Phoenix, Arizona started 2024 with a total of 1,587 single-family homes on the market, with a median home price of $565,000 and an average price per square foot of $340.83. By the end of the year, inventory had increased to 2,182 homes on the market (+37%), with a median home price of $529,900 (-6%), and an average price per square foot of $333 (-2%).
At the start of 2024, the median days on market (DOM) was 56 days – by the end of the year, median DOM had increased to 70 days.
Phoenix, Arizona started the year with 47.45% 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 51.88% of homes for sale had taken a price cut.
