Arizona Housing Market
Updated January 2024 Here’s the TLDR: January 2024 has 17,261 active listings, which is down from December’s number of 18,149. 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). 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. 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. 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 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: 
What’s currently happening with the housing market in Arizona?
Active Listings
While the numbers are up from last quarter (16,135), they are down compared to last year (18,543)
Sales Per Month
Days on the Market
Months Of Supply
Appreciation
Median Sale Price
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
