Phoenix Housing Market Sees Surge In November | Living In Phoenix Arizona
PHOENIX HOUSING MARKET SEES SURGE IN NOVEMBER
LIVING IN PHOENIX, ARIZONA
Phoenix Housing Market Sees Surge In November
Closed residential sales in greater Phoenix housing market sees surge in November rose nearly 14% in November compared to last year, with listings climbing 13.5% over the majority of 2024, according to Phoenix REALTORS® data.
“More than 4,000 families claimed their next homes in November. It’s an encouraging statistic,” said Sheryl Bowden, board president of Phoenix REALTORS. “With the lower interest rates and the increase in housing choices, buyers have much more opportunity than just a few months ago.”
Although November saw more pending sales close during the month, the year-to-date comparison is down slightly – 2.5%, compared to the same 11-month period last year. So far this year, the days a house spends on the market are on par with 2023’s year-to-date number, holding at 65 days.
The 11-month median sales price continues to rise in greater Phoenix, now $475,000 for a single-family home, up from $460,000 in 2023.
“One trend we’re seeing so far this year is a shift in housing affordability,” Bowden said. “The numbers aren’t big, but the index shows that more area families are able to afford a home than at the same time last year. The drop in interest rates has helped significantly.”
With the increase in listings, there are now more than 18,500 homes for sale in the greater Phoenix housing market.
Phoenix
Arizona’s capital city saw a massive 30.6% increase in closed sales in November 2024 over last year. Year-to-date pending sales were down 4.6%, but the number of listings grew by almost 12% for the first 11 months of the year, compared to 2023. The average sales price climbed 6.7% to $480,000.
Scottsdale
Only a modest increase, 4.3%, was reported for closed sales. Scottsdale continued to see its median home price climb almost 10% so far this year to $1.1 million. The days homes sit on the market increased to 75 from 70 days last year, and the number of homes for the choosing increased 6.7% to 5,571.
Pinal County
Fast-growing Pinal County showed a substantial 18.8% increase in closed sales in November. The median home pricing rose to $376,000. Seen as an affordable place for homebuying, pricing is about $100,000 lower than the overall metro area, and well below Maricopa County’s of $509,000. Listings grew by 11,290, up 17.2% compared to the same year-to-date data from 2023.
San Tan Valley
Listings skyrocketed 38.8%, while closed sales jumped 17.2%, comparing San Tan Valley 2024 year-to-date data with the prior year. The median sales price for a single-family home rose less than 4% to $421,000. While most of the metro area saw decreases in pending sales data, San Tan Valley had a 14.1% increase over 2023’s year-to-date data.
Surprise
New listings are coming onto the market in greater numbers in Surprise, up 13.7% from the same 11 months last year. However, while all activity numbers are up, the gains are modest. Pending sales were flat, and closed sales were up 3.5% for year-to-date comparisons. The median price of a home rose modestly to $437,000.
Tempe
Tempe saw the median price of a single-family home increase to $540,000, up 5% from the year-to-date value in 2023. Pending sales were down 1%, and closed sales were up 1.2% in a year-over-year comparison. Homes were selling faster, with days on the market dropping 7.3% compared to last year to 51 days.
Learn more about Phoenix REALTORS.
– more at azbigmedia.com
