CLIENT LOG-IN
602.369.7450
  • Search
    • Arizona Home Search Registration
    • Search AZ Homes
    • Arizona Cities & Towns
    • Featured Luxe Listings
    • Paradise Valley Luxury Rentals
    • Scottsdale Luxury Rentals
    • Phoenix Metro New Home Search
    • Multi-Family Properties
  • Resources
    • Buyers
      • Arizona Home Buyer NAR Settlement FAQ
      • Relocating to Scottsdale
      • Relocating to Arizona
      • Get a Home Loan
      • Arizona Luxury Home Financing
      • Ways to Take Title in Arizona
    • Sellers
      • Arizona Home Seller NAR Settlement FAQ
      • Arizona Home Valuation
    • Arizona Contractors & Real Estate Vendors
    • Arizona Luxury Home Resources
    • FSBO Rescue Guide
    • Real Estate Agent Resources
      • Luxe Agent Referral Program
  • Luxe Agents
    • Phoenix Metro & Surrounding Cities
  • Blog
  • Contact Us

Phoenix Metro Market Update | Jan 2024

January 30th, 2024

Home > Phoenix Real Estate Market > Phoenix Metro Market Update | Jan 2024
Phoenix Metro Market Update January 2024

Housing inventory has remained somewhat stable over the past few months. As of January 30, there are 15,600 active listings across the county–almost identical to what we saw in December of 2023. Now let’s dive into our Phoenix metro market update for January 2024. Active listings have been on the market for an average of 86 days. There are currently 7692 pending sales–compare this to 6231 pending sales in December.

This graph shows how the average sold price has changed over the past two years:

Since January 1, 2024 there have been 3632 sales with an average sold price of $571,364. Here are some other key MLS stats for recently closed sales:

  • Average days on market: 67 (up 10 days)
  • Average sold price per square foot: $276–down substantially from $309 in December
  • Average list to sale price ratio: .98 (unchanged over the past month or so)

Home loan rates have gone up recently, but have dropped overall from a high of around 8%. The problem is that at the current rates, we have a severe home affordability crisis across the county. Home prices inched down slightly and at today’s mortgage rates, the cost of homeownership is simply too steep for many would-be buyers. Over the next few months, we believe that home values will remain somewhat stable–dropping only a little. We expect sales activity to pick up slightly over the new month or two, but we will likely see less sales during this normally busy season than we saw last year. Thank you for reviewing our Phoenix metro market update for January 2024.

Filed Under: Phoenix Real Estate Market Tagged With: Arizona Real Estate News, Maricopa County Real Estate, Phoenix metro market stats, Phoenix Real Estate, Phoenix real estate market, Phoenix real estate market stats, Phoenix real estate news

About Luxe Real Estate Group

The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.

You Might Also Like

Phoenix metro market update March 2025

Phoenix Metro Market Update | March 2025

April 19th, 2025
More and more available housing inventory is the big news–across the county, we are seeing inventory rise. As of April 19, 2025, there are 26,240 actively...
Read more
Phoenix metro market update Feb 2025

Phoenix Metro Market Report | Feb 2025

March 15th, 2025
There are a few key indicators to the health and direction of a real estate market–those are interest rates, available inventory and the contract ratio. The...
Read more

Sign-up to receive free market updates from luxerealestategroup.com

We will never send you spam
Privacy Policy

  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter
· Luxe Real Estate Group, LLC. All Rights Reserved. ·
Luxe Real Estate Group ADRE License# LC586004000
Jay Martinez ADRE License# BR107652000
Privacy Policy | Cookie Policy | Terms of Use | Site Map
We use cookies to ensure that we give you the best experience on our website. Read our cookie policy to learn more. Click "OK" to accept and continue.AcceptNoPrivacy policy