Top Real Estate Agents in Phoenix, Arizona

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2022 Market Summary

Phoenix, Arizona started 2022 with a total of 810 single-family homes on the market, with a median home price of $500,000 and an average price per square foot of $312. By the end of the year, inventory had increased to 2,054 homes on the market (+153%), with a median home price of $457,000 (-8%) and an average price per square foot of $303 (-2%).

At the start of 2022, the median days on market (DOM) was 35 days – by the end of the year, median DOM had increased to 77 days.

Phoenix started the year with 31% 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 61% of Phoenix homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Phoenix started 2022 as a strong seller’s market, with an MAI score of 62; by the end of the year, the MAI had dropped to 36 – a slight seller’s advantage.

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

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