Greater Phoenix, AZ Housing Market Update March 2021

Arizona’s housing market is hot and doesn’t plan to slow down anytime soon! Check out our monthly update.

Monthly Sales

According to data from the ARMLS® from March 1, 2021 to March 31, 2021, monthly sales in the Phoenix metro area rose significantly from where they were at this same time last year. With a 13.7% year-over-year increase, sales landed at 9,806 for the month.

The Arizona housing market is hotter than ever with sales up 28% from the previous month.

graph showing monthly sales at 9806 vs. 8626 last year

Data from the ARMLS® from March 1, 2021 to March 31, 2021.

List Price

At $507K, March saw a 27.8% increase in average list price year-over year. Median prices are also on the rise. With a 21% increase from March 2020, the median list price in March was $375K.

graph showing this years list prices at $507k vs. $375k last year.

Data from the ARMLS® from March 1, 2021 to March 31, 2021.

Sale Price

Average sale prices increased by 24.8% between March 2020 and March 2021, landing at $470.2K. The median sale prices also rose significantly with a 18.8% year-over-year increase. The March median sale price was $359.3K. Both median and average sale prices are expected to continue to rise.

graph showing this year's sales price at $470.2k vs. $359.3k last year.

Data from the ARMLS® from March 1, 2021 to March 31, 2021.

Days on Market (DOM)

The Average Cumulative Days on Market in March was 37. This is a 6-day decrease from the previous month and a 20-day decrease from March 2020, showing the market is on a continued hot streak.

graph showing average days on market this year at 37 vs. 57 last year.

Data from the ARMLS® from March 1, 2021 to March 31, 2021.

A Message From Wayne Graham, Head of Real Estate [HRE]

“The best way to describe Arizona’s current housing market is blistering hot and it has no plans to slow down. Our beautiful weather, entertainment, and a reasonable cost of living continues to draw out of state buyers. We began March with a total of 11,822 residential listings under contract. We will see near record or record numbers again in April.”

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

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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