March 2024 Real Estate Update in Phoenix

March 2024 began with listings at 123% of the 3 year average of 1,272 (from 2021-2023). 

February’s sales were at 64% of the 3 year average of 1,196 (from 2021-2023).

About Phoenix

Phoenix is currently turning over housing inventory once every 2.0  months

Phoenix Housing Market Conditions Updated for March 2024

To reduce data errors results are based on:

  • Phoenix SOLD single family residences, patio homes, and townhomes (ask us about condos)
  • List/sales price under $1,000,000
  • Size over 1,000 sq ft.
  • Calendar month

Table Explanation

5 YEARS of sales data below will increase your understanding the local housing market (we have city data archived back to January 2008).

MonthTotal ActiveTotal Sold% SoldMO. INV.Sq ftPriceDOM$$ sq ft+/- List PriceActive # Foreclo.% Active Foreclo.Sold Foreclo.% Sold Foreclo.
Mar-241,562        40.3%  
Feb-241,51576950.8%2.01,786$496,94657$278-$8,23220.1%10.1%
Jan-241,40861843.9%2.31,767$482,90154$273-$10,30520.1%10.2%
Phoenix Housing Market Conditions 2023
Dec-231,49862741.9%2.41,808$488,00349$270-$9,55020.1%40.6%
Nov-231,48657939.0%2.61,771$487,15942$275-$7,69430.2%30.5%
Oct-231,25176761.3%1.61,787$494,55439$277-$5,41510.1%20.3%
Sep-231,10882074.0%1.41,773$489,86442$276-$6,15610.1%20.2%
Aug-231,02883280.9%1.21,771$487,59941$275-$6,25120.2%20.2%
Jul-2396385789.0%1.11,807$490,05145$271-$5,52620.2%10.1%
Jun-231,0501,01696.8%1.01,793$484,61149$270-$5,05500.0%80.8%
May-231,0331,162112.5%0.91,801$484,51356$269-$6,42880.8%70.6%
Apr-231,24097278.4%1.31,797$478,01364$266 60.5%40.4%
Mar-231,4881,07672.3%1.41,731$451,84268$261 120.8%20.2%
Feb-231,73189151.5%1.91,755$453,67480$259 40.2%20.2%
Jan-232,00166733.3%3.01,779$448,89773$252 20.1%00.0%
Phoenix Housing Market Conditions 2022
Dec-222,45182433.6%3.01,791$460,18264$257 40.2%30.4%
Nov-222,72077828.6%3.51,766$455,20956$258 10.0%10.1%
Oct-222,80887131.0%3.21,785$478,48453$268 20.1%10.1%
Sep-222,7191,05338.7%2.61,756$478,13647$272 50.2%10.1%
Aug-222,7091,04938.7%2.61,735$474,84137$274 30.1%00.0%
Jul-222,0951,05750.5%2.01,711$482,72228$282 10.0%20.2%
Jun-221,4491,19282.3%1.21,744$503,11925$288 00.0%20.2%
May-228091,357167.7%0.61,762$514,08122$292 10.1%30.2%
Apr-225471,499274.0%0.41,773$509,78523$288 10.2%10.1%
Mar-225311,575296.6%0.31,777$493,54626$278 30.6%10.1%
Feb-225851,334228.0%0.41,795$483,81233$270 10.2%20.1%
Jan-227531,220162.0%0.61,794$468,79632$261 20.3%10.1%
Phoenix Housing Market Conditions 2021
Dec-219721,617166.4%0.61,820$461,97031$254 30.3%10.1%
Nov-211,1081,477133.3%0.81,765$452,69730$256 20.2%10.1%
Oct-211,0901,560143.1%0.71,775$449,98728$254 30.3%00.0%
Sep-211,0111,630161.2%0.61,762$432,47525$245 00.0%20.1%
Aug-211,0821,509139.5%0.71,795$441,39723$246 10.1%20.1%
Jul-218381,613192.5%0.51,791$438,97522$245 00.0%10.1%
Jun-216901,773257.0%0.41,805$431,45922$239 20.3%20.1%
May-215881,642279.3%0.41,811$424,20121$234 30.5%30.2%
Apr-215261,674318.3%0.31,812$410,25024$226 20.4%20.1%
Mar-216031,748289.9%0.31,830$400,67627$219 10.2%40.2%
Feb-215531,402253.5%0.41,842$391,45035$213 20.4%40.3%
Jan-216671,344201.5%0.51,816$376,35933$207 30.4%40.3%
Phoenix Housing Market Conditions 2020
Dec-201,0821,763162.9%0.61,843$375,76934$204 40.4%70.4%
Nov-201,2351,616130.9%0.81,841$374,80334$204 50.4%70.4%
Oct-201,1631,819156.4%0.61,878$376,65333$201 50.4%20.1%
Sep-209861,666169.0%0.61,920$378,51538$197 90.9%80.5%
Aug-201,0311,684163.3%0.61,897$367,20938$194 80.8%90.5%
Jul-201,0241,911186.6%0.51,909$360,92947$189 80.8%100.5%
Jun-201,5781,718108.9%0.91,875$351,18247$187 140.9%60.3%
May-201,7031,30976.9%1.31,823$339,92339$186 100.6%100.8%
Apr-201,9911,28164.3%1.61,887$344,69444$183 130.7%120.9%
Mar-201,3621,517111.4%0.91,906$348,08849$183 131.0%70.5%
Feb-201,5091,35789.9%1.11,850$332,06060$179 151.0%60.4%
Jan-201,7451,16967.0%1.51,820$323,45858$178 100.6%141.2%
Phoenix Housing Market Conditions 2019
Dec-192,0151,42970.9%1.41,870$335,28256$179 150.7%60.4%
Nov-192,2351,31158.7%1.71,858$321,38953$173 200.9%141.1%
Oct-192,2141,53469.3%1.41,839$322,94052$176 221.0%221.4%
Sep-192,0921,57675.3%1.31,870$321,73354$172 251.2%161.0%
Aug-192,3301,67471.8%1.41,855$317,69458$171 261.1%140.8%
Jul-192,4511,78772.9%1.41,870$316,59161$169 220.9%150.8%
Jun-192,7601,83166.3%1.51,883$321,49159$171 301.1%150.8%
May-192,8991,97368.1%1.51,875$317,46562$169 250.9%130.7%
Apr-192,9671,86462.8%1.61,850$309,06365$167 230.8%150.8%
Mar-193,1151,56150.1%2.01,852$306,34871$165 280.9%221.4%
Feb-193,1591,21238.4%2.61,821$305,65868$168 331.0%201.7%
Jan-192,9511,03034.9%2.91,868$305,33570$163 331.1%101.0%

