New 15,516 square foot home on 5 acres in Paradise Valley sold last month for $32,388,888.
Home Price in August was $476,000
Phoenix median single-family home sold price in August 2024 was very similar to August 2023 and August 2022.
All upward price momentum is long gone.
Market “Normal” but Softening
Phoenix real estate market “normal” but softening when we look at the number of homes for sale.
Will lower mortgage rates stop the unusually large increases in the number of homes for sale we’ve seen this year?
Seller Concessions are Common
In August, 58% of Phoenix area home sellers paid a concession at closing to their buyers.
The typical seller concession was $10,000.
Arizona is a Top Destination for Foreign Home Buyers
I assume most are Canadians buying vacation homes.
– NAR
Phoenix is #4 for Most Apartment Construction in 2024
U.S. apartment construction to set record in 2024.
– RentCafe
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.
- Phoenix Weekly Market Updates 2024
- Phoenix Weekly Market Graph (only)
- Long-term Phoenix real estate market graphs