Phoenix Market Report
Welcome to the October 2022 Phoenix, Arizona Market Report. Phoenix is considered to be in the center of the Valley and has a population of 1.625M. The average home price in the month of October for Phoenix was $505,089, up $10,322 from the previous month of September. The average lease price per square foot in Phoenix listed on the MLS was $1.44 in October, down from $1.57 in September, showing that rent prices took a steep hit in the Phoenix area. Keep in mind that September was also an all-time high in Phoenix. A drop in rental prices seemed inevitable.
The total number of Phoenix homes sold in October was 1103, down 234 sales from 1337 in September. This has also been a common theme throughout the valley and is consistent with the time of year.
It took homes in Phoenix an average of 53 days to go under contract in October, which is 7 days longer than it took in September, at 46 days. As you can see from the chart, Phoenix has stayed relatively consistent from January 2021 through July 2022. August is really when we see the trend shifting upward, as it is a common theme throughout the valley.
Phoenix is in line with the rest of the valley and has joined the Buyer’s Market Club. With a $505k average sales price, Phoenix, Arizona, is the center of the pack as far as affordable cities in the valley.