Arizona Housing Market Replace October 2021

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Phoenix’s housing market is cooling down as we enter the vacation season, however it’s nonetheless going robust as a vendor’s market. Residence costs are 26% larger than final yr, which continues to pose a problem for first-time patrons. All information has been pulled from ARMLS® from October 1, 2021 to October 31, 2021. See how the Phoenix-area housing market carried out in October under.

Month-to-month gross sales

In October, gross sales decreased 6.3% to eight,385. This was a lower from final yr, with a drop of 13.5%.

Record worth

The median listing worth elevated 16.5% from the earlier yr. The typical listing worth in October was $ 533.4K, a lower from September of $ 542.6K, exhibiting that the market is beginning to degree barely. Common costs additionally proceed to rise with a 27.6% improve from October 2020.

Sale worth

The typical closing worth in October was $ 515.3K, a rise from the earlier month by $ 492.4K. The typical sale worth elevated by 21.2% from October 2020, in addition to the typical sale worth with a rise of 25.7%.

Days in the marketplace (SUN)

Common days in the marketplace are beginning to cool off as we enter the vacation season. The typical variety of days in the marketplace in October was 31. This is a rise of someday from the earlier month and a lower of 12 days from October 2020.

A Message from Wayne Graham, Director of Actual Property

“The most important challenges for Arizona patrons have been a scarcity of provide and fierce competitors. With competitors waning as we enter the vacation season, it is a good time for devoted patrons to seek for a house. Nevertheless, with restricted provide and robust demand, costs will proceed to rise for the rest of 2021. ”

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Learn extra about shopping for or promoting in Arizona

Phoenix Market Replace September 2021
How one can discover a actual property agent in Arizona