Table Explanation

NOTE: we use the term “foreclosure” to describe bank owned homes and short sales because most people are familiar with it. “Distressed Properties” may be more accurate.

  • Total Active – # of homes for sale at the beginning of the current month
  • Total Sold – # of homes sold in the current month
  • % Sold – a ratio of total sold to total active
  • MO. INV. – based on total sold, how many months it would take to sell the total “active” inventory
  • Sq ft – average square footage of sold homes
  • Price – average sales price of sold homes
  • DOM – Days On Market, or average days to sale
  • $ sq ft – average price per square foot
  • +/- List Price – the average dollars received by sellers above or below their average list prices
  • Active # Foreclo. – # distressed properties for sale at beginning of month
  • % Active Foreclo. – active # distressed properties expressed as a %
  • Sold Foreclo. – # distressed properties sold in current month
  • % Sold Foreclo. – # distressed properties expressed as a %

About Phoenix

State: Arizona
County: Maricopa
Location: Phoenix
ZIP or Postal Code(s): Over 70 zip codes; too numerous to list

Phoenix Fast Facts

  • 1,615,017 population in 2017 making it the largest city in the state. It’s the 5th largest city in the US behind NYC, LA, Chicago, and Houston.
  • About 517 square miles in size.
  • Phoenix has an average annual rainfall of 8.04 inches, an average temperature of 75.05 degrees and an annual high temperature of 86.7 degrees. The average high temperature in winter is 67 degrees.
  • Everything available in the way of sports, recreation, arts, culture, dining, lodging and financial opportunities.
  • Phoenix Sky Harbor International Airport serves more than 40 million passengers a year.
  • Phoenix is one of the few U.S. cities with franchises in all four major professional sports leagues
  • Greater Phoenix is currently home to 15 MLB Cactus League franchises
  • Greater Phoenix’s major industries are (1) high-tech manufacturing, (2) tourism and (3) construction.
  • There are six lakes within a 75-minute drive of Phoenix.

Visit us every month for updated Phoenix Housing Market Conditions. Find ALL Phoenix Homes for sale. Work with professional and highly respected Phoenix Real Estate Agents.

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