Median Home Price Hits Record $302,500 Phoenix Metro

Real Estate Agent with HomeSmart Real Estate BR632450000

Another record month in real estate. For the first time ever the median price of a home in the Phoenix Arizona metro area peaked at $302,500 during March 2020. Generally homes are continuing their surge up comparing year to year prices and are now up from a median of $264,000 a year ago in March 2019.


However, this new record reflects sales for contracts closing in March 2020 which was pre "Shelter In Place" and COVID19 protocol which started in March and now running into April.


Record Median Home Price Phoenix Arizona Metro Area


Catherine Reagor of the Arizona Republic reported, April 26, 2020, "Metro Phoenix median home price hit a record in March, but most of the sales that drove the price up to $302,500 were negotiated before COVID-19 hit. The forecast for April is a slight dip in home prices to a median of about $300,000, according to pending sales tracked by the Arizona Regional Multiple Listing Service. Part of the projected slip in the area’s median home price this month will be due to more lower-priced homes listed for sale after the coronavirus started shaking the economy in mid-March."


Phoenix metro home                                               Phoenix metro single family detached home


Prices still rising 


Reagor further reported, "Housing expert Tom Ruff of ARMLS’s Information Market group said many of those listings are likely highly leveraged short-term rentals that owners need to sell quickly. Those listings might give first-time buyers who have been outbid by investors a break, which would lead to more sales. But that trend hasn't shown up in the weekly indicators yet. Tracking market by the week instead of month Housing analysts in the novel coronavirus pandemic are comparing home sales and prices by the week instead of by the month. Ruff said the number of homes for sale climbed during the last week of March, likely due to some panicked sellers. Listings now are falling again with the number of homes for sale down 12% from April 2019. “Both buyers and sellers have taken a step back,” he said. Valley home sales are expected to drop about 30% in April.


Home Selling Prices remain affordable due to Lowest Mortgage Rates Since 2016 This Week reported, April 23, 2020, "Mortgage rates edge down this week The benchmark 30-year fixed-rate mortgage fell this week to 3.55 percent from 3.58 percent, according to Bankrate’s weekly survey of large lenders. That’s the lowest since September 2016."


Single Family Detached Homes For Sale in the Phoenix Metro on the MLS

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If you are looking to move and buy a home or ranch to Phoenix including Scottsdale or to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and REALTOR®. I would be pleased to help you and look out for your best interests while finding you the right home at the right price! 

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Posted by

Jeffrey Masich, Associate Broker, REALTOR®, MBA, GRI, BS Accounting


Scottsdale, Arizona





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Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

It will be interesting to see how prices react when we come out of this stay in place situation. How quickly will people get back to work and how will it all affect home prices and inventory levels.

Apr 29, 2020 10:45 AM #1
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Roger that Nick Vandekar, 610-203-4543 also, I don't want any of those NY or Philly pizza places to go out of business! Hang in there Nick! Jeff 

Apr 29, 2020 11:27 AM #2
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.


May 04, 2020 09:38 PM #3
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

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