Phoenix AZ Real Estate Housing Market Report - May 2022

Real Estate Agent with HomeSmart License # SA577557000
Here is the most recent Phoenix AZ Real Estate Housing Market Report for May 2022:
The average sales price of Phoenix homes increased again this month, going from $618,420 in April to a new all-time high of $621,356 in May. The average sales price of Phoenix homes has increased in 12 out of the last 16 months.

The average sold price per square foot of Phoenix homes continues to increase for the fifth straight month, going from $273/sf in December of 2021 to $317/sf in May. The Phoenix average sold price per square foot has only decreased twice in the last 27 months.
The Phoenix days on market decreased for the fourth straight month after increasing for seven straight months. The days on market has dropped from 34 in January down to 24 DOM in May. The DOM to sell a home in Phoenix is still very low, considering a balanced market would expect to see an average DOM closer to 90.
Click on the image below to read the full article and see what is going on in the Phoenix Arizona real estate market.

Feel free to reach out to me if you have any questions about buying a home, selling your home, or investing in the Phoenix, AZ or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me,
it's about making a difference in the lives of others"
Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.
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Licensed Residential Realtor® in Arizona at 602-295-6807


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This post is for informational purposes only and should not be construed as legal advice. If you desire specific legal or tax advice, please consult the appropriate professional. The opinions expressed here represent my own and not those of my employer. Troy Erickson will not be held liable for any errors, ommissions, accuracy, validity, currentness, suitability, completeness; or any losses, injuries or damages arising from its display or use.

Comments (4)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Phoenix home buyers and sellers are sure to value your real estate market report, Troy.

Jun 15, 2022 08:53 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Here in Los Angeles we are rapidly shifting from a Seller's Market with virtually no Balanced Market to a buyer' s market and all thanks to the Fed...Endre

Jun 15, 2022 11:29 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thank you so much Myrl Jeffcoat for always supporting my blog posts.

Jun 16, 2022 09:17 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Endre Barath, Jr. we are seeing a slow change to our market here. More inventory entering the housing market and prices slowing down. Still a sellers' market for now.

Jun 16, 2022 09:19 AM