Seasonality is causing the market to cool down a bit in Phoenix, however, it is very much still a seller’s market. All data has been pulled from the ARMLS® from 9/1/2021-9/30/2021. See how the Phoenix-area housing market performed in September below.
In September, sales slightly increased by 3.8% landing at 8,944 homes sold compared to 8,614 in August. Sales also decreased by 3.9% compared to August 2020.
The average list price continues to remain on the rise, increasing by 18.3% from the previous year. The average list price in September was $542.6K, an increase from August at $512.2K. Median prices also remain on the rise with a 26.9% increase from September 2020.
The average closing price in September was $492.4K, a slight increase from the previous month at $490.7K. The average sales price increased by 19.8% from September 2020, as well as the median sales price with an increase of 24.6%.
Days on Market (DOM)
The average days on market is starting to slow as the season changes. The Average Days on Market in September was 30. This is a one-day increase from the previous month and a 16-day decrease from September 2020.
A Message From Wayne Graham, Head of Real Estate
“Demand has remained strong throughout the year but we are starting to see demand plateau while supply is rising. We expect the market to cool off during Q4 as it typically does due to seasonality but do not expect home prices to fall. Now is a great time for hopeful buyers to become more aggressive with their offers as the competition is lessening.”
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