Phoenix AZ Real Estate Housing Market Report - February 2023

Real Estate Agent with HomeSmart License # SA577557000
Here is the most recent Phoenix AZ Real Estate Housing Market Report for February 2023:
The average sales price of Phoenix homes has increased this month after decreasing for 3 months in a row, going from $522,613 in January to $526,060 in February. The average sales price for Phoenix homes in February is significantly lower than the all-time high of $621,488 that occurred in May of 2022.

The average sold price per square foot of Phoenix homes increased for the first time in 9 months. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $279/sf in February.
The Phoenix days on market increased for the 9th straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 81 DOM in February. 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 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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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.

Mar 27, 2023 03:44 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thank you Myrl Jeffcoat for always providing such positive affirmations regarding my posts.

Mar 27, 2023 09:51 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Troy - Phoenix AZ is is doing great!  Thanks for keeping us up to date with this very complete market report

Mar 27, 2023 11:04 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thanks for your comment Lise Howe. The Phoenix housing market is seeing longer days on market, and prices have slightly dropped, but overall the Phoenix housing market is good.

Mar 27, 2023 11:21 AM