

Graph showing average days on market this year at 28 vs. 55 last year
Graph showing average days on market this year at 28 vs. 55 last year.

A Message From Wayne Graham, Head of Real Estate

“Supply has had a major impact on the Phoenix housing market. Phoenix grew at a faster rate than any other major city in the past decade, becoming the fifth-largest city in the nation. With an increased population and record low-interest rates, our market is struggling to keep up with the demand. However, there is hope the market will become balanced in the second half of 2021.”

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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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