Phoenix, AZ

Phoenix

The Phoenix market has returned to the pre-2023 pricing levels with a record-high average sales price of $17M. This corresponds to a relatively low average Days On Market (DOM) of only 191 in 2023 and 196 in 2024, which dropped dramatically by 80% from 2020 to 2022 and has remained steadily low since. These more recent levels indicate a departure from the 600+ DOM trend that preceded the pandemic. Looking further at the sale-to-list prices, Phoenix proves to be a very efficient market; sellers are pricing their properties more realistically post-pandemic causing DOM to decline while the sale-to-list percentage increases. 

Highlights

• Sales price increased by 21% in 2024, an all-time high, post-pandemic

• Properties are selling fast, taking only 191 and 196 to sell in 2023 and 2024 

• Phoenix market is super efficient, with list and sales prices almost equaling each other on average at 101%—the highest of all 56 markets in 2024

Phoenix is thriving

The desert metropolis stands out with very efficient pricing dynamics. Phoenix achieved an impressive sales-to-list price  of 101% in 2024 and 97% in 2023—a striking departure from previous years. This pricing precision reflects sellers' growing market awareness and buyers' willingness to pay premium prices for desert luxury. Even within the competitive Central cluster, Phoenix establishes itself as a model of market efficiency with realistic pricing and desirable properties; a desirable combination for sellers looking to maximize returns.