Top Small Teams in Phoenix, Arizona – Ranked By Sides

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2023 Phoenix, Arizona Market Summary

Phoenix, Arizona started 2023 with a total of 1,936 single-family homes on the market, with a median home price of $465,000 and an average price per square foot of $307. By the end of the year, inventory had decreased to 1,520 homes on the market (-21%), with a median home price of $559,950 (+20%) and an average price per square foot of $339 (+10%).

At the start of 2023, the median days on market (DOM) was 77 days – by the end of the year, median DOM had decreased to 56 days.

Phoenix started the year with 61% 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 48% of Phoenix homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Phoenix started 2023 as a seller’s market, with an MAI score of 43; by the end of the year, the MAI had dropped to 39 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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