Top Small Teams in Arizona – Ranked By Sides

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2022 Market Summary

Arizona started 2022 with a total of 7,241 single-family homes on the market, with a median home price of $475,000 and an average price per square foot of $280. By the end of the year, inventory had increased to 17,006 homes on the market (+134%), with a median home price of $469,000 (-1%) and an average price per square foot of $279 (+0%).

At the start of 2022, the median days on market (DOM) was 42 days – by the end of the year, median DOM had increased to 77 days.

Arizona started the year with 24% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 51% of Arizona homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Arizona started 2022 as a strong seller’s market, with an MAI score of 52; by the end of the year, the MAI had dropped to 33 – a balanced buyer and seller’s market.

This market summary is powered by Altos Research – click here to run a free report for your area.

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