Here is the most recent Phoenix AZ Real Estate Housing Market Report for November 2022:
After increasing last month, the average sales price of Phoenix homes decreased in November, going from $555,437 in October to $535,194 this month. The average sales price of Phoenix homes has averaged around $555,000 the last four months, which is significantly lower than the all-time high of $621,488 that occurred this last May.
After remaining the same for the last two months the average sold price per square foot of Phoenix homes decreased this month, going from $289/sf in October to $278/sf in November. This is the sixth decrease in the last seven months.
The Phoenix days on market increased for the sixth straight month after decreasing the four previous months. The days on market has more than doubled from 24 DOM in May to 56 DOM in November. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.
After remaining the same for the last two months the average sold price per square foot of Phoenix homes decreased this month, going from $289/sf in October to $278/sf in November. This is the sixth decrease in the last seven months.
The Phoenix days on market increased for the sixth straight month after decreasing the four previous months. The days on market has more than doubled from 24 DOM in May to 56 DOM in November. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.
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 Realtor | Call/Text: 602-295-6807 | TroyEricksonRealtor@gmail.com
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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