Arizona started 2024 with a total of 14,989 single-family homes on the market, with a median home price of $509,000 and an average price per square foot of $309.93. By the end of the year, inventory had increased to 21,347 homes on the market (+42%), with a median home price of $498,000 (-2%), and an average price per square foot of $303 (-2%).
At the start of 2024, the median days on market (DOM) was 63 days – by the end of the year, median DOM had increased to 70 days.
Arizona started the year with 39.10% of homes taking a price cut. (For reference, 35% is the national average for price reductions in a "normal" year.) By the end of the year, about 42.95% of homes for sale had taken a price cut.
