Arizona Housing Market
Updated January 2024
What’s currently happening with the housing market in Arizona?
Here’s the TLDR:
Active Listings
January 2024 has 17,261 active listings, which is down from December’s number of 18,149.
While the numbers are up from last quarter (16,135), they are down compared to last year (18,543)
Sales Per Month
January 2024 is expected to end at 4,508 sales – which is down from December (4,779), down from the last quarter average (5,311), and down from last January (4,720).
Days on the Market
Sold homes in January 2024 have sat on the market for an average of 62 days, which is slightly more than December (59), and also more than we saw in the last 3 months on average (55). So the length of homes being on the market is increasing — not great for sellers, but could be beneficial for buyers who are looking to strike a deal.
Months Of Supply
This is a metric that indicates how many months it would take to sell all the Active Listings if they were to sell at the rate implied by Sales per Month (7 Day Average). For January 2024, we are sitting at 3.4. That trend is just slightly higher than last month, and more than 30% higher than the average from last quarter (2.6). However, if we compare this to last January, it’s lower: 3.4 vs 3.5.
Appreciation
Home appreciation has increased more than a whole point from last month, rising from 5.80% to 6.90%. This is also up from last quarter (4.10%), and last January which saw -1.20%.
Median Sale Price
Median sale price for January 2024 is sitting at $430,000, which is down a touch from December and all of last quarter, which was at $435,000. The median sale price last year was at $410,000, so January 2024 is up from that number.
Full Chart:
| Category | January 2024 | Short-Term Trend | Last Month | Last Quarter | Long-Term Trend | Last Year | 2 Years Ago |
|---|---|---|---|---|---|---|---|
| Active Listings | 17,261 | Negative | 18,149 | 16,135 | Negative | 18,543 | 8,838 |
| Sales Per Month | 4508 | Negative | 4,779 | 5,311 | Negative | 4,720 | 8,617 |
| Days On Market | 62 | Positive | 59 | 55 | Negative | 70 | 35 |
| Months Of Supply | 3.4 | Positive | 3.4 | 2.6 | Negative | 3.5 | 0.7 |
| Appreciation | 6.90% | Positive | 5.80% | 4.10% | Positive | -1.20% | 26.40% |
| Median Sale Price | $430,000 | Negative | $435,000 | $435,000 | Positive | $410,000 | $425,000 |
